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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1112 Milwaukee Ave Chicago, IL 60642-4017

    • Residential income homes
    • 8,512 SF
    • 0.10 lot acres
    OFF-MARKET
    Value Estimations
    $1,355,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2207125
    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

    • Society For Arts / Art Gallery

    Property Details for 1112 Milwaukee Ave

    Year built
    1921
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    8,512 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    17-05-301-054
    APU
    1705301054

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $849,000
      Market price range: $850k - $1.70M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,035,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6645
    Latitude
    41.9018
    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
    $21,099
    $25,872
    $80,128
    $106,000
    -
    $258,720
    $801,280
    $1,060,000

    Comparable in this City

    • Value Estimation
      $950,000
      3,975 SF

      1400 Noble St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,975 SF
      1400 Noble St, Chicago, IL 60642-2365
      View Details
    • Value Estimation
      $525,000
      2,410 SF

      737 Noble St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,410 SF
      737 Noble St, Chicago, IL 60642-5241
      View Details
    • Value Estimation
      $920,000
      4,601 SF

      1224 Noble St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,601 SF
      1224 Noble St, Chicago, IL 60642-3327
      View Details
    • Value Estimation
      $615,000
      3,198 SF

      830 Noble St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,198 SF
      830 Noble St, Chicago, IL 60642-5334
      View Details
    • Value Estimation by Request
      2,070 SF

      1211 Race Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,070 SF
      1211 Race Ave, Chicago, IL 60642-6435
      View Details
    • Value Estimation
      $530,000
      2,064 SF

      1215 Race Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,064 SF
      1215 Race Ave, Chicago, IL 60642-6435
      View Details

    Similar Nearby for Sale

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      Spacious 2-bedroom condo in River West with city views.
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      Noble Square Multifamily Investment Property

      Turnkey seven-unit multifamily property in a coveted West Town location.
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      11,451 SF

      Wicker Park Corner Location Retail

      Recently constructed apartments and national retail tenants in Chicago.
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      View Details
    • $1,300,000

      West Town 6-Unit Multifamily Building

      Six units in West Town with significant rental upside potential.
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    • $1,124,500

      West Town Penthouse Duplex

      Spacious 3-bed penthouse with skyline views and attached garage.
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    Similar Nearby for Lease

    • $34 SF/Yr

      Retail Space in Luxury Building

      Ground floor retail space in a new luxury apartment building.
      691 N Milwaukee Ave, Chicago, IL 60642
      View Details
    • $1,850 /Mo

      Apartment in Noble Square, Chicago

      Two-bedroom apartment with in-unit laundry and shared backyard.
      1322 N Bosworth Ave, Chicago, IL 60642
      View Details
    • $3,712 /Mo

      River West Corner Residence Rental

      Modern 2-bedroom apartment with skyline views and full amenities.
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      View Details
    • Contact for pricing
      32,000 SF

      Prime Chicago Retail Space

      32,000 SF, 3-Story, Vacant
      938 North Ave, Chicago, IL 60642
      View Details
    • $50 SF/Yr
      35,432 SF

      Downtown Chicago Office Space

      Prime Office, Retail & Restaurant Space
      1501 Kingsbury St, Chicago, IL 60642
      View Details
    • Contact for pricing
      48,750 SF

      Lincoln Park Office Space For Lease

      Prime Lincoln Park location, 4,112 sq ft available
      1332 Halsted St, Chicago, IL 60642
      View Details
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    1112 Milwaukee Ave
    Chicago, IL 60642-4017
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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.

    More about this property
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