Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    397 Milwaukee Ave Wheeling, IL 60090-3017

    • Motels
    • 0.24 lot acres
    OFF-MARKET
    Last Sale
    May 25, 2022
    $465,000
    Value Estimations
    $500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1937214
    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

    • Wishing Well Motel / Motel

    Property Details for 397 Milwaukee Ave

    Year built
    1954
    Lot size
    0.24 lot acres
    Property type
    Motels
    APN
    03-02-201-003
    APU
    302201003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $500,000
      ML approach
      $485,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.9106
    Latitude
    42.1461
    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
    $30,997
    $39,375
    $57,605
    $96,980
    -
    $157,500
    $230,420
    $387,920

    Comparable in this City

    • Value Estimation
      $1,045,000
      0.17 Acres

      376 Milwaukee Ave

      MOTEL • 0.17 Acres
      376 Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Value Estimation
      $1,045,000
      0.19 Acres

      376 Milwaukee Ave

      MOTEL • 0.19 Acres
      376 Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Value Estimation
      $1,045,000
      0.17 Acres

      374 Milwaukee Ave

      MOTEL • 0.17 Acres
      374 Milwaukee Ave, Wheeling, IL 60090-3018
      View Details
    • Value Estimation
      $5,775,000
      3.50 Acres

      8000 Capitol Dr

      MOTEL • 3.50 Acres
      8000 Capitol Dr, Wheeling, IL 60090-6478
      View Details
    • Value Estimation
      $500,000
      0.26 Acres

      397 Milwaukee Ave

      MOTEL • 0.26 Acres
      397 Milwaukee Ave, Wheeling, IL 60090-3017
      View Details
    • Value Estimation
      $1,045,000
      0.12 Acres

      374 Milwaukee Ave

      MOTEL • 0.12 Acres
      374 Milwaukee Ave, Wheeling, IL 60090-3018
      View Details

    Similar Nearby for Sale

    • $1,100,000
      8,800 SF

      Wheeling Medical Office Building

      Prime Medical Office, High Visibility
      47 Dundee Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing
      3.20 Acres

      Prime Wheeling Commercial Land

      3.2 Acres, High Visibility, Walmart/Target Area
      625 Dundee Rd, Wheeling, IL 60090
      View Details
    • $1,975,000
      26,000 SF

      Wheeling Office Building - Prime Location

      High-Occupancy Office/Retail Building for Sale
      1040 Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Contact for pricing
      62,632 SF

      Wheeling Industrial Warehouse Opportunity

      62,720 SF industrial warehouse in Wheeling, Illinois for sale.
      1720 S Wolf Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing

      Wheeling Mixed-Use Development Land

      17-acre mixed-use land with highway access and utilities.
      Lake Cook Rd, Wheeling, IL 60090
      View Details
    • $349,900

      Spacious Corner Unit with Balcony

      Move-in ready 2 bed, 2 bath condo with balcony.
      511 Prestwick Ln, 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
    • $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
    • 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
    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.
    397 Milwaukee Ave
    Wheeling, IL 60090-3017
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.