Transit-Accessible Retail
For Sale
Contact for pricing
2323 N Milwaukee Ave, Chicago, IL 60647
Retail storefront building on a high-traffic commercial corridor near the Blue Line L-stop.
Property Size12,500 SF
Price / SF$264
Days on Market536
Property Features for 2323 N Milwaukee Ave
General Information
Standard status
Active
Size
12,500 SF
Property subtype
RETAIL
Additional Details
Business Included
No
Traffic Count
12,400 vehicles/day
Listing Agency:
Strauss Realty, Ltd.
(847) 826-4467
Listed By:
Adam Schneiderman · License #475149601
(847) 826-4467
Source:
Moodyscre
Added: Mar 4, 2025
Changed: Aug 21
Last Checked: Aug 22 at 10:34AM
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 Strauss Realty, Ltd.
Investment Insights
Based on property information with market context.
This retail storefront building is positioned along Milwaukee Avenue, a busy commercial corridor with bars, restaurants, and entertainment venues. The surrounding area is supported by nearby businesses including Daisies, The Chicago Diner, Cole’s Bar, Slippery Slope, Emporium Arcade Bar, Easy Does It, and Gaslight Coffee Roasters.
Milwaukee Avenue experiences approximately 12,400 vehicles per day. The California Blue Line L-stop is about a 4-minute walk away, providing convenient transit access for shoppers and employees.
The property is offered for sale.
Milwaukee Avenue experiences approximately 12,400 vehicles per day. The California Blue Line L-stop is about a 4-minute walk away, providing convenient transit access for shoppers and employees.
The property is offered for sale.
Key Highlights
- Retail storefront building on a high‑traffic commercial corridor on Milwaukee Avenue
- Milwaukee Avenue traffic averages 12,400 vehicles per day
- California Blue Line L‑stop is about a 4‑minute walk away
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
$172,935
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
5.24%
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%
$3,458,700
$3.5M
Cap Rate 7%
$2,470,500
$2.5M
Cap Rate 9%
$1,921,500
$1.9M
Market Conditions
NOI Build-Up for 12,500 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
$270.0K $21.60/SF
− Vacancy
−$23.0K −$1.84/SF
EGI
$247.1K $19.76/SF
− OpEx
−$74.1K −$5.93/SF
NOI
$172.9K $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%
$3,458,700
Cap Rate 7%
$2,470,500
Cap Rate 9%
$1,921,500
Alternative Uses
Best Use
Retail
$2.47M
$2.16M – $2.88M
NOI $172,935 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.89M
$5.16M – $6.88M
NOI $412,560 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12,400 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
3,093
Businesses Nearby
155k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Dining 32%
Home Improvements & Furnishings 4%
Electronics 3%
Dollar Tree
Shops & Services
21,431 visits/mo
0.2 miles
Chase Bank
Shops & Services
16,483 visits/mo
0.3 miles
PNC Bank
Shops & Services
10,614 visits/mo
0.5 miles
Wendy's
Dining
10,230 visits/mo
0.2 miles
BP
Shops & Services
9,224 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
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail storefront building on a high-traffic commercial corridor near the Blue Line L-stop.
Where is this storefront property located?
The property is located at 2323 N Milwaukee Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Retail storefront building on a high‑traffic commercial corridor on Milwaukee Avenue; Milwaukee Avenue traffic averages 12,400 vehicles per day; California Blue Line L‑stop is about a 4‑minute walk away
