Free-Standing Restaurant with Outdoor
For Sale
Under Contract
$799,900
260 S Milwaukee Avenue, Wheeling, IL 60090
Business Opportunity, Wheeling, IL
Property Size3,255 SF
Lot Size0.73 Acres
Price / SF$245.75
Days on Market297
Property Features for 260 S Milwaukee Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
ON MILWAUKEE AVE, SOUTH OF DUNDEE
Subdivision
Wheeling
Standard status
Active Under Contract
APN
03121040240000
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
76599
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Amenities
attached garage
office
storage areas
three restrooms
security system
Building Details
Floors in Building
1
Building materials
Brick
Roof type
Membrane
Listing Agency:
RE/MAX At Home · RE/MAX International
(847) 255-1000
Listed By:
Basel Tarabein · License #IL 471008459
(847) 255-1000
Added: Oct 28, 2025
Changed: Aug 19
Last Checked: Aug 20 at 12:06PM
MLS# 12503562
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This free-standing restaurant property includes a 3,255-square-foot building with indoor dining for 40-plus guests, plus an outdoor seating area for an additional 40-plus. The operation is presented as fully equipped, featuring a state-of-the-art kitchen with a 30-pan Middleby Marshall rotating oven with six shelves, two walk-in coolers, a walk-in freezer, extensive prep and packaging areas, retail display cases, refrigeration units, and required fixtures. Additional amenities include a two-car attached garage, an office, storage areas, and three restrooms, along with security and sprinkler systems throughout.
The property is situated on Milwaukee Avenue with exposure to an area described as a recognized restaurant corridor, with over 30,000 cars passing daily. Nearby drivers called out in the remarks include Fresh Farms International Market, Superdawg, and Walgreens. The site provides 30 parking spaces and is positioned for convenient guest access along the corridor.
Zoned COMMR, the property includes a parcel size of approximately 0.7346 acres. An adjacent 1/4-acre parcel owned by the Village of Wheeling may also be available for expansion discussions.
The property is situated on Milwaukee Avenue with exposure to an area described as a recognized restaurant corridor, with over 30,000 cars passing daily. Nearby drivers called out in the remarks include Fresh Farms International Market, Superdawg, and Walgreens. The site provides 30 parking spaces and is positioned for convenient guest access along the corridor.
Zoned COMMR, the property includes a parcel size of approximately 0.7346 acres. An adjacent 1/4-acre parcel owned by the Village of Wheeling may also be available for expansion discussions.
Key Highlights
- Profitable Landmark Business: Established bakery & deli (Chicago Bagel & Bialy) with over 43 years of operation and over $1 million in gross sales in 2024.
- Prime Real Estate: Located on Wheeling's Restaurant Row with high traffic and excellent visibility.
- Fully Equipped Restaurant: State‑of‑the‑art kitchen with Middleby Marshall rotating oven, walk‑in coolers/freezer, and all necessary fixtures for immediate operation.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,489
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,089,780
$1.1M
Cap Rate 7%
$778,414
$778.4K
Cap Rate 9%
$605,433
$605.4K
Market Conditions
NOI Build-Up for 3,255 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$78.1K $24.00/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$72.7K $22.32/SF
− OpEx
−$18.2K −$5.58/SF
NOI
$54.5K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,089,780
Cap Rate 7%
$778,414
Cap Rate 9%
$605,433
Alternative Uses
Best Use
Specialty Retail
$778.4K
$681.1K – $908.2K
NOI $54,489 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$983.3K – $1.31M
NOI $78,666 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60090, IL
39,017
Population
15,960
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
88%
High-School Grad
9.0 sq mi
ZIP Area
4,335
Density / Sq Mi
$83,449
Median Household Income
$45,436
Median Earnings
$1,578
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Free-standing restaurant building on a large parcel with 30 parking spaces and indoor plus outdoor dining for 40-plus guests.
Where is this conventional restaurant located?
The property is located at 260 S Milwaukee Avenue Wheeling, IL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Profitable Landmark Business: Established bakery & deli (Chicago Bagel & Bialy) with over 43 years of operation and over $1 million in gross sales in 2024.; Prime Real Estate: Located on Wheeling's Restaurant Row with high traffic and excellent visibility.; Fully Equipped Restaurant: State‑of‑the‑art kitchen with Middleby Marshall rotating oven, walk‑in coolers/freezer, and all necessary fixtures for immediate operation.
