Mixed-Use Building with
New
For Sale
$3,600,000
1474 N Milwaukee Avenue, Chicago, IL 60622
A three-story property combines a leased street-level shop with three renovated apartments above.
Property Size9,100 SF
Price / SF$395.60
Days on Market7
Property Features for 1474 N Milwaukee Avenue
General Information
Standard status
Active
Size
9,100 SF
Property subtype
Commercial
Zoning
COMMR
Site & Location
Neighborhood
Wicker Park
Highway Access
Yes
Public Transit
Yes
Mixed-Use Components
retail, residential
Units
Unit Mix
1 x 3BR/2BA, 1 x 4BR/4BA duplex, 1 x 2BR/2BA
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$42,438
Building Details
Building Size
9,100 SF
Year Built
1903
Buildings
1
Stories
3
Units
4
Tenancy
Multi
Listing Agency:
Star Realty & Management
Listed By:
Tyler Weekes · License #475174404
(312) 371-2564
Source:
Fishmangroup
Added: Oct 18
Changed: Oct 23
Last Checked: Oct 23 at 1:25PM
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 Star Realty & Management
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Investment Insights
Based on property information with market context.
At 1474 N Milwaukee Avenue, this three-story mixed-use building pairs a ground-floor retail space with three apartments on the upper floors. The retail tenant is BODYBAR Pilates, under a 10-year net lease with 2.5% annual rent escalations. The residential mix includes a 3-bedroom, 2-bathroom apartment, a 4-bedroom, 4-bathroom duplex, and a 2-bedroom, 2-bathroom apartment. The residences have been renovated with updated kitchens and bathrooms. The building was constructed in 1903 and is zoned COMMR.
The property is in Chicago’s Wicker Park neighborhood, steps from the CTA Damen Blue Line and near I-90/94. The 606 elevated park is adjacent to the property.
The property is in Chicago’s Wicker Park neighborhood, steps from the CTA Damen Blue Line and near I-90/94. The 606 elevated park is adjacent to the property.
Key Highlights
- Three‑story mixed‑use building in Wicker Park
- Ground‑floor retail leased to BODYBAR Pilates on a 10‑year net lease
- Lease includes 2.5% annual rent escalations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$153,563
Cap Rate
4.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,071,260
$3.1M
Cap Rate 7%
$2,193,757
$2.2M
Cap Rate 9%
$1,706,256
$1.7M
Market Conditions
NOI Build-Up for 9,100 SF
Gross rent
$273.0K $30.00/SF
− Vacancy
−$27.3K −$3.00/SF
EGI
$245.7K $27.00/SF
− OpEx
−$92.1K −$10.13/SF
NOI
$153.6K $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%
$3,071,260
Cap Rate 7%
$2,193,757
Cap Rate 9%
$1,706,256
Alternative Uses
Best Use
Mixed Use
$2.19M
$1.92M – $2.56M
NOI $153,563 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$1.99M
$1.74M – $2.32M
NOI $139,495 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$4.29M
$3.75M – $5.01M
NOI $300,344 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,718
Businesses Nearby
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Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A three-story property combines a leased street-level shop with three renovated apartments above.
Where is this mixed-use property located?
The property is located at 1474 N Milwaukee Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Three‑story mixed‑use building in Wicker Park; Ground‑floor retail leased to BODYBAR Pilates on a 10‑year net lease; Lease includes 2.5% annual rent escalations
