Freestanding Office
For Sale
$529,000
8136 N Milwaukee Avenue, Niles, IL 60714
Brick construction, private rooms, and a conference area support a flexible professional workspace.
Property Size3,000 SF
Price / SF$188.93
Days on Market185
Property Features for 8136 N Milwaukee Avenue
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
8
Property subtype
Commercial
Zoning
COMMR
Site & Location
Traffic Count
27,000 vehicles/day
Road Access
Yes
Additional Details
Asking Price
$529,000
Taxes and HOA fees
Annual Taxes
$21,943
Amenities
conference area
kitchen
restrooms
Building Details
Building Size
3,000 SF
Year Built
1976
Buildings
1
Stories
1
Units
1
Construction
brick
Listing Agency:
Troy Realty Ltd
(773) 792-3000
Listed By:
Andrzej Olszowka · License #475160900
(773) 792-3000
Source:
Exit2newbeginningz
Added: Feb 26
Changed: Aug 28
Last Checked: Aug 28 at 11:28AM
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 Troy Realty Ltd
Investment Insights
Based on property information with market context.
This freestanding office property contains approximately 2,800 SF in a brick building constructed in 1976. The existing interior includes multiple private rooms, a conference area, kitchen, and restrooms, creating a practical configuration for professional office occupancy. The layout may also be adapted for retail or service-oriented use, subject to zoning and municipal approval. Month-to-month occupancy offers flexibility for delivery planning.
The property fronts Milwaukee Avenue near the Oakton Street commercial corridor, with approximately 27,000 vehicles passing daily. Its wide lot provides approximately 8 on-site parking spaces, supporting customer and employee access. The property is zoned COMMR.
The property fronts Milwaukee Avenue near the Oakton Street commercial corridor, with approximately 27,000 vehicles passing daily. Its wide lot provides approximately 8 on-site parking spaces, supporting customer and employee access. The property is zoned COMMR.
Key Highlights
- Approximately 2,800 SF freestanding office building
- Approximately 27,000 vehicles per day along Milwaukee Avenue
- Approximately 8 on‑site parking spaces on a wide lot
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
7.30%
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 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$966.7K
$845.9K – $1.13M
NOI $67,670 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Brick construction, private rooms, and a conference area support a flexible professional workspace.
Where is this office building located?
The property is located at 8136 N Milwaukee Avenue Niles, IL.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Approximately 2,800 SF freestanding office building; Approximately 27,000 vehicles per day along Milwaukee Avenue; Approximately 8 on‑site parking spaces on a wide lot
