Description

Palwaukee Plaza is a well-established multi-tenant retail center located along North Milwaukee Avenue in Prospect Heights, Illinois, within the Chicago MSA. Spanning approximately 113,801 square feet across three buildings on a 10.47-acre B-2 zoned site, the property includes about 10,550 square feet of second-floor office space and is currently 87% leased. Renovated in 1989, the center features a strong and diverse tenant mix with long-standing occupants, generating an in-place NOI of roughly $912,000 and offering investors stable cash flow with additional upside through lease-up and potential outlot development. The property benefits from multiple access points, monument signage, and a large parking field with 605 spaces, all positioned along a high-traffic commercial corridor surrounded by dense residential communities and major national retailers, enhancing both visibility and long-term performance potential.