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Property profile & analytics
OFF-MARKET
Retail space
1329 Michigan Ave, Chicago, IL 60605-2600
Entity Owned
19-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US28-0164784
Property profile
Verified
Property type
Retail space
Use group
STORE, RETAIL OUTLET
Year built
1894
Lot
0.08 ac (3,285 SF)
APN
17-22-105-041
UPID
US28-0164784
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Versailles Massage and Bar Spa & Massage Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
1400 Museum Park LLC · 19 yrs held
1400 Museum Park LLC
since 2006
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chicago submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chicago submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$47,602
Tax year 2022
Assessed value
$230,714
Assessed 2022
Previous assessed
$262,371
-12.1% YoY
Effective rate
20.63%
On assessed value
Assessed land
$82,116
Assessed improvement
$148,598
Land market value
$328,464
Improvement market value
$594,392
Total market value
$922,856
Applied tax rate
76,102.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
STORE, RETAIL OUTLET
Status
Off-Market
Year built
1894
Heating
NONE
Lot
0.08 ac (3,285 SF)
APN
17-22-105-041
UPID
US28-0164784
Jurisdiction
COOK
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1894
Heating
NONE
Lot
0.08 ac
Current owner
From public records · entity-resolved
1400 Museum Park LLC
Entity
Mailing address
325 W HURON ST STE #230, CHICAGO, IL 60654-3642
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 7, 2020
—
Michigan Avenue Group Corp
—
Deed
related
$980,000 · International Bk/chicago
Aug 7, 2006
—
1400 Museum Park LLC
South Michigan Avenue 1329 LLC
Grant Deed
$8,000,000 · New Century Bank
Oct 25, 2005
$400,000
South Michigan Avenue 1329 LLC
Michigan Avenue Group Corp
Grant Deed
related
—
Oct 21, 2005
$1,200,000
Michigan Avenue Group Corp
Mendez,robert
Warranty Deed
$1,050,000 · American Metro Bank
Feb 17, 2005
—
Robert Mendez
Trust 100542-03
Grant Deed
related
—
—
—
Michigan Avenue Group Corp
—
Deed Of Trust
related
$210,000 · American Metro Bank
—
—
Michigan Avenue Group Corp
—
Deed Of Trust
related
$980,000 · International Bk/chicago
—
—
Michigan Avenue Group Corp
—
Deed Of Trust
related
$210,000 · Bridgeview Bank Group
—
—
Michigan Avenue Group Corp
—
Deed Of Trust
related
$1,040,000 · Bridgeview Bank Group
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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