Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2221 Michigan Ave Chicago, IL 60616

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    33,500 SF Flex Space, Chicago

    Property size:
    33,500 SF

    Property Features for 2221 Michigan Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    33,500 SF

    Building Details

    Year Built
    1919
    Buildings
    1
    Stories
    3

    We can help!

    Listing Contact
    David Kimball
    David Kimball

    Listing Agency: Transwestern Chicago Listing Agent: David Kimball

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional redevelopment opportunity presents a 33,500-square-foot, three-story loft warehouse situated on a 9,988-square-foot lot (62' x 160') in Chicago's vibrant Motor Row Entertainment District. The property, built in 1919, boasts an 18-foot ceiling height on the first floor and benefits from significant development incentives, including Opportunity Zone designation, TIF financing, Class-L Rehabilitation eligibility, and Federal Historic Tax Credits. The building is zoned DS-5 and features approximately 62 feet of frontage on Michigan Avenue, providing excellent visibility and accessibility. The location offers convenient proximity to public transportation, with approximately 775 feet to the CTA Green Line (Cermak Stop) and approximately 1,967 feet to the CTA Red Line (Chinatown Stop). The property includes 16,440 square feet of air rights, offering potential for expansion. The anticipated occupancy date is October 17, 2024. This is an ideal owner/user investment in a prime location with substantial upside potential. The property's address is 2221 S Michigan Ave, Chicago, IL 60616, APN 17-27-102-003-0000. This unique property combines historic charm with modern development potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Windy City Furniture, ... Furniture & Home Goods

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.623758584099
    Latitude
    41.852236825291

    Nearby Similar for Sale

    • $649,000

      Prime Corner Location Office/Retail Space

      Excellent office/retail space in a prime corner location.
      211 W Wacker Dr, Chicago, IL 60606
      View Details
    • New
      $1,199,000
      4,800 SF

      Albany Park Commercial Opportunity

      Commercial property in high-traffic area, suitable for multiple business types.
      3100 W Montrose Ave, Chicago, IL 60618
      View Details
    • $899,000
      0.97 Acres

      Chicago Commercial Property with Warehouses

      Large corner lot with multiple buildings, ideal for automotive use.
      9540 S Vincennes Ave, Chicago, IL 60643
      View Details
    • $2,590,000
      0.38 Acres

      Versatile Warehouse/Office/Retail Space

      16,633 SF warehouse/office/retail space in Logan Square.
      2700 N Campbell Ave, Chicago, IL 60647
      View Details
    • $500,000
      2,800 SF

      Norwood Park Commercial Building For Sale

      Well-maintained commercial building in Norwood Park, Chicago, suitable for various uses.
      6067 N Northwest Hwy, Chicago, IL 60631
      View Details
    • $440,000

      Rehabbed Chicago Retail Property

      Retail property completely rehabbed in 2025, Chicago, IL.
      3947 W Polk St, Chicago, IL 60624
      View Details
    • $750,000

      Auto Repair Shop For Sale

      Turn-key auto repair shop in prime Chicago location.
      7539 W Irving Park Rd, Chicago, IL 60634
      View Details
    • $550,000

      Lincoln Park Commercial Office Building

      Two-story office building in the heart of Lincoln Park.
      1727 N Burling St, Chicago, IL 60614
      View Details
    • $3,000,000
      32,495 SF

      Chicago Office/Warehouse Bow Truss Building

      32,495 SF office/warehouse with bow truss ceilings for sale.
      2444 N Pulaski Rd, Chicago, IL 60639
      View Details
    • $129,900

      Turnkey Restaurant in Prime Location

      Fully operational restaurant in high-traffic area with growth potential.
      5357 N Lincoln Ave, Chicago, IL 60625
      View Details
    • $245,000

      Versatile Mixed-Use Space in Chicago

      Art studio with open layout, natural light, and modern updates.
      2401 W Ohio St, Chicago, IL 60612
      View Details
    • $11,000,000
      31,000 SF

      Former Ford Dealership Redevelopment Opportunity

      High-visibility corner site ideal for redevelopment or automotive businesses.
      6500 N Western Ave, Chicago, IL 60659
      View Details

    FAQs

    What type of property is this?
    Individual retail property - 33,500 SF Flex Space, Chicago
    Where is this individual retail property located?
    The property is located at 2221 Michigan Ave Chicago, IL.
    What are key features of this property?
    This property features: Opportunity Zone, TIF, Class-L Rehab, & Federal Historic Tax Credits available.; 62 feet of Michigan Avenue frontage.; 18'11" first-floor ceiling height.
    (312) 558-3858 Call to check price and availability
    Request Owner's contact information
    2221 Michigan Ave Chicago, IL 60616
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2221 Michigan Ave
    Chicago, IL 60616
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    2221 Michigan Ave Chicago, IL 60616
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing David Kimball
    David Kimball
    Real Estate License ID: 475131819
    (312) 558-3858 (615) 516-4827
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!