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    50 Milwaukee Ave Lake Villa, IL 60046

    • Office buildings
    • 14,928 SF
    • 1.13 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Last Sale
    Sep 27, 2023
    $1,250,000
    Value Estimations
    $1,460,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1365866
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office buildings

    Property Details for 50 Milwaukee Ave

    Year built
    1998
    Construction
    BRICK
    Lot size
    1.13 lot acres
    Property size
    14,928 SF
    Property type
    Office buildings
    APN
    06-04-104-029
    APU
    604104029

    Description

    This two-story, 15,000 square foot medical building in Lake Villa, IL, offers exceptional leasing opportunities for healthcare professionals. Located at 50 S Milwaukee Ave, this 1997-built property features seven suites ranging from 625 to 1,950 contiguous square feet, with 6,400 square feet currently vacant. The building boasts a modern elevator, ample parking (35 spaces), and a common area lobby with public restrooms. A new owner is currently enhancing the property with upgrades including new windows, landscaping, and flooring. Tenant improvement allowances are available, and lease rates are competitive, including CAM, garbage/recycling, and heat. Tenants are responsible for electricity and internet. The building's zoning is commercial, situated on one acre of land in Lake County (IL), and is conveniently located near Grand Avenue. Several new tenants have already committed, including a psychotherapy office, sleep disorders center, and home medical equipment company. This is a fantastic opportunity to establish or expand your practice in a thriving medical community. No NNN lease required.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,465,000
      ML approach
      $1,540,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,334,000
      Market price range: $988k - $2.93M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lake Villa
    County
    Lake
    State
    Illinois
    Longitude
    -88.073
    Latitude
    42.4149
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $27,095
    $115,811
    $139,046
    $254,857
    -
    $347,468
    $417,180
    $764,648

    Comparable in this City

    • Value Estimation
      $3,360,000
      10,000 SF

      40 Us Hwy 45th, Unit 1

      OFFICE BUILDING • 10,000 SF
      40 Us Hwy 45th, Lindenhurst, IL 60046-8033
      View Details
    • Value Estimation
      $285,000
      1,032 SF

      118 Milwaukee Ave

      OFFICE BUILDING • 1,032 SF
      118 Milwaukee Ave, Lake Villa, IL 60046-9361
      View Details
    • Value Estimation
      $660,000
      19,552 SF

      2592 Grand Ave

      OFFICE BUILDING • 19,552 SF
      2592 Grand Ave, Lindenhurst, IL 60046-5915
      View Details
    • Value Estimation by Request
      1,112 SF

      605 Grand Ave

      OFFICE BUILDING • 1,112 SF
      605 Grand Ave, Lake Villa, IL 60046-7810
      View Details
    • Value Estimation
      $855,000
      46,068 SF

      1025 Red Oak Ln

      OFFICE BUILDING • 46,068 SF
      1025 Red Oak Ln, Lindenhurst, IL 60046-5017
      View Details
    • Value Estimation
      $300,000
      1,700 SF

      146 Cedar Ave

      OFFICE BUILDING • 1,700 SF
      146 Cedar Ave, Lake Villa, IL 60046-8410
      View Details

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      1.34 Acres

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      Prime commercial land, ready to develop.
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    Similar Nearby for Lease

    • $18 SF/Yr
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      Lake Villa Medical Office Space

      Prime medical office suites available. Lake Villa, IL.
      50 Milwaukee Ave, Lake Villa, IL 60046
      View Details
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    • $240 SF/Yr
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      Prime Retail Space: Two Units Available
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      View Details
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    50 Milwaukee Ave
    Lake Villa, IL 60046
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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
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