Mixed-Use Building with Restaurant
For Sale
Contact for pricing
1450 S Michigan Avenue, Chicago, IL 60605
A second-floor commercial suite offers flexibility for office, fitness, entertainment, or other uses subject to approvals.
Property Size3,300 SF
Price / SF$0.01
Days on Market18
Property Features for 1450 S Michigan Avenue
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Retail
Site & Location
Neighborhood
South Loop
Public Transit
Yes
Building Details
Year Built
1989
Listing Agency:
Century 21 Realty Associates
(312) 428-9123
Listed By:
Cinny Chui
(312) 646-9643
Source:
Helenoliveri
Added: Oct 15
Changed: Nov 1
Last Checked: Oct 31 at 11:35PM
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 Century 21 Realty Associates
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Investment Insights
Based on property information with market context.
This 3,300-square-foot mixed-use property was built in 1989 and includes a restaurant space on the ground floor. The second floor provides additional commercial space that may accommodate office, fitness, entertainment, or other uses, subject to zoning and applicable approvals.
The property is at 1450 S Michigan Avenue in Chicago’s South Loop, along the Michigan Avenue corridor. Public transportation and major thoroughfares are nearby, and street parking is available in the area.
The property is at 1450 S Michigan Avenue in Chicago’s South Loop, along the Michigan Avenue corridor. Public transportation and major thoroughfares are nearby, and street parking is available in the area.
Key Highlights
- 3,300 square feet across restaurant and second‑floor commercial space
- Ground‑floor restaurant space
- Second‑floor space may suit office, fitness, or entertainment uses, subject to zoning and approvals
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,688
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,113,760
$1.1M
Cap Rate 7%
$795,543
$795.5K
Cap Rate 9%
$618,756
$618.8K
Market Conditions
NOI Build-Up for 3,300 SF
Gross rent
$99.0K $30.00/SF
− Vacancy
−$9.9K −$3.00/SF
EGI
$89.1K $27.00/SF
− OpEx
−$33.4K −$10.13/SF
NOI
$55.7K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,113,760
Cap Rate 7%
$795,543
Cap Rate 9%
$618,756
Alternative Uses
Best Use
Specialty Retail
$877.4K
$767.8K – $1.02M
NOI $61,420 @ 7.0% cap · market cap 191,937.50%
Second Best
Mixed Use
$795.5K
$696.1K – $928.1K
NOI $55,688 @ 7.0% cap · market cap 174,025.00%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $108,916 @ 7.0% cap · market cap 340,362.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,044
Businesses Nearby
129k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 75%
Shops & Services 18%
Dining 8%
Mariano's
Groceries
50,480 visits/mo
0.4 miles
Jewel-Osco
Groceries
46,012 visits/mo
0.3 miles
Chase Bank
Shops & Services
11,972 visits/mo
0.5 miles
Dunkin' Donuts
Dining
7,724 visits/mo
0.1 miles
PNC Bank
Shops & Services
5,127 visits/mo
0.4 miles
Demographics for 60605, IL
34,071
Population
20,478
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
24,336
Density / Sq Mi
$118,403
Median Household Income
$82,091
Median Earnings
$2,402
Median Rent
$495,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
Frequently Asked Questions
What type of property is this?
Mixed-use property - A second-floor commercial suite offers flexibility for office, fitness, entertainment, or other uses subject to approvals.
Where is this mixed-use property located?
The property is located at 1450 S Michigan Avenue Chicago, IL.
What are key features of this property?
This property features: 3,300 square feet across restaurant and second‑floor commercial space; Ground‑floor restaurant space; Second‑floor space may suit office, fitness, or entertainment uses, subject to zoning and approvals
