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$6,995,000
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Property Description
This exceptional investment and owner-user opportunity is a premier mixed-use trophy asset situated in the heart of Libertyville's vibrant Downtown Core at 545-547 N Milwaukee Avenue. Downtown Libertyville properties rarely change hands especially ones as turn key and stable. This meticulously maintained two-story building perfectly blends historic architectural charm with high-end modern infrastructure. For the owner-occupant, this property offers a rare chance to elevate your brand and your team's quality of life by establishing a corporate headquarters on the second floor. The 6000 square foot modern open floor plan office suite provides a sophisticated workspace characterized by premium finishes and an abundance of natural light, fostering a true live-work-play environment where employees are steps away from award-winning dining, boutique shopping, the Metra station and residential neighborhoods. The building is unique in that it features multiple tenants across its diverse floor plan, which significantly enhances investment stability through diversified income streams. The current owner-occupant is prepared to vacate to accommodate your business or remain in place under a lease-back agreement, offering ultimate flexibility for your transition. From an investor standpoint, this is a recession-resistant asset that allows you to add a high-performing trophy property to your portfolio. The ground floor is anchored by two stable restaurant tenants signed to long-term leases, providing a reliable and diversified cash flow from day one. The building is fully ADA compliant and all parking requirements have been satisfied, which is a significant competitive advantage in a dense downtown corridor. Originally built in 1920 and significantly remodeled in 2008, the property features high-end interior build-outs including slate tiling and hickory flooring. Furthermore, the local economy is poised for even greater growth as Libertyville will be adding close to 300 residential units to its downtown district in the coming years. This increase in density will help bolster the already high visibility and heavy pedestrian traffic, ensuring the long-term desirability and value of this downtown core location. For showings or financial information
Full Property Details
Full Property Details for 54547 N Milwaukee Ave
General
- Price: $6,995,000
- Taxes: $70,025 (2025)
- Status: Active
- Type: Commercial
- Source: MRED
- MLS ID: 12643761
- Updated: 5/19/2026
- Added to Site: 15 day(s) ago
Additional Information
- Security/Safety: Alarm Monitored, Alarm on Site, Ansul System, Fire Extinguisher(s), Hydrants on Site, Sprinklers (Wet)
Location
- Area: Green Oaks / Libertyville
- County: Lake
- Driving Directions: Route 21 and Route 137 south to downtown Libertyville to address.
- Location Details: North Suburban
Heating & Cooling
- Cooling Type: Central Individual
- Heating Type: Central Heat/Individual Controls
Structural Information
- Construction: Brick, Concrete, Glass
- Exterior Const.: Brick, Concrete, Glass
- Foundation: Block, Concrete Perimeter
- Roof: Membrane
- Stories/Levels: 2
- Square Feet: 16,621
- Current Bldg. Use: Commercial
- # of Stores: 2
- Year Built: 1920
- Built Before 1978: Yes
Unit Information
- # Tenants: 7
Lot Features
- Lot Size (Sq. Ft.): 9,807
- Lot Dimensions: 60 x 160 x 50 x 170
- Frontage: State Road
- Zoning: COMMR
Financial Considerations
- Operating Expenses: $10,397
- Security Deposit: Alarm Monitored, Alarm On Site, Ansul System, Fire Extinguisher/s, Hydrants On Site, Sprinklers-Wet
- Assessment Year: 1920
- Tax Amount: $70,025.74
- Tax Year: 2025
- Pays Electric: 7517
Disclosures and Reports
- Property ID: 11163050080000
Listed by Baird & Warner
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Schools
Schools serving 54547 N Milwaukee Ave
School Districts:Woodland Community Consolidated School District 50, Warren Township High School District 121
| Name | Grades | Distance |
|---|---|---|
Woodland Elementary School, Gages Lake, IL 17261 West Gages Lake Road, Gages Lake, IL 60030 | 1-3 | 1.8 mi |
Woodland Primary School 17366 W Gages Lake Rd, Gages Lake, IL 60030 | PK-K | 2 mi |
Woodland Intermediate School 1115 N Hunt Club Rd, Gurnee, IL 60031 | 4-5 | 3.4 mi |
Woodland Middle School 7000 Washington Street, Gurnee, IL 60031 | 6-8 | 2.8 mi |
Warren Township High School 34090 N Almond Rd, Gurnee, IL 60031 | 9-12 | 2.5 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 54547 N Milwaukee Ave
Date
Details
Price
Change
Source
5/11/2026
Listed
$6,995,000
936.3%
MLS
11/15/2004
Sold
$675,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 54547 N Milwaukee Ave
Year
Property Taxes
Change
Tax Assessment
Change
2024
$30,235
4%
$405,801
4%
2024
$29,112
5%
$391,927
8%
2023
$27,788
4%
$361,489
4%
2022
$26,775
4%
$347,452
2%
2021
$25,785
3%
$339,973
2%
2020
$25,140
—
$334,257
1%
2019
$25,140
2%
$331,078
1%
2018
$24,528
3%
$329,332
3%
2017
$23,884
3%
$318,935
5%
2016
$23,142
1%
$302,394
7%
2015
$22,999
1%
$282,637
—
2014
$22,768
-2%
$282,637
1%
2013
$23,156
9%
$278,844
1%
2012
$21,191
—
$276,207
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 54547 N Milwaukee Ave
545-47 N Milwaukee Avenue, Libertyville, IL 60048 (MLS# 12643761) is a Commercial property. 545-47 N Milwaukee Avenue is currently listed for $6,995,000 and was received on May 11, 2026. Want to learn more about 545-47 N Milwaukee Avenue? Do you have questions about finding other Commercial real estate for sale in Libertyville? You can browse all Libertyville real estate or contact a Coldwell Banker agent to request more information.

