Commercial Live-Work Loft
For Sale
Under Contract
$1,450,000
815 N MILWAUKEE Avenue, Chicago, IL 60622
COMMERCIAL - Chicago, IL
Property Size3,208 SF
Lot Size0.06 Acres
Price / SF$451
Days on Market32
Property Features for 815 N MILWAUKEE Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Fireplace
1
Directions
MILWAUKEE AVE JUST NORTH OF CHICAGO AVE
Subdivision
CHI - West Town
Standard status
Active Under Contract
APN
17054160090000
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
18995
Utilities
Cooling system
Central Air
Building Details
Year built
1914
Floors in Building
1
Number of units
1
Flooring type
Wood
Building materials
Brick
Listing Agency:
Compass
(773) 466-7150
Listed By:
John Federici
Added: Jul 13
Changed: Aug 7
Last Checked: Aug 13 at 11:06AM
MLS# 12634849
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Standalone loft property offered fully furnished and zoned for commercial use. The interior includes main level and loft space, along with a large unfinished basement that can support storage or potential future buildout. The private rooftop is also unfinished, with a brand-new roof noted, and the property has a brand new dual-zoned HVAC system.
The attached parking lot next door includes one rental space for $300 per month, and additional rental parking is available. The land is described as buildable for one retail space and three residential units, and the current building is described as having the highest and best use. The listing notes the property currently serves as a short-term rental, with other potential uses subject to zoning and/or variance.
The attached parking lot next door includes one rental space for $300 per month, and additional rental parking is available. The land is described as buildable for one retail space and three residential units, and the current building is described as having the highest and best use. The listing notes the property currently serves as a short-term rental, with other potential uses subject to zoning and/or variance.
Key Highlights
- Loft‑style property built in 1914 with brick construction and wood flooring
- 3,208 SF interior/liveable space plus a 2,522 SF full unfinished basement
- Fully unfinished private rooftop with a brand new roof
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
$68,831
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
4.75%
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%
$1,376,620
$1.4M
Cap Rate 7%
$983,300
$983.3K
Cap Rate 9%
$764,789
$764.8K
Market Conditions
NOI Build-Up for 3,208 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
$123.2K $38.40/SF
− Vacancy
−$31.4K −$9.79/SF
EGI
$91.8K $28.61/SF
− OpEx
−$22.9K −$7.15/SF
NOI
$68.8K $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%
$1,376,620
Cap Rate 7%
$983,300
Cap Rate 9%
$764,789
Alternative Uses
Best Use
Office B
$983.3K
$860.4K – $1.15M
NOI $68,831 @ 7.0% cap · market cap 4.75%
Second Best
Mixed Use
$773.4K
$676.7K – $902.3K
NOI $54,135 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,879 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
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
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Fully furnished standalone loft with commercial zoning, dual-zoned HVAC, unfinished basement, and unfinished rooftop.
Where is this single family property located?
The property is located at 815 N MILWAUKEE Avenue 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: Loft‑style property built in 1914 with brick construction and wood flooring; 3,208 SF interior/liveable space plus a 2,522 SF full unfinished basement; Fully unfinished private rooftop with a brand new roof
