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    260 S Milwaukee Ave Wheeling, IL 60090

    Sponsored
    For Sale
    $799,900

    COMMERCIAL - Wheeling, IL

    Lot size:
    0.73 Acres
    Days on Market:
    56
    Last Refresh:
    Jan 15 at 4:06 pm

    Property Features for 260 S Milwaukee Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMMR
    APN
    03121040240000
    Lot size
    0.73 Acres

    Utilities

    Utilities
    Natural Gas Available
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Building materials
    Brick
    Roof type
    Membrane

    TARABEIN INC. D/BA RE/MAX AT HOME (847) 255-1000 [email protected]

    Listing agent Basel Tarabein (847) 255-1970

    Listing date Nov 21, 2025

    Copyright © 2025 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.

    Overview

    Iconic Restaurant Row Opportunity, Wheeling

    Located on Milwaukee Avenue in Wheeling's Restaurant Row, this commercial property presents a business and real estate opportunity. The property, home to Chicago Bagel & Bialy for over 43 years, benefits from high traffic, with over 30,000 cars passing daily. The 3,255 sq. ft. free-standing building is situated on a 0.73-acre parcel and includes 30 parking spaces. The restaurant features indoor dining for over 40 guests and outdoor seating for an additional 40+ clients. The fully equipped kitchen contains a 30-pan Middleby Marshall rotating oven with six shelves, two walk-in coolers, a walk-in freezer, prep and packaging areas, retail display cases, and refrigeration units. Additional features include a two-car attached garage, office, storage areas, three restrooms, and security and sprinkler systems. The property is near Fresh Farms International Market, Superdawg, and Walgreens. The location's zoning and layout offer versatility for future conversion to retail, mixed-use, wholesale production, or other commercial ventures. An adjacent 1/4-acre parcel owned by the Village of Wheeling may also be available for expansion discussions. The business reported over one million dollars in gross sales in 2024.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Chicago Bagel & Bialy ... Caterer ATM Atm

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.9046239
    Latitude
    42.1357506

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    FAQs

    What type of property is this?
    Restaurant - Profitable restaurant and real estate on Wheeling's Restaurant Row.
    Where is this restaurant located?
    The property is located at 260 S Milwaukee Ave Wheeling, IL.
    What is the asking price?
    The asking price for this property is $799,900.
    What are key features of this property?
    This property features: - Profitable Landmark Business: Established bakery & deli (Chicago Bagel & Bialy) with over 43 years of operation and over $1 million in gross sales in 2024.; - Prime Real Estate: Located on Wheeling's Restaurant Row with high traffic and excellent visibility.; - Fully Equipped Restaurant: State-of-the-art kitchen with Middleby Marshall rotating oven, walk-in coolers/freezer, and all necessary fixtures for immediate operation.
    (847) 255-1970
    Request Owner's contact information
    260 S Milwaukee Ave Wheeling, IL 60090
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    Wheeling, IL 60090
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    260 S Milwaukee Ave Wheeling, IL 60090
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