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    Property profile & analytics

    550 Milwaukee Ave Wheeling, IL 60090-5005

    • Retail space
    • 2.43 lot acres
    OFF-MARKET
    Value Estimations
    $260,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1271885
    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

    • Crabhouse / Restaurant

    Property Details for 550 Milwaukee Ave

    Year built
    1997
    Lot size
    2.43 lot acres
    Property type
    Retail space
    APN
    03-12-116-028
    APU
    312116028

    Description

    This exceptional 7,200-square-foot former restaurant in Wheeling, Illinois, presents a unique redevelopment opportunity. Situated on a 2.51-acre lot (109,511 square feet) at 550 S Milwaukee Ave, this single-story, 1990-built property boasts a prime location with high visibility and accessibility. The existing building features a large dining area, full-service bar, main and prep kitchens, three private party rooms, three walk-in coolers, and a patio. Ample parking is provided with 111 spaces. The property benefits from exceptional traffic counts exceeding 25,600 vehicles daily on Milwaukee Avenue, a major thoroughfare. The surrounding demographics are highly desirable, with a five-mile radius boasting a population of 248,750, an average household income of $166,200 (45% and 47% higher than Illinois and US averages respectively), and strong homeownership and education levels. The Village of Wheeling is business-friendly and open to various redevelopment options, including potential mixed-use projects, especially when combined with an adjacent 2.25-acre site also available for sale. This presents a compelling investment opportunity within the thriving Chicago MSA, the third-largest economy and third most populous MSA in the nation. The property is currently vacant and offered at $1,950,000 as a net lease investment. This is a rare chance to acquire a substantial property with significant redevelopment potential in a high-demand location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.9026
    Latitude
    42.1318
    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
    $95,518
    $293,507
    $5,343
    $298,850
    -
    $1,174,028
    $21,372
    $1,195,400

    Comparable in this City

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      $305,000
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      500 Jeffery Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.32 Acres
      500 Jeffery Ave, Wheeling, IL 60090-5030
      View Details
    • Value Estimation
      $275,000
      0.28 Acres

      102 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.28 Acres
      102 Milwaukee Ave, Wheeling, IL 60090-3110
      View Details
    • Value Estimation
      $425,000
      1,760 SF

      109 Milwaukee Ave

      STORE, RETAIL OUTLET • 1,760 SF
      109 Milwaukee Ave, Wheeling, IL 60090-3013
      View Details
    • Value Estimation by Request

      Wheeling, IL 60090

      RETAIL STORES (PERSONAL SERVICES)
      Wheeling, IL 60090
      View Details
    • Value Estimation
      $1,870,000
      0.96 Acres

      2161 Foster Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.96 Acres
      2161 Foster Ave, Wheeling, IL 60090-6506
      View Details
    • Value Estimation
      $745,000
      0.46 Acres

      300 Marquardt Dr

      RETAIL STORES (PERSONAL SERVICES) • 0.46 Acres
      300 Marquardt Dr, Wheeling, IL 60090-6425
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      New retail spaces for lease in Wheeling, Illinois.
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    • $14 SF/Yr
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      Wheeling Commons Retail Center

      Prime Wheeling retail space, multiple units available.
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      View Details
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    550 Milwaukee Ave
    Wheeling, IL 60090-5005
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    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
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