50 Milwaukee AveLake Villa, IL 60046

Property Details for 50 Milwaukee Ave

Year built

1998

Construction

BRICK

Lot size

1.13 AC

Property size (Sq ft)

14,928 SF

Property type

Office buildings

APN

06-04-104-029

APU

604104029

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,695,428

  6.5%

  $2,488,087

  7%

  $2,310,366

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,515,538

  Geo Method

  $1,944,372

• Alternative Use

  Use

  Valuation

  Residential

  $3,085,228

  Hospitality

  $2,826,052

  Educational

  $2,351,242

  Medical

  $2,432,105

  Retail

  $3,657,488

Location Insight

City

Lake Villa

County

Lake

State

Illinois

Latitude

42.4149

Longitude

-88.073

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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