Net-Lease Retail
For Sale
Contact for pricing
1521 N Milwaukee Ave, Chicago, IL 60622
Long-term, net-leased retail property offered for sale with flagship destination retail positioning.
Property Size10,600 SF
Price / SF$403.30
Days on Market387
Property Features for 1521 N Milwaukee Ave
General Information
Standard status
Active
Size
10,600 SF
Property subtype
RETAIL
Listing Agency:
Greenstone Partners - Corporate
(312) 234-0360
Listed By:
Danny Spitz
(312) 234-0360
Source:
Moodyscre
Added: Jul 9, 2025
Changed: Jul 29
Last Checked: Jul 30 at 2:37PM
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 - Corporate
Investment Insights
Based on property information with market context.
This for-sale retail property is offered with long-term tenancy structured as a net lease. The asset is positioned as a flagship retail location with emphasis on destination restaurant and tourism-related use, supported by its relationship to the Robey Hotel as noted in the offering remarks.
The property benefits from proximity to transit, with the surrounding area described as having strong demographics in the public remarks. The building is sized at 10,600 square feet and is located at 1521 N Milwaukee Ave, Chicago, IL 60622.
The property benefits from proximity to transit, with the surrounding area described as having strong demographics in the public remarks. The building is sized at 10,600 square feet and is located at 1521 N Milwaukee Ave, Chicago, IL 60622.
Key Highlights
- Long‑term tenancy net‑leased retail property offered for sale
- Net lease structure with long‑term tenant
- Retail positioning connected to destination restaurants, tourism, and the Robey Hotel
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $229.0k | $21.60 |
| − Vacancy | −$19.5k | −$1.84 |
| EGI | $209.5k | $19.76 |
| − OpEx | −$62.8k | −$5.93 |
| NOI | $146.6k | $13.83 |
10,600 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.09M
$1.83M – $2.44M
NOI $146,649 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.00M
$4.37M – $5.83M
NOI $349,851 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,788
Businesses Nearby
357k
Monthly Visits Nearby
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?
Retail space - Long-term, net-leased retail property offered for sale with flagship destination retail positioning.
Where is this retail space located?
The property is located at 1521 N Milwaukee Ave Chicago, IL.
What is the asking price?
The asking price for this property is $4,275,000.
What are key features of this property?
This property features: Long‑term tenancy net‑leased retail property offered for sale; Net lease structure with long‑term tenant; Retail positioning connected to destination restaurants, tourism, and the Robey Hotel
