Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    402 Michigan Ave Chicago, IL 60605
    Back to Search
    Property profile & analytics

    402 Michigan Ave Chicago, IL 60605

    View on Map
    • Retail properties & Spaces
    • 120,800 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Van Buren Station Stairs / Suburban Train Line
    • O Hudson enterprises, LLC / Business Management Consultant
    • Van Buren Station Elevator / Suburban Train Line
    • Grant Park South Parking Elevator / Parking Lot & Garage

    Property Details for 402 Michigan Ave

    Year built
    1929
    Property size
    120,800 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional retail property, located at 402 S Michigan Ave in Chicago's vibrant East Loop, presents a unique investment opportunity. The building, constructed in 1929, boasts a substantial 120,800 square feet of space across seven stories, situated on a 0.46-acre lot. The property is designated as a single-tenant retail space, offering a significant footprint for a variety of uses. The address is 402 S Michigan Ave, Chicago, IL 60605, conveniently located in the East Loop submarket cluster along Michigan Avenue. Cook County property records identify the APN as 17-15-109-009-0000. The main retail area offers a generous open floor plan, complemented by an additional 200 square feet of connected storage space included at no extra cost. This provides valuable supplementary space for inventory, equipment, or other operational needs. The building's prime location on Michigan Avenue offers unparalleled visibility and accessibility, making it an ideal location for a flagship store or high-profile retail establishment. The property's substantial size and prominent location make it a compelling investment prospect in a thriving Chicago neighborhood. This is a rare opportunity to acquire a significant retail space in a highly sought-after area.

    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
    -87.6245
    Latitude
    41.8769

    Comparable in this City

    • Value Estimation by Request
      3,917 SF

      627 Roosevelt Rd

      Lifestyle centers • 3,917 SF
      627 Roosevelt Rd, Chicago, IL 60605
      View Details
    • Value Estimation by Request
      7,098 SF

      423-439 Dearborn St

      Lifestyle centers • 7,098 SF
      423-439 Dearborn St, Chicago, IL 60605
      View Details
    • Value Estimation by Request
      12,000 SF

      41 Congress Pkwy

      Restaurants • 12,000 SF
      41 Congress Pkwy, Chicago, IL 60605
      View Details
    • Value Estimation by Request
      61,639 SF

      1103-1155 State St

      Retail properties & Spaces • 61,639 SF
      1103-1155 State St, Chicago, IL 60605
      View Details
    • Value Estimation by Request
      12,132 SF

      600-620 Dearborn St

      Restaurants • 12,132 SF
      600-620 Dearborn St, Chicago, IL 60605
      View Details
    • Value Estimation by Request
      4,834 SF

      1454 Michigan Ave

      Individual retail properties • 4,834 SF
      1454 Michigan Ave, Chicago, IL 60605
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      South Loop Investment Opportunity

      Stable income property with future upside in prime Chicago location.
      633 S Plymouth Ct, Chicago, IL 60605
      View Details
    • $4,900,000
      15,457 SF

      South Loop Retail Building Investment

      High-Occupancy Retail Space, Prime Location
      1300 S Wabash Ave, Chicago, IL 60605
      View Details
    • $38,000

      Heated Garage Parking in Printer's Row

      Convenient heated garage parking in the heart of Printer's Row.
      801 S Plymouth Ct S, Chicago, IL 60605
      View Details
    • $43,000

      Heated Parking Space For Sale

      Main level parking space with key card and Fob access.
      801 S Plymouth Ct, Chicago, IL 60605
      View Details
    • $33,000

      Indoor Parking Space For Sale

      Covered parking space in a convenient Chicago location.
      41 E 8Th St, Chicago, IL 60605
      View Details
    • New
      $33,000

      Indoor Parking Space in Chicago

      Covered parking space in a convenient downtown Chicago location.
      41 E 8Th St, Chicago, IL 60605
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

      Turn-Key Restaurant Space Available

      Fully equipped restaurant with indoor and outdoor seating.
      744 South Dearborn St, Chicago, IL 60605
      View Details
    • Contact for pricing
      1,700 SF

      South Loop Restaurant Space Available

      Second-generation restaurant space in iconic South Loop standalone building.
      26 E Roosevelt Rd, Chicago, IL 60605
      View Details
    • Contact for pricing
      5,000 SF

      South Loop Turnkey Restaurant Space

      Modern, fully equipped restaurant space in prime South Loop location.
      700 S Clark St, Chicago, IL 60605
      View Details
    • Contact for pricing
      61,639 SF

      1103-1155 State St

      Retail properties & Spaces • 61,639 SF
      1103-1155 State St, Chicago, IL 60605
      View Details
    • Contact for pricing
      10,000 SF

      Turn-Key Restaurant Space Available

      Fully equipped restaurant space with indoor and outdoor seating.
      738-744 S Dearborn St, Chicago, IL 60605
      View Details
    • Contact for pricing
      1,156 SF

      Cafe Space on Dearborn Street

      1,156 SF cafe space with high visibility.
      423 S Dearborn St, Chicago, IL 60605
      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.
    402 Michigan Ave
    Chicago, IL 60605
    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

    Thank You for Inquiry
    402 Michigan Ave, Chicago, IL, 60605
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!