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    Fulton Market Redevelopment Opportunity Title is generated by Realmo AI

    165 N May Street, Chicago, IL 60607

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    Claim this Listing
    For Sale
    $7,500,000

    COMMERCIAL - Chicago, IL

    Property size:
    30,000 SF
    Lot size:
    0.33 Acres
    Price / SF:
    $250/SF
    Added:
    Mar 30, 2026
    Days on Market:
    53
    Last Refresh:
    May 21 at 10:06 pm

    Property Features for 165 N May Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    17084280210000
    Size
    30,000 SF
    Lot size
    0.33 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    93577

    Utilities

    Utilities
    Water Available
    Cooling system
    Central Air

    Building Details

    Year built
    1930
    Floors in Building
    4
    Building materials
    Brick, Concrete

    We can help!

    Listing Contact
    Peter Fotopoulos

    Listing agent Peter Fotopoulos License #471010854

    Listing office Baird & Warner 1950 N Sedgwick St, Chicago, IL

    Listing date Mar 30, 2026

    MLS# 12587647

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime Fulton Market/West Loop redevelopment site with a generous 14,300 sq ft lot.
    • C1‑2 zoning allows for diverse development options like restaurant, apartments, or condos.
    • Existing 30,000 sq ft brick building provides renovation or new construction potential.
    • Highly desirable location: walking distance to Randolph St Restaurant Row and Fulton Market.
    • Includes a side parking lot that generates rental income.
    • Utilities (electric, plumbing, water) available on site.

    Overview

    This is a rare opportunity to acquire a sought-after redevelopment site in the Fulton Market / West Loop area. The property features a 107x134 foot lot, totaling 14,300 square feet. It is zoned C1-2. The lot includes a 30,000 square foot brick construction building with a side parking lot. The building structure is a shell, ready for renovation or new construction. Electric and plumbing are available to the site. Potential uses include a ground-level restaurant with apartments or condo units above. The parking lot generates rental income. The property is located within walking distance of Randolph Street Restaurant Row and the Fulton Market corridor, offering convenient access to shopping, bars, and lifestyle amenities.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $6.20M
    NOI $558,360 @ 9.00% cap · cautious / downside scenario
    Moderate
    $7.98M
    NOI $558,360 @ 7.00% cap · market / base-case scenario
    Aggressive
    $11.17M
    NOI $558,360 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $792.0k $26.40
    − Vacancy −$47.5k −$1.58
    EGI $744.5k $24.82
    − OpEx −$186.1k −$6.20
    NOI $558.4k $18.61
    30,000 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $7.98M
    $6.98M – $9.31M (±1% cap)
    NOI $558,360 @ 7.0% cap · market cap 7.44%
    Second Best
    Apartment 5plus
    $6.57M
    $5.75M – $7.66M (±1% cap)
    NOI $459,875 @ 7.0% cap · market cap 6.13%
    Theoretical Best
    Office A
    $14.14M
    $12.38M – $16.50M (±1% cap)
    NOI $990,144 @ 7.0% cap · market cap 13.20%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Advance Clean Dumpster ... Corporate Office

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6552626
    Latitude
    41.8849078

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    FAQs

    What type of property is this?
    Commercial land - Rare Fulton Market redevelopment site with existing structure and parking.
    Where is this commercial land located?
    The property is located at 165 N May Street Chicago, IL.
    What is the asking price?
    The asking price for this property is $7,500,000.
    What are key features of this property?
    This property features: Prime Fulton Market/West Loop redevelopment site with a generous 14,300 sq ft lot.; C1‑2 zoning allows for diverse development options like restaurant, apartments, or condos.; Existing 30,000 sq ft brick building provides renovation or new construction potential.
    (312) 265-8000
    We can help!
    Listing Contact
    Peter Fotopoulos
    Real Estate License ID: 471010854
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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