Listing Agency: CBRE | Chicago l***@cbre.com Show Phone

Listed By: Luke Molloy Show Phone

Source: Cbre

Added: Nov 22, 2025 Changed: Aug 11 Last Checked: Aug 24 at 6:04AM

Report an Issue

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 CBRE | Chicago

Investment Insights

Based on property information with market context.

This retail property on Michigan Avenue in Chicago offers a flagship opportunity with high pedestrian and vehicle traffic, with over 5 million monthly views. The space offers flexible demising options, with available spaces ranging from approximately 6,000 to 41,000 square feet. The property provides a unique branding opportunity.

Key Highlights

• Flagship opportunity in Chicago
• +5 million pedestrians and vehicles pass by monthly
• Flexible demising options from 6k to 41k sq ft

Property Analytics

Property Profile

Current Use

540 N Michigan ... Parking Lot & Garage Reviver Restaurant Rush My Passport (Bike/Boat/Book/etc) Store MCM Somerset Clothing & Fashion Store MAC Cosmetics Cosmetic Store

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Butcher Nursing Home Restaurant Pet Grooming Service Tattoo & Piercing Shop

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

Lease Details

NNN (Triple Net)

Lease Type

Location Intelligence

Trade Area within ½ mile

30,068

Businesses Nearby

613k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 53% Apparel 22% Hotels & Casinos 19% Shops & Services 6%

Nordstrom Apparel

136,729 visits/mo 0.2 miles

Starbucks Dining

132,317 visits/mo 0.1 miles

McDonald's Dining

65,567 visits/mo 0.4 miles

McDonald's Dining

52,443 visits/mo 0.4 miles

Fogo de Chao Dining

28,749 visits/mo 0.5 miles

Demographics for 60611, IL

38,456

Population

28,239

Households

1.4

Avg Household Size

39

Median Age

88%

College-Educated

99%

High-School Grad

0.8 sq mi

ZIP Area

48,070

Density / Sq Mi

$124,621

Median Household Income

$92,917

Median Earnings

$2,416

Median Rent

$608,200

Median Home Value

Market

Lease Benchmarks for Chicago, IL

$25.66 /SF/Yr

Avg Asking Price

$8–$133 /SF/Yr

Price Range

9,377 SF

Avg Space Size

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this retail space located? What is the lease rate? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Rent Nearby

Second-Floor Loft Flex Space

1517 W Carroll Avenue, Chicago, IL 60607

$29.50 SF/Yr

2,500 sqft

View details

Mixed-Use Retail/Office Space

451 E Pershing Rd, Chicago, IL 60653

$18 SF/Yr

3,300 sqft

View details

Mixed-Use Property with Retail Space

503 E Pershing Road, Chicago, IL 60653

$18 SF/Yr

3,300 sqft

View details

Restaurant Space with Built-In Kitchen

3426 North Harlem Avenue, Chicago, IL 60634

$21 SF/Yr

3,000 sqft

View details

Restaurant Space with Type II Venting

1900 S. State Street, Chicago, IL 60616

$21 SF/Yr

1,430 sqft

View details

Medical Office Suite with Bay Windows

22 W Ontario Street #300-C, Chicago, IL 60654

$94.56 SF/Yr

349 sqft

View details

Professional Office Units with Private Offices

5540 S Pulaski Road #1F, Chicago, IL 60629

$21.23 SF/Yr

1,300 sqft

View details

Storefront Property with Kitchenette

2827 W Belden Avenue Unit: 1B, Chicago, IL 60647

$23 SF/Yr

1,280 sqft

View details

Corner Retail Space with Endcap

2900-10 W. Peterson Ave, Chicago, IL 60659

$35 SF/Yr

1,263 sqft

View details

Two-Suite Office Property

2814 E 79th Street, Chicago, IL 60649

$8.18 SF/Yr

4,400 sqft

View details

Corner Office Unit with Parking

6659 W Archer Avenue #A, Chicago, IL 60638

$25.91 SF/Yr

880 sqft

View details

Corner Retail Storefront

2825 N SOUTHPORT Avenue, Chicago, IL 60657

$51 SF/Yr

2,080 sqft

View details

Frequently Asked Questions

What type of property is this?

Retail space - Prime retail space on Michigan Avenue with high visibility.

Where is this retail space located?

The property is located at 540 Michigan Avenue Chicago, IL.

What are key features of this property?

This property features: Flagship opportunity in Chicago; +5 million pedestrians and vehicles pass by monthly; Flexible demising options from 6k to 41k sq ft