Mixed-Use Property with
For Sale
$699,900
3088 N MILWAUKEE Avenue, Chicago, IL 60618
Mixed-use building combining residential apartments, commercial frontage, and a two-car brick garage.
Property Size1,875 SF
Days on Market29
Property Features for 3088 N MILWAUKEE Avenue
General Information
Standard status
Active
Size
1,875 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$13,506
Building Details
Building Size
1,875 SF
Year Built
1911
Stories
3
Units
3
Listing Agency:
ProCasa Realty, Ltd.
(773) 304-1700
Listed By:
Loyda Paredes · License #471006928
(773) 304-1700
Source:
Ozmentrealestate
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 24 at 7:43AM
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 ProCasa Realty, Ltd.
Investment Insights
Based on property information with market context.
Built in 1911, this mixed-use property combines a street-facing storefront with residential apartments above and a full basement. Each floor provides approximately 1,875 square feet, with three-bedroom and four-bedroom apartment layouts. Hardwood flooring runs throughout, while the storefront is equipped with central AC. The property also includes a two-car brick garage.
Kitchens and bathrooms have been updated within the last 10 years. The building requires minor repairs, offering an existing configuration for continued rental use or redevelopment. Its address places the property on N Milwaukee Avenue in Chicago’s Avondale area, within the Milwaukee Business Corridor and near blocks experiencing new construction.
Kitchens and bathrooms have been updated within the last 10 years. The building requires minor repairs, offering an existing configuration for continued rental use or redevelopment. Its address places the property on N Milwaukee Avenue in Chicago’s Avondale area, within the Milwaukee Business Corridor and near blocks experiencing new construction.
Key Highlights
- 1,875 SF per floor with three‑bedroom and four‑bedroom apartments
- Street‑level storefront with full basement
- Kitchens and bathrooms updated within the last 10 years
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
$31,641
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
4.52%
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%
$632,820
$632.8K
Cap Rate 7%
$452,014
$452.0K
Cap Rate 9%
$351,567
$351.6K
Market Conditions
NOI Build-Up for 1,875 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
$56.3K $30.00/SF
− Vacancy
−$5.6K −$3.00/SF
EGI
$50.6K $27.00/SF
− OpEx
−$19.0K −$10.13/SF
NOI
$31.6K $16.88/SF
Area
ZIP 60618
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$632,820
Cap Rate 7%
$452,014
Cap Rate 9%
$351,567
Alternative Uses
Best Use
Mixed Use
$452.0K
$395.5K – $527.4K
NOI $31,641 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$388.0K
$339.5K – $452.7K
NOI $27,161 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$819.2K
$716.8K – $955.8K
NOI $57,346 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building combining residential apartments, commercial frontage, and a two-car brick garage.
Where is this mixed-use property located?
The property is located at 3088 N MILWAUKEE Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 1,875 SF per floor with three‑bedroom and four‑bedroom apartments; Street‑level storefront with full basement; Kitchens and bathrooms updated within the last 10 years
