Iconic Restaurant & Real Estate
260 S Milwaukee Avenue, Wheeling, IL 60090
COMMERCIAL - Wheeling, IL
Property size:
3,255 SFLot size:
0.73 AcresPrice / SF:
$245/SF- Added:
- Oct 28, 2025
- Days on Market:
- 201
- Last Refresh:
- May 16 at 2:06 pm
Property Features for 260 S Milwaukee Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- COMMR
- Standard status
- Active
- APN
- 03121040240000
- Size
- 3,255 SF
- 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
Building Details
- Floors in Building
- 1
- Building materials
- Brick
- Roof type
- Membrane
Listing agent Basel Tarabein License #IL 471008459 (847) 255-1000
Listing office RE/MAX At Home 3215 Algonquin Road, ROLLING MEADOWS, IL (847) 255-1000
Listing date Oct 28, 2025
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.
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.
- Spacious and Versatile: 3255 sq. ft. building on a 32,000 sq. ft. lot with indoor and outdoor dining, 30 parking spaces, and potential for drive‑thru addition.
- Expansion Opportunities: Potential to acquire an adjacent 1/4‑acre parcel from the Village of Wheeling for further growth.
- Strategic Location: Close proximity to major traffic drivers with zoning allowing for retail, mixed‑use, or wholesale conversion.
Overview
This commercial property in Wheeling, Illinois, presents an opportunity to acquire a well-established business and prime real estate. The property, currently operating as a landmark bakery and deli for over 43 years, is situated on a 32,000 sq. ft. parcel (approximately 0.7346 acres) along Milwaukee Avenue, a high-traffic corridor with over 30,000 cars passing daily. The 3,255 sq. ft. free-standing building is equipped for carry-out, dine-in, and catering services, with indoor dining for over 40 guests and outdoor seating for an additional 40 clients. The state-of-the-art kitchen includes 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, and refrigeration units. The property also features a two-car attached garage, office, storage areas, and three restrooms. Security and sprinkler systems are installed throughout the building. There are 30 parking spaces available. The property's location near Fresh Farms International Market, Superdawg, and Walgreens offers high exposure and accessibility. The zoning and layout allow for potential conversion to retail, mixed-use, wholesale production, or other commercial ventures. An adjacent 1/4-acre parcel owned by the Village of Wheeling may be available for expansion discussions. The business reported over one million dollars in gross sales in 2024.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$605.4K
NOI $54,489 @ 9.00% cap · cautious / downside scenario
Moderate
$778.4K
NOI $54,489 @ 7.00% cap · market / base-case scenario
Aggressive
$1.09M
NOI $54,489 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $78.1k | $24.00 |
| − Vacancy | −$5.5k | −$1.68 |
| EGI | $72.7k | $22.32 |
| − OpEx | −$18.2k | −$5.58 |
| NOI | $54.5k | $16.74 |
3,255 SF · lease $24.00/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$778.4K
$681.1K – $908.2K
NOI $54,489 @ 7.0% cap · market cap 6.81%
Second Best
Retail
$645.4K
$564.8K – $753.0K
NOI $45,180 @ 7.0% cap · market cap 5.65%
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 local authorities.
Location Intelligence
Current Use by Public Records
Chicago Bagel & Bialy ...
Take-out & Catering
ATM
Atm
Location Insight
- Map
- Local Demand
- City
- Wheeling
- County
- Cook
- State
- Illinois
- Longitude
- -87.9046239
- Latitude
- 42.1357506
Nearby Similar for Sale
FAQs
What type of property is this?
Turn key restaurant - Profitable restaurant and prime real estate on Restaurant Row.
Where is this turn key 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.
