Retail Property with Central
New
For Sale
$2,000,000
611 Milwaukee Ave, Glenview, IL 60025
Built in 2009, the property has central air conditioning.
Property Size8,770 SF
Price / SF$228.05
Days on Market2
Property Features for 611 Milwaukee Ave
General Information
Standard status
Active
Size
8,770 SF
Building Details
Year Built
2009
Listing Agency:
Keller Williams Preferred Rlty
Listed By:
Jamie Lemmons-Svoboda · License #475162394
(708) 798-1111
Source:
Bktchicago
Added: Sep 26
Last Checked: Sep 26 at 5:38AM
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 Keller Williams Preferred Rlty
Investment Insights
Based on property information with market context.
This retail property was built in 2009 and includes central air conditioning. It is located at 611 Milwaukee Avenue in Glenview, Illinois, on the east side of Milwaukee Avenue, just north of Central Road.
Key Highlights
- Retail property built in 2009
- Central air conditioning
- East side of Milwaukee Avenue, just north of Central Road
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
$121,729
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
6.09%
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%
$2,434,580
$2.4M
Cap Rate 7%
$1,738,986
$1.7M
Cap Rate 9%
$1,352,544
$1.4M
Market Conditions
NOI Build-Up for 8,770 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
$189.4K $21.60/SF
− Vacancy
−$15.5K −$1.77/SF
EGI
$173.9K $19.83/SF
− OpEx
−$52.2K −$5.95/SF
NOI
$121.7K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,434,580
Cap Rate 7%
$1,738,986
Cap Rate 9%
$1,352,544
Alternative Uses
Best Use
Retail
$1.74M
$1.52M – $2.03M
NOI $121,729 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.03M
$2.65M – $3.53M
NOI $211,952 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
692
Businesses Nearby
33k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Shops & Services 36%
Paris Baguette
Dining
16,458 visits/mo
0.1 miles
7-Eleven
Shops & Services
7,385 visits/mo
0.2 miles
BP
Shops & Services
4,466 visits/mo
0.3 miles
Kung Fu Tea
Dining
4,350 visits/mo
0.1 miles
Demographics for 60025, IL
41,256
Population
16,815
Households
2.5
Avg Household Size
44
Median Age
65%
College-Educated
96%
High-School Grad
10.5 sq mi
ZIP Area
3,929
Density / Sq Mi
$119,639
Median Household Income
$59,789
Median Earnings
$1,705
Median Rent
$512,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Built in 2009, the property has central air conditioning.
Where is this strip mall located?
The property is located at 611 Milwaukee Ave Glenview, IL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Retail property built in 2009; Central air conditioning; East side of Milwaukee Avenue, just north of Central Road
