Single-Tenant Retail
For Sale
Contact for pricing
1521 N Milwaukee Ave, Chicago, IL 60622
Single-tenant retail storefront building available for sale.
Property Size10,600 SF
Price / SF$424.53
Days on Market113
Property Features for 1521 N Milwaukee Ave
General Information
Standard status
Active
Size
10,600 SF
Property subtype
Retail
Additional Details
Cap Rate
7.56%
Building Details
Year Built
1929
Tenancy
Single
Listing Agency:
Greenstone Partners
Listed By:
Brewster Hague · License #IL 475.165689
(312) 614-1498
Source:
Crexi
Added: May 19
Changed: Jul 20
Last Checked: Sep 8 at 4:49AM
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 Greenstone Partners
Investment Insights
Based on property information with market context.
This single-tenant retail storefront property is offered for sale in Wicker Park. The building comprises 10,600 square feet of commercial space and is presented as a single-tenant investment with a stated 7.56% cap rate.
The property address is 1521 N Milwaukee Ave, Chicago, IL 60622.
Additional details such as unit configuration, tenant use, and building improvements are not provided in the available information.
The property address is 1521 N Milwaukee Ave, Chicago, IL 60622.
Additional details such as unit configuration, tenant use, and building improvements are not provided in the available information.
Key Highlights
- Single‑tenant retail storefront building for sale
- Built in 1929
- Public remarks list a 7.56% cap rate
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
$146,649
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
3.26%
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%
$2,932,980
$2.9M
Cap Rate 7%
$2,094,986
$2.1M
Cap Rate 9%
$1,629,433
$1.6M
Market Conditions
NOI Build-Up for 10,600 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
$229.0K $21.60/SF
− Vacancy
−$19.5K −$1.84/SF
EGI
$209.5K $19.76/SF
− OpEx
−$62.8K −$5.93/SF
NOI
$146.6K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,932,980
Cap Rate 7%
$2,094,986
Cap Rate 9%
$1,629,433
Alternative Uses
Best Use
Retail
$2.09M
$1.83M – $2.44M
NOI $146,649 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.00M
$4.37M – $5.83M
NOI $349,851 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,788
Businesses Nearby
357k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 27%
Dining 27%
Shops & Services 21%
Apparel 9%
Jewel-Osco
Groceries
65,395 visits/mo
0.4 miles
Barnes & Noble
Shops & Services
48,824 visits/mo
0.2 miles
Aldi
Groceries
32,222 visits/mo
0.4 miles
Lowe's
Home Improvements & Furnishings
31,134 visits/mo
0.4 miles
Jeni's Splendid Ice Creams
Dining
11,621 visits/mo
0.1 miles
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
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 - Single-tenant retail storefront building available for sale.
Where is this storefront property located?
The property is located at 1521 N Milwaukee Ave Chicago, IL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Single‑tenant retail storefront building for sale; Built in 1929; Public remarks list a 7.56% cap rate
