Freestanding Building on Milwaukee
For Sale
Contact for pricing
8136 N Milwaukee Avenue, Niles, IL 60714
Highly visible commercial building with parking and flexible layout.
Property Size2,800 SF
Price / SF$188.93
Days on Market175
Property Features for 8136 N Milwaukee Avenue
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Office, Retail
Zoning
C-3
Building Details
Year Built
1976
Listing Agency:
Troy Companies
Listed By:
Andrzej "Andrew" Olszowka · License #IL476.160900
Source:
Crexi
Added: Feb 26
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
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 Companies
Investment Insights
Based on property information with market context.
This freestanding commercial building is located on Milwaukee Avenue, near the Oakton Street commercial corridor. The building offers approximately 2,800 square feet of space on a wide lot, which includes approximately 8 on-site parking spaces. The location provides strong exposure, with approximately 27,000 vehicles passing by daily on Milwaukee Avenue. The brick building has a strong street presence and convenient customer parking. The current configuration is professional office space, featuring multiple private rooms, a conference area, a kitchen, and restrooms. The flexible layout allows for retail or service-oriented reconfiguration. The property is suitable for retail, service, showroom, medical, professional office, or destination business use, subject to zoning and municipal approval. Month-to-month occupancy provides flexible delivery options. The seller is open to discussing various sale structures, including potential lease-back options.
Key Highlights
- High‑visibility location on Milwaukee Avenue with 27,000 vehicles per day
- Freestanding 2,800 SF commercial building
- Flexible layout suitable for retail, service, office, or medical use
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
$38,864
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
7.35%
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%
$777,280
$777.3K
Cap Rate 7%
$555,200
$555.2K
Cap Rate 9%
$431,822
$431.8K
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
$60.5K $21.60/SF
− Vacancy
−$5.0K −$1.77/SF
EGI
$55.5K $19.83/SF
− OpEx
−$16.7K −$5.95/SF
NOI
$38.9K $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%
$777,280
Cap Rate 7%
$555,200
Cap Rate 9%
$431,822
Alternative Uses
Best Use
Retail
$555.2K
$485.8K – $647.7K
NOI $38,864 @ 7.0% cap · market cap 7.35%
Second Best
Office B
$551.5K
$482.6K – $643.5K
NOI $38,607 @ 7.0% cap · market cap 7.30%
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
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Under-served
Demand for This Use
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?
Storefront property - Highly visible commercial building with parking and flexible layout.
Where is this storefront property 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: High‑visibility location on Milwaukee Avenue with 27,000 vehicles per day; Freestanding 2,800 SF commercial building; Flexible layout suitable for retail, service, office, or medical use
