Retail and Office
For Sale
Contact for pricing
1643 N MILWAUKEE AVE, Chicago, IL 60647
For sale commercial building offering both storefront and office space in Chicago.
Property Size20,631 SF
Price / SF$222.97
Days on Market78
Property Features for 1643 N MILWAUKEE AVE
General Information
Standard status
Active
Size
20,631 SF
Class
A
Property subtype
Retail, Office
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$454,500
Building Details
Year Built
1894
Year Renovated
2017
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
CBRE - Chicago
(913) 909-9529
Listed By:
Dominic Soltero · License #IL 475.153308
Source:
Crexi
Added: Jun 4
Changed: Aug 14
Last Checked: Aug 18 at 11:27PM
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 CBRE - Chicago
Investment Insights
Based on property information with market context.
This for-sale commercial building is presented as a combination of retail storefront and office space, offering a versatile layout that can support a range of tenant and buyer use cases. The property is marketed within a mix of storefront properties, retail properties and spaces, office buildings, and office spaces categories, indicating an adaptable configuration for different operating models.
The asset is located at 1643 N Milwaukee Ave in Chicago, IL 60647. Access and frontage details are not provided in the information available, so prospective parties should review the offering materials for specifics on the building’s entrances, streetscape frontage, and any site considerations.
For retailers and office users evaluating a single ownership opportunity, this property’s dual classification may be useful when planning for showroom, service, or office-based operations under one roof. Buyers seeking flexibility may also find the retail-and-office positioning helpful for accommodating different tenant requirements. Interested parties can access the Offering Memorandum through the provided CBRE Deal Flow link to review additional building, leasing, and operational details not included in the summary provided.
The asset is located at 1643 N Milwaukee Ave in Chicago, IL 60647. Access and frontage details are not provided in the information available, so prospective parties should review the offering materials for specifics on the building’s entrances, streetscape frontage, and any site considerations.
For retailers and office users evaluating a single ownership opportunity, this property’s dual classification may be useful when planning for showroom, service, or office-based operations under one roof. Buyers seeking flexibility may also find the retail-and-office positioning helpful for accommodating different tenant requirements. Interested parties can access the Offering Memorandum through the provided CBRE Deal Flow link to review additional building, leasing, and operational details not included in the summary provided.
Key Highlights
- Commercial building with storefront and office space in Chicago
- Built in 1894
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
$285,426
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
6.20%
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%
$5,708,520
$5.7M
Cap Rate 7%
$4,077,514
$4.1M
Cap Rate 9%
$3,171,400
$3.2M
Market Conditions
NOI Build-Up for 20,631 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
$445.6K $21.60/SF
− Vacancy
−$37.9K −$1.84/SF
EGI
$407.8K $19.76/SF
− OpEx
−$122.3K −$5.93/SF
NOI
$285.4K $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%
$5,708,520
Cap Rate 7%
$4,077,514
Cap Rate 9%
$3,171,400
Alternative Uses
Best Use
Office B
$6.32M
$5.53M – $7.38M
NOI $442,659 @ 7.0% cap · market cap 9.62%
Second Best
Retail
$4.08M
$3.57M – $4.76M
NOI $285,426 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$9.73M
$8.51M – $11.35M
NOI $680,922 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,705
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - For sale commercial building offering both storefront and office space in Chicago.
Where is this storefront property located?
The property is located at 1643 N MILWAUKEE AVE Chicago, IL.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: Commercial building with storefront and office space in Chicago; Built in 1894
