Freestanding Restaurant with Outdoor
New
For Sale
$799,900
Pending
260 S Milwaukee Avenue, Wheeling, IL 60090
Fully equipped restaurant with commercial kitchen infrastructure, indoor and outdoor dining, parking, and COMMR zoning.
Property Size3,255 SF
Lot Size0.73 Acres
Days on Market6
Property Features for 260 S Milwaukee Avenue
General Information
Standard status
Pending
Size
3,255 SF
Total Parking Spaces
30
Lot size
0.73 Acres
Property subtype
Business Opportunity
Zoning
COMMR
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Traffic Count
30,000 vehicles/day
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$76,599
Amenities
garage
office
storage
restrooms
security system
Building Details
Building Size
3,255 SF
Buildings
1
Stories
1
Listing Agency:
RE/MAX At Home
(847) 255-1970
Listed By:
Basel Tarabein · License #IL 471008459
Source:
Jjillrealtygroup
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 5:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX At Home
Investment Insights
Based on property information with market context.
The offering combines a freestanding restaurant building with the operating business on a 32,000 sq. ft. parcel. The 3255 sq. ft. facility includes indoor dining for 40+ guests, outdoor seating for an additional 40+ clients, a commercial kitchen, two walk-in coolers, a walk-in freezer, prep and packaging areas, display cases, and refrigeration equipment. Additional improvements include a two-car attached garage, office, storage areas, three restrooms, security systems, and sprinklers. The business has operated for more than 43 years and supports carry-out, dine-in, and catering service formats.
The property is positioned on Milwaukee Avenue in Wheeling, along a corridor reported to carry over 30,000 cars daily. Nearby traffic drivers identified in the property information include Fresh Farms International Market, Superdawg, and Walgreens. The site provides 30 parking spaces and is zoned COMMR. The layout and zoning are also identified as adaptable for potential retail, mixed-use, wholesale production, or other commercial applications.
The property is positioned on Milwaukee Avenue in Wheeling, along a corridor reported to carry over 30,000 cars daily. Nearby traffic drivers identified in the property information include Fresh Farms International Market, Superdawg, and Walgreens. The site provides 30 parking spaces and is zoned COMMR. The layout and zoning are also identified as adaptable for potential retail, mixed-use, wholesale production, or other commercial applications.
Key Highlights
- 32,000 sq. ft. parcel with a 3255 sq. ft. freestanding restaurant building
- Commercial kitchen includes a 30‑pan Middleby Marshall rotating oven with six shelves
- Indoor dining for 40+ guests plus outdoor seating for an additional 40+ clients
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
Industrial
$200.2K
$175.2K – $233.5K
NOI $14,012 @ 7.0% cap · market cap 1.75%
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 - Fully equipped restaurant with commercial kitchen infrastructure, indoor and outdoor dining, parking, and COMMR zoning.
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: 32,000 sq. ft. parcel with a 3255 sq. ft. freestanding restaurant building; Commercial kitchen includes a 30‑pan Middleby Marshall rotating oven with six shelves; Indoor dining for 40+ guests plus outdoor seating for an additional 40+ clients
