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    300 N Milwaukee Ave, Unit LM Lake Villa, IL 60046

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    For Lease
    $13 SF/Yr

    Strip malls

    Property Features for 300 N Milwaukee Ave

    General Information

    Standard status
    Active

    Building Details

    Year built
    1990

    We can help!

    Listing Contact
    Jill Glaves
    Source: Corcoran

    Listing Agency: ILREALTY, INC. KURCHINA & ASSOC. Listing Agent: Jill Glaves

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Unit LM in the Crossings Plaza is a 3200sf unit built out with a reception area, 10 offices 5 of the 10 are set up as treatment rooms with sinks, kitchenet area and 2 bathrooms. Great visibility, Well Maintained Strip Center Full Ingress and Egress. Six (6) Tenants in place Crazee Ice, Barber/Barber School, Pawn Shop, Video Gaming, Brass City Games, Shining Abilities in tenant mix. Call broker for additional information
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Villa
    County
    Lake
    State
    Illinois
    Longitude
    -88.0615
    Latitude
    42.4132

    Nearby Similar for Lease

    • Contact for pricing
      1,200 SF

      Retail Space in Crossings Plaza

      1200 SF retail space with existing tenant mix.
      300 N Milwaukee Ave, Lake Villa, IL
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    • $13 SF/Yr

      Crossings Plaza Retail Unit

      1200 SF unit with reception and offices for rent.
      300 N Milwaukee Ave, Lake Villa, IL 60046
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    • $13 SF/Yr

      Retail or Office Space Available

      1200 SF unit in well-maintained strip center.
      300 N Milwaukee Ave, Lake Villa, IL 60046
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    • $12 SF/Yr

      Industrial/Commercial Warehouse Unit For Rent

      Industrial/commercial/warehouse unit for rent, approximately 1392 square feet.
      1600 N Milwaukee Ave, Lake Villa, IL 60046
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    • Contact for pricing
      1,800 SF

      Retail Space in Lake Villa

      Retail space available for lease in Lake Villa, Illinois.
      800 Tower Dr, Lake Villa, IL
      View Details
    • $14 SF/Yr
      20,509 SF

      Lake Villa Retail Space Available

      Prime Lake County storefront, multiple units.
      300 Milwaukee Ave, Lake Villa, IL 60046
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    • $18 SF/Yr
      15,000 SF

      Lake Villa Medical Office Space

      Prime medical office suites available. Lake Villa, IL.
      50 Milwaukee Ave, Lake Villa, IL 60046
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    • $13 SF/Yr

      Crossings Plaza Retail Space

      1200 SF retail unit in well-maintained strip center.
      300 N Milwaukee Ave, Lake Villa, IL 60046
      View Details

    FAQs

    Where is this strip mall located?
    The property is located at 300 N Milwaukee Ave, Unit LM Lake Villa, IL.
    What is the lease rate?
    The lease rate is $13 SF/Yr.
    What are key features of this property?
    This property features: - 3200sf unit with reception area, 10 offices, kitchenette, and 2 bathrooms.; - Great visibility in the Crossings Plaza.; - Well-maintained strip center with full ingress and egress.
    (847) 587-9000
    Request Owner's contact information
    300 N Milwaukee Ave, Unit LM Lake Villa, IL 60046
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    300 N Milwaukee Ave, Unit LM Lake Villa, IL 60046
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    We can help!
    Listing Contact
    Jill Glaves
    (847) 587-9000 (815) 344-8900
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