Freestanding Storefront
For Sale
$2,450,000
2252 N Milwaukee Avenue, Chicago, IL 60647
Freestanding commercial building with central air and a corner position on Milwaukee Avenue.
Property Size10,739 SF
Lot Size0.25 Acres
Price / SF$228.14
Days on Market773
Property Features for 2252 N Milwaukee Avenue
General Information
Standard status
Active
Size
10,739 SF
Lot size
0.25 Acres
Property subtype
Retail
Site & Location
Corner Location
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$67,080
Amenities
Central Air
3
Building Details
Year Built
1967
Buildings
1
Listing Agency:
Millennium Properties RE, Inc.
(312) 338-3000
Listed By:
Susan Silver · License #475136992
Source:
Xome
Added: Jul 20, 2024
Changed: Aug 29
Last Checked: Aug 30 at 1:45PM
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 Millennium Properties RE, Inc.
Investment Insights
Based on property information with market context.
This freestanding storefront property includes a 10,739-square-foot building on a 10,989-square-foot site. Constructed in 1967, the building has central air and occupies the corner of Milwaukee Avenue and St. George Court.
The property is in Chicago’s Logan Square neighborhood, approximately 5 miles northwest of the Loop. Access to the I-90 expressway and public transportation supports connectivity, while the surrounding area includes restaurants, boutiques, entertainment, recreation, and parks. The urban setting also includes a mix of established and newly developed commercial and residential properties.
The property is in Chicago’s Logan Square neighborhood, approximately 5 miles northwest of the Loop. Access to the I-90 expressway and public transportation supports connectivity, while the surrounding area includes restaurants, boutiques, entertainment, recreation, and parks. The urban setting also includes a mix of established and newly developed commercial and residential properties.
Key Highlights
- 10,739‑square‑foot freestanding building on a 10,989‑square‑foot site
- Corner location at 2252 N Milwaukee Avenue and St. George Court
- Central air conditioning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$199,874
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,997,480
$4.0M
Cap Rate 7%
$2,855,343
$2.9M
Cap Rate 9%
$2,220,822
$2.2M
Market Conditions
NOI Build-Up for 10,739 SF
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.
Gross rent
$283.5K $26.40/SF
− Vacancy
−$17.0K −$1.58/SF
EGI
$266.5K $24.82/SF
− OpEx
−$66.6K −$6.20/SF
NOI
$199.9K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,997,480
Cap Rate 7%
$2,855,343
Cap Rate 9%
$2,220,822
Alternative Uses
Best Use
Specialty Retail
$2.86M
$2.50M – $3.33M
NOI $199,874 @ 7.0% cap · market cap 8.16%
Second Best
Retail
$2.12M
$1.86M – $2.48M
NOI $148,572 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$5.06M
$4.43M – $5.91M
NOI $354,439 @ 7.0% cap · market cap 14.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,784
Businesses Nearby
148k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 30%
Home Improvements & Furnishings 5%
Beauty & Spa 1%
Dollar Tree
Shops & Services
21,431 visits/mo
0.1 miles
Chase Bank
Shops & Services
16,483 visits/mo
0.0 miles
PNC Bank
Shops & Services
10,614 visits/mo
0.3 miles
Wendy's
Dining
10,230 visits/mo
0.0 miles
BP
Shops & Services
9,224 visits/mo
0.4 miles
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding commercial building with central air and a corner position on Milwaukee Avenue.
Where is this storefront property located?
The property is located at 2252 N Milwaukee Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 10,739‑square‑foot freestanding building on a 10,989‑square‑foot site; Corner location at 2252 N Milwaukee Avenue and St. George Court; Central air conditioning
