Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2855 Milwaukee Ave Northbrook, IL 60062-6103
    Back to Search
    Property profile & analytics

    2855 Milwaukee Ave, Northbrook, IL 60062-6103

    View on Map
    • Motels
    • 7.20 lot acres
    Off-Market
    Last Sale Mar 18, 2024
    Property ID
    US28-1280770
    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.
    Value Estimations
    $640,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Motels

    Property Details for 2855 Milwaukee Ave

    Year built
    1985
    Lot size
    7.20 lot acres
    Property type
    Motels
    APN
    04-19-301-002
    APU
    419301002

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 18, 2024 — Lsnl Northbrook Hospitality LLC Fireside Land Development LLC Special Warranty Deed —
    Aug 3, 2017 — Fireside Land Dev LLC — Grant Deed · related $3.3M · Tac Northbrook LLC
    May 25, 2006 — Fireside Land Dev LLC Trust 26-081870-00 Grant Deed · related $22.5M · Capmark Bank
    Dec 4, 1997 — Fireside Land Development LLC — Deed Of Trust · related $20.4M · Legg Mason Real Estate Svcs

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $640,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Northbrook
    County
    Cook
    State
    Illinois
    Longitude
    -87.8819
    Latitude
    42.1016
    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
    $623,486
    $784,080
    $2,141,993
    $2,926,073
    -
    $3,136,320
    $8,567,972
    $11,704,292

    Comparable in this City

    • Value Estimation
      $6,350,000
      0.96 Acres

      3350 Milwaukee Ave

      MOTEL
      3350 Milwaukee Ave, Northbrook, IL 60062-7126
      View Details
    • Value Estimation
      $705,000
      9.30 Acres

      933 Skokie Blvd

      MOTEL
      933 Skokie Blvd, Northbrook, IL 60062-4004
      View Details
    • Value Estimation
      $855,000
      5.86 Acres

      2875 Milwaukee Ave

      MOTEL
      2875 Milwaukee Ave, Northbrook, IL 60062-6103
      View Details
    • Value Estimation
      $600,000
      1.21 Acres

      1100 Willow Ln

      MOTEL
      1100 Willow Ln, Northbrook, IL 60062-3813
      View Details
    • Value Estimation by Request
      1.01 Acres

      3050 Pheasant Crk Drp53

      RESIDENTIAL PARKING GARAGE
      3050 Pheasant Crk Drp53, Northbrook, IL 60062-3370
      View Details
    • Value Estimation by Request
      1.01 Acres

      3070 Pheasant Crk Drp9

      RESIDENTIAL PARKING GARAGE
      3070 Pheasant Crk Drp9, Northbrook, IL 60062-3361
      View Details

    Similar Nearby for Sale

    • $685,000

      Northbrook Retail/Office Building For Sale

      Stand-alone retail/office building in Northbrook with high traffic exposure.
      1815 Dundee Rd, Northbrook, IL 60062
      View Details
    • Contact for pricing

      North Shore Development Parcel

      Development parcel with expressway views in Northbrook, Illinois.
      1000 Skokie Blvd, Northbrook, IL 60062
      View Details
    • $1,200,000

      Top-Tier Office Suite/Recording Studio

      High-end office suite and recording studio in Northbrook.
      636 Anthony Trl, Northbrook, IL 60062
      View Details
    • $580,000
      7,000 SF

      Northbrook Commercial Property with Carwash

      Commercial property with car wash, showroom, and coffee shop.
      204 Skokie Blvd, Northbrook, IL 60062
      View Details
    • Contact for pricing
      106,167 SF

      Northbrook Office Building For Sale

      Three-story office building in Northbrook with convenient highway access.
      2100 Sanders Rd, Northbrook, IL 60062
      View Details
    • Contact for pricing
      48,218 SF

      Northbrook Warehouse with Outdoor Storage

      48,218 SF warehouse with flexible occupancy and storage.
      3401 Commercial Ave, Northbrook, IL 60062
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,817 SF

      Retail Space Near Hotel Amenities

      Retail space with growth potential near hotel amenities.
      1110 Willow Rd, Northbrook, IL 60062
      View Details
    • Contact for pricing

      Northbrook Industrial Space For Lease

      Well-maintained 12,377 SF industrial space in Sky Harbor Business Park.
      3451-3453 Commercial Ave, Northbrook, IL 60062
      View Details
    • Contact for pricing

      Northbrook Retail Space For Lease

      Retail spaces available in Northbrook's Sanders Center at Dundee Road.
      4125 Dundee Rd, Northbrook, IL 60062
      View Details
    • Sponsored
      Contact for pricing

      Northbrook Botanic Gardens

      Discover many ways to work your way in Northbrook Botanic Gardens
      707 Skokie Blvd, Northbrook, IL 60062
      View Details
    • Contact for pricing

      One Northbrook Place

      Discover many ways to work your way in One Northbrook Place
      5 Revere Dr, Northbrook, IL 60062
      View Details
    • Contact for pricing

      Northbrook Flex Space Available

      Flex space units available in rapidly growing Northbrook suburb.
      310 Melvin Dr, Northbrook, IL 60062
      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.
    2855 Milwaukee Ave
    Northbrook, IL 60062-6103
    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
    2855 Milwaukee Ave, Northbrook, IL, 60062
    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!