Glenview Retail Strip Center
For Sale
$1,500,000
771-777 Milwaukee Avenue, Glenview, IL 60025
Four-unit retail plaza with long-term tenants on high-traffic Milwaukee.
Property Size6,630 SF
Price / SF$226.24
Days on Market147
Property Features for 771-777 Milwaukee Avenue
General Information
Standard status
Active
Size
6,630 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$60,527
Amenities
Central air
Central Individual Cooling
Building Details
Year Built
1989
Listing Agency:
IPROPERTIES
(847) 372-3347
Listed By:
SUNNY SEON KIM · License #471003367
Source:
Corcoran
Added: Mar 19
Changed: Aug 11
Last Checked: Aug 11 at 9:01AM
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 IPROPERTIES
Investment Insights
Based on property information with market context.
This four-unit brick strip plaza in Glenview offers an investment opportunity with 6,630 square feet of leasable area. The property features long-term retail tenants under NN leases, with an opportunity to lease the prime corner space. Situated on Milwaukee Avenue, the location benefits from high traffic, with 28,600 vehicles per day, and offers excellent visibility and signage. An expansive parking lot is available on site, providing a parking ratio of 3.3 per 1,000 square feet. The property is located near major retailers and is positioned to generate consistent positive cash flow and maintain high occupancy.
Key Highlights
- High traffic location on Milwaukee Ave (28,600 vehicles per day).
- Four‑unit brick strip plaza with 6,630 leasable area.
- Long‑term retail tenants with NN leases in place.
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
$92,025
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
6.14%
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%
$1,840,500
$1.8M
Cap Rate 7%
$1,314,643
$1.3M
Cap Rate 9%
$1,022,500
$1.0M
Market Conditions
NOI Build-Up for 6,630 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
$143.2K $21.60/SF
− Vacancy
−$11.7K −$1.77/SF
EGI
$131.5K $19.83/SF
− OpEx
−$39.4K −$5.95/SF
NOI
$92.0K $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%
$1,840,500
Cap Rate 7%
$1,314,643
Cap Rate 9%
$1,022,500
Alternative Uses
Best Use
Retail
$1.31M
$1.15M – $1.53M
NOI $92,025 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,233 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
25k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 82%
Shops & Services 18%
Paris Baguette
Dining
16,458 visits/mo
0.4 miles
BP
Shops & Services
4,466 visits/mo
0.1 miles
Kung Fu Tea
Dining
4,350 visits/mo
0.4 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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Four-unit retail plaza with long-term tenants on high-traffic Milwaukee.
Where is this strip mall located?
The property is located at 771-777 Milwaukee Avenue Glenview, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: High traffic location on Milwaukee Ave (28,600 vehicles per day).; Four‑unit brick strip plaza with 6,630 leasable area.; Long‑term retail tenants with NN leases in place.
