Building Details

Building Size 6,400 SF

Listing Agency: Meridian Real Estate Chicago LLC Show Phone

Listed By: James Sheehan · License #471021532 Show Phone

Source: Meridianchicago

Added: Mar 25 Changed: Oct 31 Last Checked: Oct 30 at 12:19PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Meridian Real Estate Chicago LLC

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Investment Insights

Based on property information with market context.

This property is suitable for continued use as a restaurant. It is located in the Milwaukee Corridor, which connects downtown to neighborhoods such as Bucktown, Wicker Park, and Logan Square. The property's C1-3 zoning allows for the by-right development of 14 residential units. The location offers proximity to CTA Blue Line stations, multiple bus routes, I-90, and provides quick access to Downtown.

Key Highlights

• C1‑3 Zoning allows for development of 14 residential units, by‑right
• Perfectly situated for continued use as a restaurant**
• Located in the Milwaukee Corridor

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$119,117

Cap Rate

7.44%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,382,340 $2.4M

Cap Rate 7%

$1,701,671 $1.7M

Cap Rate 9%

$1,323,522 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,400 SF

Gross rent

$169.0K $26.40/SF

− Vacancy

−$10.1K −$1.58/SF

EGI

$158.8K $24.82/SF

− OpEx

−$39.7K −$6.20/SF

NOI

$119.1K $18.61/SF

Area

Chicago, IL

Vacancy

6.00%

Lease Rate

$26.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,382,340

Cap Rate 7%

$1,701,671

Cap Rate 9%

$1,323,522

Alternative Uses

Best Use

Specialty Retail

$1.70M

$1.49M – $1.99M (±1% cap)

NOI $119,117 @ 7.0% cap · market cap 7.44%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.02M

$2.64M – $3.52M (±1% cap)

NOI $211,231 @ 7.0% cap · market cap 13.20%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

LSU Chicago Alumni ... Community Center Frontier Restaurant

Suggested Use

Top Pick Nursing Home (Bike/Boat/Book/etc) Store Tanning Salon Adult Day Care Clothing & Fashion Store Bed & Breakfast

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,877

Businesses Nearby

110k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 63% Shops & Services 34% Electronics 2% Beauty & Spa 1%

Wendy's Dining

29,664 visits/mo 0.4 miles

BP Shops & Services

13,250 visits/mo 0.3 miles

Dunkin' Donuts Dining

12,619 visits/mo 0.5 miles

Popeyes Louisiana Kitchen Dining

11,777 visits/mo 0.3 miles

Family Dollar Shops & Services

7,249 visits/mo 0.4 miles

Demographics for 60642, IL

21,687

Population

12,144

Households

1.8

Avg Household Size

33

Median Age

78%

College-Educated

97%

High-School Grad

1.7 sq mi

ZIP Area

12,757

Density / Sq Mi

$141,179

Median Household Income

$90,885

Median Earnings

$2,216

Median Rent

$604,200

Median Home Value

Market

Vacancy Rate% for Retail in Chicago, IL

9.1% 2019

9.2% 2020

8.8% 2021

8.1% 2022

7% 2023

6.6% 2024

7.4% 2025

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Similar Off Market Nearby

• Kitchen and Online HQ for Kitchfix — 1731 W Grand Ave, Chicago, IL 60622
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• Wild Onion Chicago — 1752 W Grand Ave, Chicago, IL 60622
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Frequently Asked Questions

What type of property is this?

Restaurant - Restaurant or residential development opportunity in Milwaukee Corridor.

Where is this restaurant located?

The property is located at 1072 N Milwaukee Avenue Chicago, IL.

What is the asking price?

The asking price for this property is $1,600,000.

What are key features of this property?

This property features: C1‑3 Zoning allows for development of **14 residential units, by‑right**; Perfectly situated for continued use as a restaurant**; Located in the Milwaukee Corridor