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

    231 Milwaukee Ave Wheeling, IL 60090-3015

    • Residential income homes
    • 1,648 SF
    • 0.14 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2629851
    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

    • Psychic Chakra Meditation Studio / Spiritual Center

    Property Details for 231 Milwaukee Ave

    Year built
    1879
    Construction
    FRAME
    Lot size
    0.14 lot acres
    Property size
    1,648 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    03-02-405-004
    APU
    302405004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.9093
    Latitude
    42.1434
    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
    2022
    $7,031
    $1,417
    $20,582
    $21,999
    -
    $14,170
    $205,820
    $219,990

    Comparable in this City

    • Value Estimation
      $660,000
      4,390 SF

      1214 Forums Ct

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,390 SF
      1214 Forums Ct, Wheeling, IL 60090-5625
      View Details
    • Value Estimation
      $510,000
      7,500 SF

      189 Milwaukee Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 7,500 SF
      189 Milwaukee Ave, Wheeling, IL 60090-3109
      View Details
    • Value Estimation
      $620,000
      3,888 SF

      80 Wolf Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,888 SF
      80 Wolf Rd, Wheeling, IL 60090-2961
      View Details
    • Value Estimation by Request
      2,132 SF

      231 Wheeling Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,132 SF
      231 Wheeling Ave, Wheeling, IL 60090-4950
      View Details
    • Value Estimation by Request
      2,700 SF

      115 Deborah Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,700 SF
      115 Deborah Ln, Wheeling, IL 60090-3003
      View Details
    • Value Estimation by Request
      3,453 SF

      49 Wolf Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,453 SF
      49 Wolf Rd, Wheeling, IL 60090-2937
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Spacious Corner Unit with Balcony

      Move-in ready 2 bed, 2 bath condo with balcony.
      511 Prestwick Ln, Wheeling, IL 60090
      View Details
    • $275,000
      30,000 SF

      129 Wheeling Rd, Wheeling, IL 60090

      Residential income properties • 30,000 SF
      129 Wheeling Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing
      1,280 SF

      Sandpebble Walk Condo with Balcony

      Spacious 2-bedroom condo with balcony and community amenities.
      1550 Sandpebble Dr, Wheeling, IL 60090
      View Details
    • Contact for pricing
      1,984 SF

      Updated Duplex in Desirable Location

      Spacious, updated 4-bedroom duplex with modern amenities and convenient location.
      1426 Chippewa Trl, Wheeling, IL 60090
      View Details
    • $5,325,000
      96,959 SF

      Wheeling Industrial Building - 97,000 SF

      Spacious Wheeling warehouse, ideal for multi-tenant or single user.
      1033 Noel Ave, Wheeling, IL 60090
      View Details
    • $2,600,000
      26,900 SF

      Wheeling Industrial Building For Sale

      Prime 26,900 SF industrial building in Wheeling, IL
      100 Shepard Ave, Wheeling, IL 60090
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      40,000 SF

      Wheeling Commons Retail Center

      Prime Wheeling retail space, multiple units available.
      1 Huntington Ln, Wheeling, IL 60090
      View Details
    • Contact for pricing
      11,808 SF

      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
    • $15 SF/Yr
      16,000 SF

      Wheeling Retail & Industrial Space

      High-traffic location, multiple spaces available
      82 Dundee Rd, Wheeling, IL 60090
      View Details
    • $14 SF/Yr
      26,000 SF

      Wheeling Office Building - 26,000 SF

      Prime Wheeling office space, flexible lease terms.
      1040 Milwaukee Ave, Wheeling, IL 60090
      View Details
    • $6 SF/Yr
      134,800 SF

      Wheeling Warehouse Space Available

      Industrial warehouse space for lease in prime location.
      600-668 Wheeling Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing
      78,449 SF

      Wheeling Warehouse Space Available

      36,501 SF warehouse space available for lease in Wheeling, IL.
      190-198 West Carpenter Ave, 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.
    231 Milwaukee Ave
    Wheeling, IL 60090-3015
    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.