Flexible Retail
For Sale
$780,000
1893 N Milwaukee Avenue, Chicago, IL 60647
Historic commercial space near The 606 supports restaurant, retail, studio, wellness, and office concepts.
Property Size2,000 SF
Days on Market21
Property Features for 1893 N Milwaukee Avenue
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Zoning
MANUF
Taxes and HOA fees
Annual Taxes
$12,515
Building Details
Building Size
2,000 SF
Year Built
1900
Stories
1
Units
1
Listing Agency:
ASB Brokerage & Dev.
(708) 945-6411
Listed By:
Susie Pesa · License #475130824
Source:
Jjillrealtygroup
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 25 at 9:21AM
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 ASB Brokerage & Dev.
Investment Insights
Based on property information with market context.
This storefront property at 1893 N Milwaukee Ave offers approximately 2,000 square feet of commercial space in a building constructed in 1900. The property is suited to a range of concepts identified for the site, including a restaurant, café, bar, boutique retailer, gallery, studio, fitness operation, wellness clinic, dental office, or bicycle and motorcycle showroom or repair business.
The property is positioned on Milwaukee Avenue between Armitage Avenue and North Avenue in Chicago’s Bucktown-Wicker Park area. The 606 / Bloomingdale Trail is nearby, and the surrounding area includes restaurants, cafés, boutiques, and art spaces. The property is offered for sale.
The property is positioned on Milwaukee Avenue between Armitage Avenue and North Avenue in Chicago’s Bucktown-Wicker Park area. The 606 / Bloomingdale Trail is nearby, and the surrounding area includes restaurants, cafés, boutiques, and art spaces. The property is offered for sale.
Key Highlights
- Approximately 2,000 SF of storefront commercial space
- Building constructed in 1900
- 1893 N Milwaukee Ave, Chicago, IL 60647
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
$37,224
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
4.77%
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%
$744,480
$744.5K
Cap Rate 7%
$531,771
$531.8K
Cap Rate 9%
$413,600
$413.6K
Market Conditions
NOI Build-Up for 2,000 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
$52.8K $26.40/SF
− Vacancy
−$3.2K −$1.58/SF
EGI
$49.6K $24.82/SF
− OpEx
−$12.4K −$6.20/SF
NOI
$37.2K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$744,480
Cap Rate 7%
$531,771
Cap Rate 9%
$413,600
Alternative Uses
Best Use
Specialty Retail
$531.8K
$465.3K – $620.4K
NOI $37,224 @ 7.0% cap · market cap 4.77%
Second Best
Retail
$395.3K
$345.9K – $461.2K
NOI $27,670 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$943.0K
$825.1K – $1.10M
NOI $66,010 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,119
Businesses Nearby
152k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 29%
Groceries 21%
Home Improvements & Furnishings 5%
McDonald's
Dining
43,397 visits/mo
0.1 miles
Aldi
Groceries
32,222 visits/mo
0.3 miles
Circle K
Shops & Services
17,408 visits/mo
0.5 miles
Shell
Shops & Services
11,035 visits/mo
0.5 miles
Chipotle Mexican Grill
Dining
8,995 visits/mo
0.5 miles
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 Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- bou•K — 1830 N Milwaukee Ave Suite C, Chicago, IL 60647
- Linda's Flowers — 2439 W Armitage Ave, Chicago, IL 60647
- Flowerlife, Inc. — 2001 N Oakley Ave, Chicago, IL 60647
- A Tree Grows In Brooklyn — 2001 N Oakley Ave, Chicago, IL 60647
- Xo Design Co. — 2101 N Western Ave, Chicago, IL 60647
Frequently Asked Questions
What type of property is this?
Storefront property - Historic commercial space near The 606 supports restaurant, retail, studio, wellness, and office concepts.
Where is this storefront property located?
The property is located at 1893 N Milwaukee Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Approximately 2,000 SF of storefront commercial space; Building constructed in 1900; 1893 N Milwaukee Ave, Chicago, IL 60647
