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    Freestanding Retail Flex Building Title is generated by Realmo AI

    900 S Milwaukee Avenue, Vernon Hills, IL 60061

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    COMMERCIAL - Vernon Hills, IL

    Type:Retail
    Property size:
    8,000 SF
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 4 at 4:06 am

    Property Features for 900 S Milwaukee Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    43520

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    2007
    Floors in Building
    1

    We can help!

    Listing Contact
    Jason Bitton
    Jason Bitton

    Listing agent Jason Bitton License #475170841

    Listing office RE/MAX Suburban 1344 South Milwaukee Avenue, Mount Prospect, IL

    Listing date Jun 2, 2026

    MLS# 12666313

    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.

    HighLights

    • 8,000 SF freestanding retail/flex building for lease on Milwaukee Ave in Vernon Hills
    • Brick building built in 2007 with large storefront/display windows and monument signage
    • Interior layout includes open showroom, private office, two restrooms, utility/janitor areas, and open warehouse/flex space
    • Warehouse/flex features high ceilings, bright lighting, sprinkler system, and translucent/frosted windows
    • Zoned B‑1 General Business (tenant to verify zoning/use approvals, parking, and all property details)
    • Asking $18.00/SF/YR base rent plus estimated CAM of $2.53/SF and real estate taxes of $5.44/SF (estimated total $25.97/SF/YR)

    Overview

    This freestanding retail/flex property offers a versatile interior designed for both customer-facing and back-of-house needs. The layout includes an open showroom, a private office, two restrooms, and utility/janitorial areas. The main flex/warehouse space features high ceilings, bright lighting, a sprinkler system, and translucent or frosted windows that help maintain a light-filled work environment.

    The building is situated on Milwaukee Avenue in Vernon Hills and is presented with strong curb appeal, including large storefront/display windows and monument signage. On-site parking supports tenant and customer access, and the exterior is maintained with a highly professional appearance.

    With its combination of showroom frontage and warehouse/flex functionality, the space is well suited for showroom retail, medical or dental uses, professional office, service retail, wellness, studios, specialty retail, or other approved B-1 General Business uses. The property is zoned COMMR (B-1 General Business noted in the remarks), and prospective tenants are advised to verify zoning and use approvals, parking details, and all other property requirements prior to leasing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Daycare Center Building Supply Kitchen & Bath Showroom

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

    Similar Places Nearby

    • Best Catering of Libertyville — 1438 S Milwaukee Ave, Libertyville, IL 60048

    Location Insight

    • Map
    • Local Demand
    City
    Vernon Hills
    County
    Lake
    State
    Illinois
    Longitude
    -87.9345537
    Latitude
    42.2095704

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    FAQs

    What type of property is this?
    Flex space - Clean, well-maintained brick building with showroom, office, and warehouse/flex space ideal for B-1 approved uses.
    Where is this flex space located?
    The property is located at 900 S Milwaukee Avenue Vernon Hills, IL.
    What are key features of this property?
    This property features: 8,000 SF freestanding retail/flex building for lease on Milwaukee Ave in Vernon Hills; Brick building built in 2007 with large storefront/display windows and monument signage; Interior layout includes open showroom, private office, two restrooms, utility/janitor areas, and open warehouse/flex space
    (847) 259-0202
    We can help!
    Listing Contact
    Jason Bitton
    Jason Bitton
    Real Estate License ID: 475170841
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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.

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