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    Little Italy Corner Retail Space Title is generated by Realmo AI

    1221 W Taylor St, Chicago, IL 60607

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    Rare corner retail space in Chicago's Little Italy neighborhood.

    Type:Retail, Restaurant
    Property size:
    5,000 SF
    Added:
    May 21, 2024
    Days on Market:
    731
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 1221 W Taylor St

    General Information

    Standard status
    Active
    Size
    5,000 SF
    Property subtype
    Retail, Restaurant

    Building Details

    Year Built
    2024

    Spaces For Lease

    at 1221 W Taylor St Contact us

    Ground Floor $40/Mo

    Size
    Type
    Retail, Restaurant
    Maximum exposure opportunity with prominent Taylor Street frontage and space depths...
    show more
    Contact us

    We can help!

    Listing Contact
    Scott Maesel
    Scott Maesel

    Listing agent Scott Maesel License #IL 471005379

    Listing office SVN | Chicago Commercial

    Listing date May 21, 2024

    Source Crexi

    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 SVN | Chicago Commercial

    HighLights

    • Prime corner retail space in Little Italy with high visibility on Taylor Street.
    • Located in a new 67‑unit apartment building developed by Related Midwest.
    • High ceilings (+15’) create a dramatic and spacious retail environment.
    • Located between the Illinois Medical District (IMD) and University of Illinois at Chicago (UIC).
    • Divisible ~5,000 SF retail space offers flexible layout options.
    • High foot traffic from IMD (~80,000 daily) and UIC (~39,000 students and employees).

    Overview

    This rarely available corner retail space is located in Little Italy. The approximately 5,000 square foot retail space, which is divisible, features ceiling heights of over 15 feet and frontage on Taylor Street. The space is located within a new construction 67-unit apartment building. The property is located between the Illinois Medical District (IMD) and the University of Illinois at Chicago (UIC) campus. The IMD is estimated to welcome approximately 80,000 people daily, including 30,000 employees and 50,000 patients, students, and visitors. UIC is home to approximately 33,000 students and over 6,000 employees. Little Italy blends old-world heritage with modern vibrancy. The neighborhood offers cobblestone streets and brownstones. Little Italy is known for its trattorias, gelaterias, and espresso bars. The community also has a thriving arts scene and hosts cultural festivals.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Accounting Firm Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.658639
    Latitude
    41.869329

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    FAQs

    What type of property is this?
    Retail space - Rare corner retail space in Chicago's Little Italy neighborhood.
    Where is this retail space located?
    The property is located at 1221 W Taylor St Chicago, IL.
    What are key features of this property?
    This property features: Prime corner retail space in Little Italy with high visibility on Taylor Street.; Located in a new 67‑unit apartment building developed by Related Midwest.; High ceilings (+15’) create a dramatic and spacious retail environment.
    (847) 219-6383 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Scott Maesel
    Scott Maesel
    Real Estate License ID: IL 471005379
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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