Freestanding Brick Office
For Sale
$499,000
8130 N Milwaukee Avenue, Niles, IL 60714
Commercial Sale, Niles, IL
Property Size2,800 SF
Lot Size0.07 Acres
Price / SF$178.21
Days on Market203
Property Features for 8130 N Milwaukee Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMR
Directions
Oakton to Milwaukee N on the LHS
Subdivision
Niles
Standard status
Active
APN
09243150080000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
20406
Utilities
Cooling system
Central Air
Building Details
Year built
1976
Floors in Building
1
Number of units
1
Flooring type
Wood, Tile
Building materials
Brick
Listing Agency:
Troy Realty Ltd
(773) 792-3000
Listed By:
Andrzej Olszowka · License #475160900
(708) 715-2423
Added: Mar 9
Changed: Sep 16
Last Checked: Sep 27 at 7:06AM
MLS# 12586987
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Freestanding professional office property with 2,800 SF of brick construction dating to 1976. The interior includes approximately 12 private offices, a conference room, kitchen, two restrooms, wood and tile flooring, and central air. Approximately 8 on-site parking spaces serve the building, while signage and visibility opportunities are supported by its Milwaukee Avenue location near Oakton Street. Traffic counts are approximately 27,000 vehicles per day.
The property is zoned COMMR and currently occupied under month-to-month arrangements, allowing flexibility for future occupancy. The seller may also consider a negotiated leaseback of office space. The location provides access to Niles, Park Ridge, Morton Grove, Skokie, and O'Hare. Professional users remain subject to Village approval.
The property is zoned COMMR and currently occupied under month-to-month arrangements, allowing flexibility for future occupancy. The seller may also consider a negotiated leaseback of office space. The location provides access to Niles, Park Ridge, Morton Grove, Skokie, and O'Hare. Professional users remain subject to Village approval.
Key Highlights
- 2,800 SF freestanding brick office building built in 1976
- Approximately 12 private offices, conference room, kitchen, and two restrooms
- Approximately 8 on‑site parking spaces
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
$38,607
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
7.74%
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%
$772,140
$772.1K
Cap Rate 7%
$551,529
$551.5K
Cap Rate 9%
$428,967
$429.0K
Market Conditions
NOI Build-Up for 2,800 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
$68.5K $24.48/SF
− Vacancy
−$17.1K −$6.10/SF
EGI
$51.5K $18.38/SF
− OpEx
−$12.9K −$4.60/SF
NOI
$38.6K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$772,140
Cap Rate 7%
$551,529
Cap Rate 9%
$428,967
Alternative Uses
Best Use
Office B
$551.5K
$482.6K – $643.5K
NOI $38,607 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$966.7K
$845.9K – $1.13M
NOI $67,670 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
27,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Explore this area
Business Placement
Demographics for 60714, IL
31,006
Population
11,867
Households
2.6
Avg Household Size
49
Median Age
39%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
4,922
Density / Sq Mi
$78,868
Median Household Income
$46,553
Median Earnings
$1,247
Median Rent
$351,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional office layout with private rooms, meeting space, kitchen, and on-site parking.
Where is this office building located?
The property is located at 8130 N Milwaukee Avenue Niles, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,800 SF freestanding brick office building built in 1976; Approximately 12 private offices, conference room, kitchen, and two restrooms; Approximately 8 on‑site parking spaces
