241 Milwaukee Ave Wheeling, IL 60090

Property Details for 241 Milwaukee Ave

Year built

1966

Construction

FRAME

Lot size

1.27 lot acres

Property size

9,340 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

03-12-101-050

APU

312101050

Description

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.

Location Insight

City

Wheeling

County

Cook

State

Illinois

Longitude

-87.9037

Latitude

42.1363

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments