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    241 Milwaukee Ave Wheeling, IL 60090

    Sponsored
    For Sale
    $2,595,000

    Turnkey restaurant, bar, & apartment. High traffic location.

    Property size:
    10,761 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional commercial property, located at 241 S Milwaukee Ave in Wheeling, Illinois (zip code 60090), presents a unique investment opportunity. Situated on a nearly two-acre lot (71,218 sq ft) in Cook County, this 10,761 square foot, two-story building boasts a prime location on Wheeling's bustling restaurant row. The property, with APN 03-12-101-050-0000, 03-12-101-052-0000, and 03-12-101-060-0000, is zoned B-3 and features a fully operational restaurant, bar, and party room on the ground floor. A substantial three-bedroom apartment on the second floor generates rental income. The basement includes an additional party room, dance floor, two bars, four walk-in coolers, ample storage, and restrooms. The property was renovated in 2012. A significant revenue stream is generated from gaming, with annual income approaching $100,000. The business itself is not for sale, but the real estate presents a strong opportunity for redevelopment or a new business venture. The property also benefits from outdoor patio seating in two areas and the possibility of securing a village grant. The asking price is $2,595,000 ($241.15 per square foot). This turnkey operation offers a compelling combination of established income streams and significant redevelopment potential.

    Property Features for 241 Milwaukee Ave

    General Information

    Property type
    Restaurants
    Square Feet
    10,761 SF

    Building Details

    Year Renovated
    2012
    Buildings
    1
    Stories
    2

    HighLights

    • Turnkey operation with established business.
    • Annual gaming revenue approaching $100,000.
    • Supplemental income from on‑site apartment rental.
    • Approx. 2‑acre lot provides ample space.
    • High redevelopment potential or ideal for new business ventures.
    • Outdoor patio seating available in two separate areas.
    Property Profile Location Intelligence

    Current Use by Public Records

    ATM Machine at D'Agostino's ... Atm D'Agostino's Pizzeria Wheeling Pizza Restaurant Hackney's Restaurant

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.904287
    Latitude
    42.1364221

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    FAQs

    What type of property is this?
    Restaurant - Turnkey restaurant, bar, & apartment. High traffic location.
    Where is this restaurant located?
    The property is located at 241 Milwaukee Ave Wheeling, IL.
    What is the asking price?
    The asking price for this property is $2,595,000.
    What are key features of this property?
    This property features: Turnkey operation with established business.; Annual gaming revenue approaching $100,000.; Supplemental income from on-site apartment rental.
    Request Owner's contact information
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    Realmo Value Estimation

    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.

    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.

    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
    241 Milwaukee Ave Wheeling, IL 60090
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