Street-Level Retail
For Sale
Contact for pricing
2018 S Michigan Avenue #1, Chicago, IL 60616
The existing interior includes private suites, two restrooms, and a kitchenette.
Property Size2,940 SF
Price / SF$0.01
Days on Market25
Property Features for 2018 S Michigan Avenue #1
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Other
Site & Location
Neighborhood
South Loop
Additional Details
Floor
Ground
Amenities
private salon suites
restrooms
kitchenette
Building Details
Year Built
1951
Listing Agency:
Volta Investments LLC
(312) 868-0600
Listed By:
Dominic Bertucci
(312) 972-1113
Source:
Helenoliveri
Added: Oct 8
Changed: Oct 31
Last Checked: Oct 31 at 2:13PM
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 Volta Investments LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,940-square-foot retail space occupies the street level of a building constructed in 1951. Its current salon configuration includes more than five private suites, two restrooms, and a kitchenette, with the existing interior layout retained for a future operator.
The property is at 2018 S. Michigan Avenue in Chicago’s South Loop/Motor Row corridor.
The property is at 2018 S. Michigan Avenue in Chicago’s South Loop/Motor Row corridor.
Key Highlights
- 2,940 SF of street‑level retail space
- Current salon layout with 5+ private suites
- Two restrooms and a kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,674
Suggested Prices Based on Cap Rates
Cap Rate 5%
$813,480
$813.5K
Cap Rate 7%
$581,057
$581.1K
Cap Rate 9%
$451,933
$451.9K
Market Conditions
NOI Build-Up for 2,940 SF
Gross rent
$63.5K $21.60/SF
− Vacancy
−$5.4K −$1.84/SF
EGI
$58.1K $19.76/SF
− OpEx
−$17.4K −$5.93/SF
NOI
$40.7K $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 Rate 5%
$813,480
Cap Rate 7%
$581,057
Cap Rate 9%
$451,933
Alternative Uses
Best Use
Retail
$581.1K
$508.4K – $677.9K
NOI $40,674 @ 7.0% cap · market cap 156,438.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,034 @ 7.0% cap · market cap 373,207.69%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,534
Businesses Nearby
169k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 32%
Groceries 30%
Hotels & Casinos 20%
Shops & Services 18%
Mariano's
Groceries
50,480 visits/mo
0.5 miles
Marriott Marquis Chicago
Hotels & Casinos
33,862 visits/mo
0.2 miles
White Castle
Dining
23,545 visits/mo
0.2 miles
Pizanos Pizza
Dining
13,973 visits/mo
0.1 miles
Chase Bank
Shops & Services
11,972 visits/mo
0.2 miles
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
Frequently Asked Questions
What type of property is this?
Retail space - The existing interior includes private suites, two restrooms, and a kitchenette.
Where is this retail space located?
The property is located at 2018 S Michigan Avenue #1 Chicago, IL.
What are key features of this property?
This property features: 2,940 SF of street‑level retail space; Current salon layout with 5+ private suites; Two restrooms and a kitchenette
