Furnished Mixed-Use Building with
For Sale
$1,450,000
Pending
815 N Milwaukee Ave, Chicago, IL 60622
Standalone commercial building with loft space, full basement, furnished interiors, private rooftop, and dual-zone HVAC.
Property Size2,500 SF
Days on Market100
Property Features for 815 N Milwaukee Ave
General Information
Standard status
Pending
Size
2,500 SF
Property subtype
Commercial
Zoning
commercial
Additional Details
Furnished
Yes
Public Transit
Yes
Building Details
Year Built
1914
Buildings
1
Listing Agency:
Compass
Listed By:
John Federici · License #471007367
(773) 615-9896
Source:
Searchillinoishomesforsale
Added: Jun 9
Changed: Sep 11
Last Checked: Sep 15 at 12:08PM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1914, this standalone mixed-use property combines a main level with loft space and is offered fully furnished. The building provides 3,208 interior/liveable square feet, along with a 2,522 SF full unfinished basement that offers storage capacity or the possibility of additional finished area. A private unfinished rooftop sits beneath a brand new roof, and the property has a brand new dual zoned HVAC system.
The property is zoned commercial and is located at 815 N Milwaukee Ave in Chicago’s River West area, next to the Blue Line. One rental space in the attached parking lot next door is included, with additional rental parking available. The source information also identifies potential for a retail space and three residential units, subject to applicable zoning and approvals.
The property is zoned commercial and is located at 815 N Milwaukee Ave in Chicago’s River West area, next to the Blue Line. One rental space in the attached parking lot next door is included, with additional rental parking available. The source information also identifies potential for a retail space and three residential units, subject to applicable zoning and approvals.
Key Highlights
- 3,208 interior/liveable square feet across the main level and loft space
- 2,522 SF full unfinished basement for storage or potential finished area
- Commercial zoning with a standalone building configuration
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
$53,640
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
3.70%
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%
$1,072,800
$1.1M
Cap Rate 7%
$766,286
$766.3K
Cap Rate 9%
$596,000
$596.0K
Market Conditions
NOI Build-Up for 2,500 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
$96.0K $38.40/SF
− Vacancy
−$24.5K −$9.79/SF
EGI
$71.5K $28.61/SF
− OpEx
−$17.9K −$7.15/SF
NOI
$53.6K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,072,800
Cap Rate 7%
$766,286
Cap Rate 9%
$596,000
Alternative Uses
Best Use
Office B
$766.3K
$670.5K – $894.0K
NOI $53,640 @ 7.0% cap · market cap 3.70%
Second Best
Mixed Use
$602.7K
$527.4K – $703.1K
NOI $42,188 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,512 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,527
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
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Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Standalone commercial building with loft space, full basement, furnished interiors, private rooftop, and dual-zone HVAC.
Where is this mixed-use property located?
The property is located at 815 N Milwaukee Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 3,208 interior/liveable square feet across the main level and loft space; 2,522 SF full unfinished basement for storage or potential finished area; Commercial zoning with a standalone building configuration
