Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    6221 Milwaukee Ave Chicago, IL 60646-3730

    • Retail space
    • 2,000 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Feb 25, 2025
    $210,000
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1347135
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 6221 Milwaukee Ave

    Year built
    1957
    Lot size
    0.06 lot acres
    Property size
    2,000 SF
    Property type
    Retail space
    APN
    13-05-108-003
    APU
    1305108003

    Description

    This 2,200-square-foot storefront, located at 6221 N. Milwaukee Ave in Chicago's Norwood Park East neighborhood, presents a compelling investment opportunity. Built in 1955 and situated on a 2,400-square-foot lot, this single-story Class B building boasts a modified gross lease structure with a current asking price of $239,000 ($108.64/sq ft). The property, previously used as a travel agency, has undergone significant upgrades for office use and includes a rear addition from the 1970s. Features include gas-forced heat and central air conditioning, multiple storage closets, in-unit laundry, hardwood flooring, and two bathrooms (one with a shower). The B3-1 zoning allows for a variety of uses. The property is also available for purchase with adjacent properties (6217 & 6219 N. Milwaukee Ave) for a combined price of $650,000. Tenants are responsible for utilities (electric, gas, water) and snow removal. A floor plan is available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $235,000
      ML approach
      $210,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $375,000
      Market price range: $176k - $376k
      AI Estimate
      $312,000
      Market price range: $92.2k - $313k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7847
    Latitude
    41.9944
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $12,924
    $10,800
    $52,034
    $62,834
    -
    $43,200
    $208,136
    $251,336

    Comparable in this City

    • Value Estimation by Request

      6245 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES)
      6245 Milwaukee Ave, Chicago, IL 60646-3729
      View Details
    • Value Estimation
      $290,000
      11,600 SF

      5785 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 11,600 SF
      5785 Milwaukee Ave, Chicago, IL 60646-6237
      View Details
    • Value Estimation
      $265,000
      600 SF

      6311 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 600 SF
      6311 Milwaukee Ave, Chicago, IL 60646-3710
      View Details
    • Value Estimation
      $275,000
      1,632 SF

      5900 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,632 SF
      5900 Milwaukee Ave, Chicago, IL 60646-5420
      View Details
    • Value Estimation
      $280,000
      1,800 SF

      5929 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,800 SF
      5929 Milwaukee Ave, Chicago, IL 60646-5419
      View Details
    • Value Estimation
      $245,000
      1,400 SF

      6009 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,400 SF
      6009 Milwaukee Ave, Chicago, IL 60646-4709
      View Details

    Similar Nearby for Sale

    • $1,200,000
      14,705 SF

      Redevelopment Site on Elston Avenue

      14,705 SF redevelopment site on busy corner.
      5705 N Elston Ave, Chicago, IL 60646
      View Details
    • $2,950,000
      17,710 SF

      5400 Devon Ave

      Day care centers • 17,710 SF
      5400 Devon Ave, Chicago, IL 60646
      View Details
    • Contact for pricing
      15,184 SF

      Commercial Building on Milwaukee Avenue

      15,184 SF commercial building, former grocery store with parking.
      5820 N Milwaukee Ave, Chicago, IL 60646
      View Details
    • $145,000

      Chicago Store Business For Sale

      Established Chicago store business for sale in prime location.
      4132 W Peterson Ave, Chicago, IL 60646
      View Details
    • $1,388,000
      1 SF

      Milwaukee Ave Retail Opportunity

      Chicago Daycare Center - Turnkey Business
      5645 Milwaukee Ave, Chicago, IL 60646
      View Details
    • $149,000
      0.16 Acres

      Turn-key Restaurant Space in Chicago

      Fully built-out restaurant space with equipment for sale in Chicago.
      N Confidential Ave, Chicago, IL 60646
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      50,000 SF

      Edens View Office Suites

      Chicago Office Space: Prime Location
      4747 Peterson Ave, Chicago, IL 60646
      View Details
    • $14 SF/Yr
      40,186 SF

      Executive Office Tower, Chicago

      Class B Office Space, Sauganash
      5901 Cicero Ave, Chicago, IL 60646
      View Details
    • $12 SF/Yr
      48,000 SF

      Chicago Executive Suites for Lease

      Prime Chicago Office Space Available
      4001 Devon Ave, Chicago, IL 60646
      View Details
    • Contact for pricing

      Private Office Suite For Rent

      Private Chicago office suite with included utilities and amenities.
      5795 N Elston Ave, Chicago, IL 60646
      View Details
    • $8 SF/Yr
      32,659 SF

      Edens East Office Suites

      Chicago Office Space: 9-9630 sq ft
      6200 Hiawatha Ave, Chicago, IL 60646
      View Details
    • $15 SF/Yr
      4,586 SF

      Office/Warehouse Space with Drive-In Access

      Updated office and warehouse space with convenient drive-in access.
      5710 N Northwest Hwy, Chicago, IL 60646
      View Details
    Request Owner's contact information
    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.
    6221 Milwaukee Ave
    Chicago, IL 60646-3730
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.