Multi-Tenant Retail Center on
For Sale
Contact for pricing
701-749 N Milwaukee Ave, Wheeling, IL 60090
92% leased retail center with 265 feet of frontage along North Milwaukee Avenue at a Lake Cook Road intersection.
Property Size14,061 SF
Lot Size1.36 Acres
Price / SF$379.13
Days on Market189
Property Features for 701-749 N Milwaukee Ave
General Information
Standard status
Active
Size
14,061 SF
Lot size
1.36 Acres
Property subtype
RETAIL
Occupancy
92%
Site & Location
Traffic Count
75,000 vehicles/day
Road Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
Greenstone Partners - Corporate
(312) 234-0360
Listed By:
Danny Spitz
(312) 234-0360
Source:
Moodyscre
Added: Jan 22
Changed: Jul 27
Last Checked: Jul 29 at 12:28PM
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 Greenstone Partners - Corporate
Investment Insights
Based on property information with market context.
This multi-tenant retail investment is offered as a 100% fee-simple interest. The property comprises a single 14,061-square-foot building on 59,176 square feet of land with approximately 265 feet of frontage along North Milwaukee Avenue. The center is currently 92% leased to five tenants: Massage Envy, Spears Bourbon, Elsa’s, Chicago Ramen, and Cilantro Grill. Spears Bourbon is the anchor tenant, occupying approximately 40% of the property’s rentable square footage.
The property is located in Wheeling, Illinois, approximately 30 miles northwest of downtown Chicago, positioned along Milwaukee Avenue at the high-traffic intersection with Lake Cook Road. The area includes a range of restaurants, service businesses, and entertainment venues, and is supported by the Westin Chicago North Shore, which features 412 rooms and more than 35,000 square feet of event and conference space.
Visibility is supported by an approximate 75,000 VPD between Milwaukee Avenue and Lake Cook Road.
The property is located in Wheeling, Illinois, approximately 30 miles northwest of downtown Chicago, positioned along Milwaukee Avenue at the high-traffic intersection with Lake Cook Road. The area includes a range of restaurants, service businesses, and entertainment venues, and is supported by the Westin Chicago North Shore, which features 412 rooms and more than 35,000 square feet of event and conference space.
Visibility is supported by an approximate 75,000 VPD between Milwaukee Avenue and Lake Cook Road.
Key Highlights
- 92% leased 14,061 SF, multi‑tenant retail investment at 701‑749 N. Milwaukee Avenue, Wheeling, IL
- Five tenants: Massage Envy, Spears Bourbon, Elsa’s, Chicago Ramen, and Cilantro Grill
- Anchor tenant Spears Bourbon occupies ~40% of RSF; has been in place since 2014
Financial Insights For Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $303.7k | $21.60 |
| − Vacancy | −$24.9k | −$1.77 |
| EGI | $278.8k | $19.83 |
| − OpEx | −$83.6k | −$5.95 |
| NOI | $195.2k | $13.88 |
14,061 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.79M
$2.44M – $3.25M
NOI $195,169 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.85M
$4.25M – $5.66M
NOI $339,824 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
75,000 VPD
Traffic count
92%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
46k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 34%
Beauty & Spa 5%
Cooper's Hawk Winery & Restaurant
Dining
18,257 visits/mo
0.1 miles
Speedway
Shops & Services
15,274 visits/mo
0.4 miles
Starbucks
Dining
6,979 visits/mo
0.1 miles
Mexico Restaurant
Dining
2,903 visits/mo
0.5 miles
Massage Envy
Beauty & Spa
2,265 visits/mo
Demographics for 60090, IL
39,017
Population
15,960
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
88%
High-School Grad
9.0 sq mi
ZIP Area
4,335
Density / Sq Mi
$83,449
Median Household Income
$45,436
Median Earnings
$1,578
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Abacor shopping — US-45, Wheeling, IL 60090
- Sale Barn Square — Riverwoods, IL 60015
Frequently Asked Questions
What type of property is this?
Shopping center - 92% leased retail center with 265 feet of frontage along North Milwaukee Avenue at a Lake Cook Road intersection.
Where is this shopping center located?
The property is located at 701-749 N Milwaukee Ave Wheeling, IL.
What is the asking price?
The asking price for this property is $5,331,000.
What are key features of this property?
This property features: 92% leased 14,061 SF, multi‑tenant retail investment at 701‑749 N. Milwaukee Avenue, Wheeling, IL; Five tenants: Massage Envy, Spears Bourbon, Elsa’s, Chicago Ramen, and Cilantro Grill; Anchor tenant Spears Bourbon occupies ~40% of RSF; has been in place since 2014
