Furnished Mixed-Use Building with
For Sale
$1,400,000
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
Price / SF$560
Days on Market121
Property Features for 815 N Milwaukee Ave
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial
Zoning
commercial
Site & Location
Neighborhood
Goose Island
Public Transit
Yes
Additional Details
Furnished
Yes
Building Details
Year Built
1914
Buildings
1
Listing Agency:
Compass
Listed By:
John Federici · License #471007367
(773) 615-9896
Source:
Searchillinoishomesforsale
Added: Jul 3
Changed: Oct 31
Last Checked: Oct 30 at 2:31PM
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
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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 / Yr
$53,640
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
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
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 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 3.83%
Second Best
Mixed Use
$602.7K
$527.4K – $703.1K
NOI $42,188 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,512 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,527
Businesses Nearby
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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
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 $1,400,000.
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
