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    Mixed-Use Trophy Asset in Libertyville Title is generated by Realmo AI

    545 North Milwaukee Avenue, Libertyville, IL 60048

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    Premier mixed-use property in Libertyville's vibrant Downtown Core.

    Type:Retail, Office, Mixed Use
    Property size:
    16,621 SF
    Price / SF:
    $420/SF
    Added:
    May 14, 2026
    Days on Market:
    15
    Last Refresh:
    May 16 at 8:43 pm

    Property Features for 545 North Milwaukee Avenue

    General Information

    Standard status
    Active
    Size
    16,621 SF
    Property subtype
    Retail, Office, Mixed Use

    Building Details

    Year Built
    1020

    We can help!

    Listing Contact
    Benjamin Lovinger

    Listing agent Benjamin Lovinger License #IL 475198374

    Listing office Baird & Warner Libertyville

    Listing date May 14, 2026

    Source Crexi

    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 Baird & Warner Libertyville

    HighLights

    • Premier mixed‑use trophy asset in the heart of Libertyville's vibrant Downtown Core.
    • Turn‑key and stable investment with diversified income streams, including two long‑term restaurant leases.
    • Flexible owner‑occupant opportunity with a 6000 sq ft modern, open floor plan office suite featuring premium finishes and abundant natural light.
    • Recession‑resistant asset with high visibility and heavy pedestrian traffic.
    • Meticulously maintained building blending historic architectural charm with high‑end modern infrastructure, significantly remodeled in 2008.
    • Fully ADA compliant with all parking requirements satisfied.

    Overview

    Located in the heart of Libertyville's vibrant Downtown Core at 545-547 N Milwaukee Avenue, this mixed-use property presents an investment and owner-user opportunity. The two-story building, originally built in 1920 and significantly remodeled in 2008, combines historic architectural charm with modern infrastructure. The property has a total size of 16621 square feet. The 6000 square foot office suite features an open floor plan, premium finishes, and natural light. The building features multiple tenants across its floor plan, enhancing investment stability through diversified income streams. The current owner-occupant can vacate or remain under a lease-back agreement. The ground floor is anchored by two restaurant tenants signed to long-term leases. Interior build-outs include slate tiling and hickory flooring. The building is fully ADA compliant, and all parking requirements have been satisfied. Libertyville will be adding close to 300 residential units to its downtown district in the coming years, which will bolster visibility and pedestrian traffic.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Real Estate Agency Nail Salon Building Supply Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Libertyville
    County
    Lake
    State
    Illinois
    Longitude
    -87.9547344
    Latitude
    42.2887869

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    FAQs

    What type of property is this?
    Mixed-use property - Premier mixed-use property in Libertyville's vibrant Downtown Core.
    Where is this mixed-use property located?
    The property is located at 545 North Milwaukee Avenue Libertyville, IL.
    What is the asking price?
    The asking price for this property is $6,995,000.
    What are key features of this property?
    This property features: Premier mixed‑use trophy asset in the heart of Libertyville's vibrant Downtown Core.; Turn‑key and stable investment with diversified income streams, including two long‑term restaurant leases.; **Flexible owner‑occupant opportunity with a 6000 sq ft modern, open floor plan office suite featuring premium finishes and abundant natural light.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Benjamin Lovinger
    Real Estate License ID: IL 475198374
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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.

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