NNN Property with Event
For Sale
Contact for pricing
412 Milwaukee Ave, Libertyville, IL 60048
Fee-simple ownership includes the land and building, with an NNN lease in place.
Property Size10,578 SF
Price / SF$467.95
Days on Market152
Property Features for 412 Milwaukee Ave
General Information
Standard status
Active
Size
10,578 SF
Property subtype
Retail
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$272,146
Financials
Asking Price
$4,950,000
Cap Rate
5.5%
Amenities
enclosed patio dining area
premier event space
Building Details
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Jay Roy
Listed By:
Tom Barton · License #CO12
Source:
Crexi
Added: Apr 3
Changed: Aug 30
Last Checked: Sep 1 at 4:25AM
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 Jay Roy
Investment Insights
Based on property information with market context.
This fee-simple NNN property includes a 10,578-square-foot, two-level building occupied by Timothy O’Toole’s Pub. The main level contains the pub and dining operation, while the upper floor provides event space for private functions and community gatherings. An enclosed patio dining area adds a year-round outdoor-style setting with direct street-facing exposure. A new roof was installed 2 years ago and includes a transferable warranty.
The property is located in downtown Libertyville and benefits from its established hospitality use. The current lease has 5 years remaining, followed by three additional 5-year options. The lease structure is NNN, with landlord responsibilities limited to roof repair. The property carries a 5.5% cap rate and includes both the land and building under fee-simple ownership.
The property is located in downtown Libertyville and benefits from its established hospitality use. The current lease has 5 years remaining, followed by three additional 5-year options. The lease structure is NNN, with landlord responsibilities limited to roof repair. The property carries a 5.5% cap rate and includes both the land and building under fee-simple ownership.
Key Highlights
- 10,578 SF, two‑level building with pub, dining, and event space
- Fee‑simple ownership includes the land and building
- NNN lease with 5 years remaining and three additional 5‑year options
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
$194,726
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
3.93%
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%
$3,894,520
$3.9M
Cap Rate 7%
$2,781,800
$2.8M
Cap Rate 9%
$2,163,622
$2.2M
Market Conditions
NOI Build-Up for 10,578 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
$266.6K $25.20/SF
− Vacancy
−$6.9K −$0.66/SF
EGI
$259.6K $24.54/SF
− OpEx
−$64.9K −$6.14/SF
NOI
$194.7K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /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%
$3,894,520
Cap Rate 7%
$2,781,800
Cap Rate 9%
$2,163,622
Alternative Uses
Best Use
Specialty Retail
$2.78M
$2.43M – $3.25M
NOI $194,726 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.65M
$3.20M – $4.26M
NOI $255,647 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
75k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 46%
Apparel 2%
Shell
Shops & Services
16,784 visits/mo
0.4 miles
Egg Harbor Cafe
Dining
8,988 visits/mo
0.1 miles
Chipotle Mexican Grill
Dining
7,139 visits/mo
0.3 miles
Shell
Shops & Services
6,332 visits/mo
0.1 miles
BP
Shops & Services
6,211 visits/mo
0.4 miles
Demographics for 60048, IL
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Fee-simple ownership includes the land and building, with an NNN lease in place.
Where is this nnn property located?
The property is located at 412 Milwaukee Ave Libertyville, IL.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 10,578 SF, two‑level building with pub, dining, and event space; Fee‑simple ownership includes the land and building; NNN lease with 5 years remaining and three additional 5‑year options
