Building Details

Building Size 2,000 SF

Year Built 1900

Stories 1

Units 1

Listing Agency: ASB Brokerage & Dev.

Listed By: Susie Pesa · License #475130824 Show Phone

Source: Fishmangroup

Added: Nov 17, 2025 Changed: Oct 23 Last Checked: Oct 23 at 5:15PM

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Investment Insights

Based on property information with market context.

This 2,000-square-foot storefront property at 1893 N Milwaukee Avenue is zoned MANUF. The building dates to 1900 and is offered for sale.

The Chicago property sits on Milwaukee Avenue between Armitage and North, a short walk from The 606 and the Bloomingdale Trail. Nearby businesses include restaurants, cafes, boutiques, and art spaces.

Key Highlights

• 2,000‑square‑foot storefront property
• MANUF zoning
• Building dates to 1900

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,224

Cap Rate

4.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$744,480 $744.5K

Cap Rate 7%

$531,771 $531.8K

Cap Rate 9%

$413,600 $413.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,000 SF

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 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 (±1% cap)

NOI $37,224 @ 7.0% cap · market cap 4.77%

Second Best

Retail

$395.3K

$345.9K – $461.2K (±1% cap)

NOI $27,670 @ 7.0% cap · market cap 3.55%

Theoretical Best

Office A

$943.0K

$825.1K – $1.10M (±1% cap)

NOI $66,010 @ 7.0% cap · market cap 8.46%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Nursing Home (Bike/Boat/Book/etc) Store Butcher Accounting Firm Catering Service Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

9.1% 2019

9.2% 2020

8.8% 2021

8.1% 2022

7% 2023

6.6% 2024

7.4% 2025

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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 - The property is zoned MANUF and dates to 1900.

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: 2,000‑square‑foot storefront property; MANUF zoning; Building dates to 1900