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    1050 N Milwaukee Ave Chicago, IL 60622

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    For Sale
    $649,000

    Restaurant with apartment and development potential in prime location.

    Property Features for 1050 N Milwaukee Ave

    General Information

    Standard status
    Active

    Building Details

    Year built
    1998

    Source: HOMELAND SALES AND DEVELOPMENT Agent MARK PIECZKA

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Restaurant Opportunity in B3-3 Zone

    Located in a B3-3 zoning district, this property presents a prime opportunity for a restaurant. The existing structure includes some equipment remaining from the previous restaurant operator. The property allows for the possible construction of a maximum of 4 units within a 5384 square foot building. The construction can include a minimum of 800 square feet of ground floor commercial space with 1600 square feet of floor area ratio (FAR) on the first floor. The building can be a 4-story structure with 1260 square feet gross per floor, accommodating 3 units at 1000 square feet net each. The first floor restaurant space is currently vacant and contains leftover equipment. The second floor features a spacious 3-bedroom, 1-bathroom apartment, which is currently rented on a month-to-month basis.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Seven22 Eatery Restaurant

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Similar Places Nearby

    Bires & Friedler Catering, Jordan's Food of Distinction, ChefField Events, Hospitality 201, Drinks On Me Chicago

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6629547
    Latitude
    41.900853

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    FAQs

    What type of property is this?
    Restaurant - Restaurant with apartment and development potential in prime location.
    Where is this restaurant located?
    The property is located at 1050 N Milwaukee Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: - Prime location for a restaurant in B3-3 zoned property.; - Opportunity to construct up to 4 units in a 5384 sf building.; - Existing first-floor restaurant space with leftover equipment.
    Request Owner's contact information
    1050 N Milwaukee Ave Chicago, IL 60622
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    1050 N Milwaukee Ave Chicago, IL 60622
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