322 N Milwaukee Ave · Wheeling, IL 60090

$539,000

4 bd · 3.5 ba · 3,125 sqft · Condo public records · 72 Days on market

Built 1926

---

Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Cash flow +3.3/30.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 1% rule +0.1/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity on Milwaukee Ave. High visibility,3200 SF mixed-use building in the heart of Wheeling's vibrant corridor, currently operating as a professional real estate office. This meticulously renovated 2-story property offers ultimate versatility for office, retail, or restaurant use. Featuring a bright open-concept main floor with a fully equipped kitchen and service area. The second level provides additional residential space with three bedrooms and one full bathroom. Massive .31-acre lot includes 16 + dedicated parking spaces-a premium find on this high traffic thoroughfare. B-3 zoning allows for endless possibilities. Move your business here and command the attention your brand deserves!

Key facts

• B-3 zoning
• 0.31 acre lot
• Built 1926

Tags

• BRIGHT OPEN-CONCEPT MAIN FLOOR
• FULLY EQUIPPED KITCHEN
• DEDICATED PARKING SPACES
• B-3 ZONING

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath condo listed at $539k.

Deal economics

• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (54.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $277k (48.6% below list).
• Recommended offer: $244k (54.7% below list) — sets the bar for cash-flow.
• Cap rate 2.6% vs local median 3.8% in Wheeling — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 71/100 on livability (#335 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, health & safety F.
• Township Hsd 214 (suburban): math 42% / reading 45% proficiency, ranked #103 of 620 in IL (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eugene Field Elem School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 577 students, 0% FRL); Jack London Middle School (math 21% / reading 25%, grade F, #377 of 665 statewide, top 58%, 596 students, 0% FRL); Wheeling High School (math 25% / reading 30%, grade F, #215 of 693 statewide, top 31%, 1,760 students, 0% FRL).
• Zoned-school proficiency averages 21% at this address vs 44% district-wide (-23 pts) — the specific schools serving this property underperform the Township Hsd 214 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.8%/yr); 61 active listings in the ZIP; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 39% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($507k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $450k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $243,989 (54.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
3. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.51% ✗
• Cap rate: 2.57%
• Cash-on-cash: -13.28%
• DSCR: 0.41
• GRM: 16.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.75% rent growth · sell at horizon

5-year hold

• IRR: -42.6%
• Equity multiple: -0.31×
• Total profit: $-197,020
• Equity at exit: $80,367

10-year hold

• IRR: -82.2%
• Equity multiple: -1.13×
• Total profit: $-321,780
• Equity at exit: $46,603

Cash invested: $150,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 60090

• Rents YoY: 1.8%
• Active inventory: 61
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $2,768 medium
• Mortgage (P&I): −$2,827
• Tax from tax record: −$805 /mo · $9,664/yr
• Insurance: −$225
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $-1,670

Break-even live

Break-even rent $4,882

Max offer price $243,989

Occupancy floor —

Sensitivity live

Price	-10% $-1,365	-5% $-1,517	+0% $-1,670	+5% $-1,823	+10% $-1,975
Rent	-10% $-1,889	-5% $-1,779	+0% $-1,670	+5% $-1,561	+10% $-1,451
Rate	-1.0pp $-1,399	-0.5pp $-1,533	base $-1,670	+0.5pp $-1,810	+1.0pp $-1,952

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $134,750
• Closing costs: $16,170
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $539,000 Active 72 DOM
2. 2026-06-18
   days on market $539,000 Active 69 DOM
3. 2026-06-17
   days on market $539,000 Active 68 DOM
4. 2026-06-16
   days on market $539,000 Active 67 DOM
5. 2026-06-15
   days on market $539,000 Active 66 DOM
6. 2026-06-13
   days on market $539,000 Active 64 DOM
7. 2026-06-09
   days on market $539,000 Active 60 DOM
8. 2026-06-08
   days on market $539,000 Active 59 DOM
9. 2026-06-07
   days on market $539,000 Active 58 DOM
10. 2026-06-04
    days on market $539,000 Active 55 DOM
11. 2026-06-03
    days on market $539,000 Active 54 DOM
12. 2026-06-02
    days on market $539,000 Active 53 DOM
13. 2026-06-01
    days on market $539,000 Active 52 DOM
14. 2026-05-31
    days on market $539,000 Active 51 DOM
15. 2026-05-12
    price $539,000 714-char remark

    Show marketing remark (714 chars)

    Rare opportunity on Milwaukee Ave. High visibility,3200 SF mixed-use building in the heart of Wheeling's vibrant corridor, currently operating as a professional real estate office. This meticulously renovated 2-story property offers ultimate versatility for office, retail, or restaurant use. Featuring a bright open-concept main floor with a fully equipped kitchen and service area. The second level provides additional residential space with three bedrooms and one full bathroom. Massive .31-acre lot includes 16 + dedicated parking spaces-a premium find on this high traffic thoroughfare. B-3 zoning allows for endless possibilities. Move your business here and command the attention your brand deserves!

16. 2026-04-10
    listed $569,900 Active 714-char remark

    Show marketing remark (714 chars)

    Rare opportunity on Milwaukee Ave. High visibility,3200 SF mixed-use building in the heart of Wheeling's vibrant corridor, currently operating as a professional real estate office. This meticulously renovated 2-story property offers ultimate versatility for office, retail, or restaurant use. Featuring a bright open-concept main floor with a fully equipped kitchen and service area. The second level provides additional residential space with three bedrooms and one full bathroom. Massive .31-acre lot includes 16 + dedicated parking spaces-a premium find on this high traffic thoroughfare. B-3 zoning allows for endless possibilities. Move your business here and command the attention your brand deserves!

17. 2006-10-19
    soldstatus $450,000
18. 1991-08-29
    soldstatus $210,000
19. 1986-06-26
    soldstatus $115,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $9,664 · $805/mo
• Projected year-2 tax: $10,950 · $912/mo
• Expected delta: +$1,285/yr (+$107/mo · 13.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,213
• − Mortgage interest: −$30,192
• − Property taxes: −$9,664
• − Insurance: −$2,695
• − Repairs & maintenance: −$2,657
• − Management: −$2,657
• − Depreciation: −$15,680
• Taxable loss: −$30,333
• Est. tax savings @ 24.0%: +$7,280
• After-tax cash flow: $-12,760/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Township Hsd 214
• NCES district ID: 1704170
• Math proficiency: 42% ▼ -10.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $68,267
• Composite: 39.13/100
• National rank: #4035
• State rank: #103 of 620 in IL

Livability — Wheeling

• Score: 71/100
• State rank: #335
• US rank: #6685

Category grades

Amenities F Commute A+ Cost of living A- Crime A+ Employment A+ Housing A+ Health & safety F User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheeling, IL
• County: Cook County · 4,486,803 people
• City population: 38,298
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 38,298
• Household income: $85,355
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 1325.0

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Hispanic / Latino 32% Asian 16% Two or more races 9% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Romanian 6% Scotch-Irish 5% Subsaharan African 5%
• Foreign-born: 45% · Canada, South Korea, China
• Languages at home: 37% English-only · Spanish 29% Russian/Polish/Slavic 17% Other Indo-European 5%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -238.28%
• Current HPI: 209.9251
• Rent YoY: ▲ 1.75%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

+368.7% since first listed

5 events — show timeline

• 2026-05-12 Price Changed $539,000 MRED as Distributed by MLS Grid
• 2026-04-10 Listed $569,900 MRED as Distributed by MLS Grid
• 2006-10-19 Sold (Public Records) $450,000 Public Records
• 1991-08-29 Sold (Public Records) $210,000 Public Records
• 1986-06-26 Sold (Public Records) $115,000 Public Records

Property tax history

-1.5%/yr

Latest (2023): $9,664 · +4.9% YoY. Source: county tax records.