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    2 North Michigan Ave, Unit | Chicago Chicago, IL 60602

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    For Sale
    $10,550,000

    Retail property leased to Raising Cane’s on Chicago’s Michigan Avenue.

    Property size:
    5 SF

    Property Features for 2 North Michigan Ave

    General Information

    Size
    5 SF

    Source: Joe Girardi Agent Joe Girardi

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

    Overview

    Michigan Avenue Retail Investment Opportunity

    A retail property leased to Raising Cane’s is available for sale. The property is located along Chicago’s iconic Michigan Avenue, directly across the street from Millennium Park. This asset features a long-term net lease and is a vertically separated retail property at the base of a luxury residential building. The property size is 5.
    Location Intelligence

    Current Use by Public Records

    Bank of America Financial ... Financial Planner Raising Cane's Chicken ... Fast Food Restaurant Bank of America ATM Financial Consultant

    Suggested Use

    Realty agency Spa & Massage Restaurant Hair Salon Dental Office Nail Salon Building Supply Daycare Center Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.624399
    Latitude
    41.883288

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    FAQs

    What type of property is this?
    Drive through restaurant - Retail property leased to Raising Cane’s on Chicago’s Michigan Avenue.
    Where is this drive through restaurant located?
    The property is located at 2 North Michigan Ave, Unit | Chicago Chicago, IL.
    What is the asking price?
    The asking price for this property is $10,550,000.
    What are key features of this property?
    This property features: - Located on Chicago's iconic Michigan Avenue directly across from Millennium Park.; - Leased to Raising Cane's.; - Long-term net lease.
    (630) 954-7392
    Request Owner's contact information
    2 North Michigan Ave, Unit | Chicago Chicago, IL 60602
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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
    2 North Michigan Ave, Unit | Chicago Chicago, IL 60602
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