Entity Owned Property summary
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.
Ownership intelligence
Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. In the full report.
Owner contacts
Skip-traced phones and e-mails of the owner. Included with the full report.
Mortgages
Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.
Property tax · 2022
Value estimate
· Sep 2026Realmo valuation models over county records.
Recently sold
Cap rate analysis
No income signal is modeled for this parcel yet — the Cap Rates tab runs the workflow.
Zoning insight
No data for this sectionNo zoning code is on file for this parcel. Coverage grows with every catalog release.
Location intelligence
Demand index: how under-served this business type is around this point — modeled from the LocInt grid (area demand vs. what already operates, adjusted by real visit traffic). Higher means stronger unmet demand.
Location
Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.
Comparables
6 recorded sales · 15 properties nearbyComparable nearby
Similar Nearby for Sale
Similar in This City for Lease
Instant AI valuation built from comps, income signals, and proprietary benchmarks.A defensible range, not a single guess.
from $99/month
- Lot area
- 2.43 ac
- Year built
- 1997
- Stories
- 1
- APN
- 03-12-116-028
- Assessed value · 2022
- $298,850
- Annual tax · 2022
- $95,518
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
from $99/month
Price sensitivity
The rate is the decision lever; valuation is the consequence.
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Phones and e-mails of the people behind this property's owner, traced from licensed contact data.
Owner phones and e-mails come with the full report for this property - traced from licensed contact data, with verification and Do-Not-Call flags on every number.
Unlock the evidence behind ownership: portfolio, transactions, debt and any signals we can model, to help you decide who to contact next.
Registration is required before any owner information is shown.
The mortgage data is behind the paid report: recorded loans of the owner - lender, amount, rate and the estimated maturity - as part of the Ownership Intelligence workspace.
Registration is required before any owner information is shown.
- Ownership
- Owner Contacts
- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Location Insight
- Alternative use
- Local Zoning Insight
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- Full Property Data
- Historical Records
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- Alternative use
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