Your AI Navigator in Commercial Real Estate
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
    Back to Search
    Property profile & analytics

    1555 Milwaukee Ave Chicago, IL 60622

    • Retail properties
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • WANNA SOCKS / Clothing Store

    Property Details for 1555 Milwaukee Ave

    Property type
    Retail properties

    Description

    This exceptional 1,790 square foot retail space is ideally situated in the heart of Chicago's vibrant Wicker Park neighborhood, directly on Milwaukee Avenue within the Landmark District. Its prime location offers unparalleled visibility and accessibility, just steps from the Damen Blue Line Station, ensuring high foot traffic and convenient public transportation. The open layout boasts high ceilings and stylish exposed ductwork, creating a modern and inviting atmosphere. The space includes ample storage and is equipped with three-phase electric and two exhaust fans in the rear, making it easily adaptable for various uses, including light food service (coffee shop, bakery, pizza). The property's versatility is further enhanced by its suitability for a wide range of retail businesses. Wicker Park's desirability is reflected in its exceptional demographics, with an average annual household income within a one-mile radius exceeding $152,000. The area boasts a Walk Score of 99 and a Bike Score of 94, highlighting its pedestrian and cyclist-friendly environment. Market data indicates an average retail rent of $35.50 NNN and a low vacancy rate of 5.0%. This presents a unique opportunity to establish a thriving business in one of Chicago's most dynamic and sought-after retail destinations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6764
    Latitude
    41.9098

    Comparable in this City

    • Value Estimation by Request

      1524 Ashland Ave

      Restaurants
      1524 Ashland Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      3,267 SF

      1482 Milwaukee Ave

      Retail properties • 3,267 SF
      1482 Milwaukee Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      17,728 SF

      2653-59 Division St

      Mixed-use properties • 17,728 SF
      2653-59 Division St, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      12,215 SF

      1910 North Ave

      Retail properties • 12,215 SF
      1910 North Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      1,872 SF

      1857 North Ave

      Individual retail properties • 1,872 SF
      1857 North Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      1,350 SF

      2540 Chicago Ave

      Individual retail properties • 1,350 SF
      2540 Chicago Ave, Chicago, IL 60622
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,500 SF

      Wicker Park Mixed-Use Investment

      7,500 SF, Chicago Retail Opportunity
      1659 Division St, Chicago, IL 60622
      View Details
    • $2,000,000

      Humboldt Park All Brick Building

      Near 12,000 sqft building with high ceilings and multiple access points.
      3056 W Walton St, Chicago, IL 60622
      View Details
    • Contact for pricing
      1 SF

      Chicago Retail Space: Historic Charm

      Prohibition-era barbershop, turnkey opportunity.
      2007 Augusta Blvd, Chicago, IL 60622
      View Details
    • $2,000,000

      Spacious Brick Building Near Humboldt Park

      12,000 sq ft brick building with high ceilings and multiple access.
      3056 W Walton St, Chicago, IL 60622
      View Details
    • $4,500,000
      5,305 SF

      Retail Property in Commercial District

      Retail property in a motor vehicle related commercial district.
      6039 N Western Ave, Chicago, IL 60622
      View Details
    • $1,400,000

      Ashland Ave Mixed-Use Investment

      Prime Chicago location, high potential.
      525-527 Ashland Ave, Chicago, IL 60622
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      1,900 SF

      Humboldt Park Executive Office Space

      1,900 SF Retail/Office, High Visibility
      2816 Chicago Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      1 SF

      Prime Augusta Blvd. Barber Shop

      Historic 1920s Barber Shop - For Sale/Lease
      2007 Augusta Blvd, Chicago, IL 60622
      View Details
    • $27 SF/Yr
      5,185 SF

      Wicker Park Office Space: Chic & Modern

      Stunning 5,185 sq ft Wicker Park office, fully vacant.
      1910 North Ave, Chicago, IL 60622
      View Details
    • $246 SF/Yr
      3,500 SF

      Prime Chicago Retail Space

      1,800 SF Vacant, High-Traffic Location
      1638 Chicago Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      36,000 SF

      Prime Wicker Park Retail Space

      36,000 SF Mixed-Use Building For Lease
      1542-1550 Milwaukee Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      6,259 SF

      Wicker Park Retail Space Available

      950 SF storefront, prime Division St. location
      2110 Division St, Chicago, IL 60622
      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.
    1555 Milwaukee Ave
    Chicago, IL 60622
    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.