Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    851-1101 Milwaukee Ave Vernon Hills, IL 60061

    • Lifestyle centers
    • 258,691 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 851-1101 Milwaukee Ave

    Property size
    258,691 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Mellody Farm, located at 851-1101 Milwaukee Avenue in Vernon Hills, Illinois (zip code 60061), presents a unique retail and restaurant investment opportunity. This open-air shopping and dining destination boasts a total of 258,691 square feet of space, currently configured into two suites. The property is situated in Lake County and offers convenient access, being only two miles from I-94. Currently, there are 1,181 square feet of vacant space available, providing immediate potential for expansion or new tenancy. The property's classification includes both retail and restaurant uses, making it suitable for a variety of businesses. The existing structure is a multi-tenant shopping center, offering a vibrant and established commercial environment. The property sits on a lot with zero acres, indicating a high-density development. This location benefits from its proximity to a significant transportation artery and a residential population base, supported by the presence of 260 luxury apartments within a two-mile radius. The property's size and location make it an attractive option for businesses seeking high visibility and accessibility. This is a prime opportunity to establish or expand a business within a thriving commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Vernon Hills
    County
    Lake
    State
    Illinois
    Longitude
    -87.9443
    Latitude
    42.2394

    Comparable in this City

    • Value Estimation by Request
      192,624 SF

      Townline Rd & Milwaukee Ave

      Lifestyle centers • 192,624 SF
      0 Townline Rd & Milwaukee Ave, Buffalo Grove, IL 60061
      View Details
    • Value Estimation by Request
      5,815 SF

      220 Hawthorn Village Cmns

      Restaurants • 5,815 SF
      220 Hawthorn Village Cmns, Vernon Hills, IL 60061
      View Details
    • Value Estimation by Request

      851 Milwaukee Ave

      Individual retail properties
      851 Milwaukee Ave, Vernon Hills, IL 60061
      View Details
    • Value Estimation by Request

      1220 Us-45

      Retail properties
      1220 Us-45, Vernon Hills, IL 60061
      View Details
    • Value Estimation
      $620,000
      5.24 Acres

      888 Frst Edge Dr

      COMMERCIAL (GENERAL) • 5.24 Acres
      888 Frst Edge Dr, Vernon Hills, IL 60061-3105
      View Details
    • Value Estimation by Request
      23.12 Acres

      101 Hawthorn Ctr

      COMMERCIAL (GENERAL) • 23.12 Acres
      101 Hawthorn Ctr, Vernon Hills, IL 60061-1501
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1 SF

      Vernon Hills Retail Outlot Opportunity

      High-traffic retail outlot near Hawthorn Mall.
      445 Townline Rd, Vernon Hills, IL 60061
      View Details
    • $850,000
      0.82 Acres

      Vernon Hills Commercial Land

      0.82-acre development opportunity. High traffic counts.
      1252 Us Highway 45, Vernon Hills, IL 60061
      View Details
    • Contact for pricing

      Prime Retail Land For Sale

      Commercial land with high visibility and flexible development options.
      1820 N Milwaukee Ave, Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      86,122 SF

      Vernon Hills Single-Story Office Building

      86,122 SF office building suitable for general and medical use.
      565 Lakeview Pkwy, Vernon Hills, IL 60061
      View Details
    • Contact for pricing

      Vernon Hills Commercial Land Parcel

      0.82-acre vacant land parcel zoned B-1 in Vernon Hills, IL.
      1252 E Us Highway 45, Vernon Hills, IL 60061
      View Details
    • $524,900

      Penthouse Condo in Stevenson District

      Top-floor condo with upgrades, views, and access to top schools.
      1199 E Port Clinton Rd, Vernon Hills, IL 60061
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      192,624 SF

      Hawthorn Hills Square Shopping Center

      Prime Retail Space, Lake County, IL
      0 Townline Rd & Milwaukee Ave, Buffalo Grove, IL 60061
      View Details
    • Contact for pricing
      11,044 SF

      Hawthorn Hills Square Retail Space

      Vernon Hills retail center, 3 spaces available.
      700 Milwaukee Ave, Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      7,000 SF

      Vernon Hills Retail Opportunity

      Retail and restaurant space available in Vernon Hills, Illinois.
      101 Hawthorn Ctr, Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      8,900 SF

      Vernon Hills Retail Outlot Opportunity

      Outlot opportunity in Vernon Hills for restaurant and retail concepts.
      600 Townline Rd, Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      23,379 SF

      Vernon Hills Retail Outlots For Lease

      Prime Retail Space, Multiple Units Available
      325 Milwaukee Ave, Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      46,000 SF

      46,000 SF Anchor Opportunity

      Anchor space for lease across from Hawthorn Mall.
      555 E Townline Rd, Vernon Hills, IL 60061
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    851-1101 Milwaukee Ave
    Vernon Hills, IL 60061
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.