Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Lk Cook Rd & Milwaukee Ave Wheeling, IL 60090
    Back to Search
    Property profile & analytics

    Lk Cook Rd & Milwaukee Ave Wheeling, IL 60090

    View on Map
    • Retail properties & Spaces
    • 1 SF
    • 17.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Lk Cook Rd & Milwaukee Ave

    Lot size
    17.00 lot acres
    Property size
    1 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional 17-acre commercial land parcel presents a unique investment opportunity in Wheeling, Illinois. Situated at the southwest corner of Lake Cook Road and Milwaukee Avenue, this property boasts a highly desirable MXC zoning designation, permitting a diverse range of mixed-use residential and commercial developments. The site's strategic location offers unparalleled accessibility, with convenient access to the I-294 highway system, providing seamless connectivity to regional transportation networks. Additional access points are available via Wolf Road, and the Village of Wheeling has approved and will fund a right-in/right-out access point at Route 21, further enhancing its accessibility and logistical advantages. The property benefits from substantial daily traffic volumes, with Lake Cook Road registering 34,300 vehicles per day and Milwaukee Avenue recording 27,400 vehicles per day, ensuring high visibility and potential customer reach. All essential utilities are readily available on-site. This versatile location is ideal for a wide array of development projects, including corporate headquarters, medical facilities, retail centers, or other commercial ventures. A Tax Increment Financing (TIF) district is also available, presenting additional financial incentives for potential developers. This is a rare opportunity to acquire a significant land parcel in a thriving location with excellent infrastructure and development potential. The property's size and zoning make it suitable for large-scale projects that can capitalize on the high traffic counts and strategic location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.9139
    Latitude
    42.1527

    Comparable in this City

    • Value Estimation by Request
      10,000 SF

      751 Milwaukee Ave

      Land • 10,000 SF
      751 Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Value Estimation by Request
      5,865 SF

      740 Hintz Rd

      Neighborhood centers • 5,865 SF
      740 Hintz Rd, Wheeling, IL 60090
      View Details
    • Value Estimation by Request
      3.20 Acres

      625 Dundee Rd

      Land • 3.20 Acres
      625 Dundee Rd, Wheeling, IL 60090
      View Details
    • Value Estimation by Request

      375 Dundee Rd

      Lifestyle centers
      375 Dundee Rd, Wheeling, IL 60090
      View Details
    • Value Estimation by Request
      14,400 SF

      729-751 Dundee Rd

      Retail properties & Spaces • 14,400 SF
      729-751 Dundee Rd, Wheeling, IL 60090
      View Details
    • Value Estimation by Request
      16,000 SF

      82 Dundee Rd

      Restaurants • 16,000 SF
      82 Dundee Rd, Wheeling, IL 60090
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,648 SF

      Mixed-Use Property on Milwaukee Avenue

      Mixed-use property with high visibility and ample parking.
      231 N Milwaukee Ave, Wheeling, IL 60090
      View Details
    • $799,900
      3,300 SF

      Wheeling Retail Space - Prime Location

      Completely renovated retail space & apartment building.
      322 Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Contact for pricing
      12,000 SF

      High Traffic Restaurant with Gaming

      Restaurant with gaming in high-traffic location for sale.
      241 S Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Contact for pricing

      Land For Sale

      Land available for sale in Wheeling, Illinois.
      625 West Dundee Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing
      2 SF

      Land Available For Sale

      Two-acre land parcel available for sale or lease.
      700 N Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Contact for pricing

      Land Available in Wheeling, Illinois

      Land for sale at Lake Cook Rd. & Milwaukee Ave.
      Swc Of Lk Cook Rd. & Milwaukee Ave, Wheeling, IL 60090
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Wheeling Retail Building Sublease Opportunity

      Freestanding 11,808 SF retail building with fully built-out kitchen.
      781 N Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Contact for pricing
      1,717 SF

      Retail Space with Storage Available

      Retail space with storage, high visibility, and ample parking.
      1201 W Dundee Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing
      3,665 SF

      Retail Space in Wheeling, IL

      Prime retail location suitable for various business ventures.
      995 S Elmhurst Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing
      12,692 SF

      Retail Space in Wheeling Plaza

      Inline retail space available in vibrant Wheeling community plaza.
      375 West Dundee Rd, Wheeling, IL 60090
      View Details
    • $15 SF/Yr
      1,500 SF

      Retail Space in Prospect Heights

      1,500 sqft retail space in a charming strip center.
      873 E Palatine Rd, Prospect Heights, IL 60090
      View Details
    • Contact for pricing

      Retail and Medical Center Space

      Retail and medical center space for lease in Wheeling, Illinois.
      1 Huntington Ln, Wheeling, IL 60090
      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.
    Lk Cook Rd & Milwaukee Ave
    Wheeling, IL 60090
    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

    Thank You for Inquiry
    Lk Cook Rd & Milwaukee Ave, Wheeling, IL, 60090
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!