550 Milwaukee AveWheeling, IL 60090

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.