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Property profile & analytics
OFF-MARKET
Estimated value
$1,370,000
Office buildings
50 Milwaukee Ave, Lake Villa, IL 60046-9471
Individually Owned
2-yr Hold
~
Est. High Equity
Property ID
US28-1365866
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1998
Construction
BRICK
Total area
14,928 SF
Lot
1.13 ac (49,223 SF)
APN
06-04-104-029
UPID
US28-1365866
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.54M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.33M
Blend (final)
Blend
$1.37M
Owner & transaction history
Circadian Health & Wellness Center · 2 yrs held
Circadian Health & Wellness Center
since 2023
Last sale
$1.3M
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lake Villa submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lake Villa submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,465,000
ML approach
$1,540,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,950,000
Current use
RETAIL STORES
$1,785,000
Change: -8% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$1,755,000
Change: -10% · Conversion: Easy
Blend value · Realmo final
$1.37M
Range $1.23M – $1.51M · ±10% · vs last sale $1.25M (Sep 27 2023)
Last sale anchor
$1.25M
Sep 27 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$92 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$27,095
Tax year 2023
Assessed value
$254,857
Assessed 2023
Previous assessed
$249,958
+2.0% YoY
Effective rate
10.63%
On assessed value
Assessed land
$115,811
Assessed improvement
$139,046
Land market value
$347,468
Improvement market value
$417,180
Total market value
$764,648
Applied tax rate
5,159.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1998
Construction
BRICK
Heating
NONE
Total area
14,928 SF
Lot
1.13 ac (49,223 SF)
APN
06-04-104-029
UPID
US28-1365866
Jurisdiction
LAKE
Metro division
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.0M
RETAIL STORES
Est. value
$1.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.8M
OFFICE BUILDING Current
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1998
Construction
BRICK
Heating
NONE
Lot
1.13 ac
Current owner
From public records · entity-resolved
Circadian Health & Wellness Center
Individual
Mailing address
935 SKIDMORE DR, ANTIOCH, IL 60002-1547
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 25, 2024
—
Circadian Health & Weliness Center
—
Deed
related
$150,000 · State Bank Of The Lakes
Mar 18, 2024
—
Circadian Health & Wellness Center
—
Deed
related
$469,000 · Somercor 504 INC
Sep 27, 2023
$1,250,000
Circadian Health & Wellness Center
Avalon Equities Lake Villa LLC
Special Warranty Deed
$652,021 · State Bank Of The Lakes
Sep 1, 2022
$400,000
Avalon Equities Lake Villa LLC
Medical Office Propetties LLC
Warranty Deed
$430,000 · Blackhawk Bank
Apr 9, 2010
—
Medical Office Properties LLC
Advocate Condell Medical Ctr
Quit Claim Deed
$1,200,000 · State Bank Of The Lakes
Dec 3, 2008
$185,580,000
Advocate Condell Medical Ctr
Condell Medical Center
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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