Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1503 Michigan Ave Chicago, IL 60605-3616

    • Retail residential properties
    • 42,500 SF
    • 0.12 lot acres
    OFF-MARKET
    Value Estimations
    $4,770,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0169294
    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

    • Body Werks Chicago / Spa & Massage Center / Alternative Medicine Practice
    • Greystone Mortgage Bank / Loan Service / Bank
    • Linkup Collective / Marketing & Advertising / (Bike/Boat/Book/etc) Store
    • Weather Mark Tavern / Restaurant
    • Poor Man's Yacht Club / Boat Club

    Property Details for 1503 Michigan Ave

    Year built
    1903
    Lot size
    0.12 lot acres
    Property size
    42,500 SF
    Property type
    Retail residential properties
    APN
    17-22-108-022
    APU
    1722108022

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,990,000
      Market price range: $5.99M - $39.0M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6236
    Latitude
    41.8618
    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
    $29,081
    $37,792
    $103,157
    $140,949
    -
    $377,920
    $1,031,570
    $1,409,490

    Comparable in this City

    • Value Estimation
      $38,595,000
      166,400 SF

      407 Dearborn St

      STORES & APARTMENTS • 166,400 SF
      407 Dearborn St, Chicago, IL 60605-1106
      View Details
    • Value Estimation by Request
      137,800 SF

      820 Michigan Ave

      STORES & APARTMENTS • 137,800 SF
      820 Michigan Ave, Chicago, IL 60605-0800
      View Details
    • Value Estimation
      $4,750,000
      42,500 SF

      1501 Michigan Ave

      STORES & APARTMENTS • 42,500 SF
      1501 Michigan Ave, Chicago, IL 60605
      View Details
    • Value Estimation by Request
      0.22 Acres

      1340 Michigan Ave

      STORES & APARTMENTS • 0.22 Acres
      1340 Michigan Ave, Chicago, IL 60605-2603
      View Details
    • Value Estimation by Request
      0.10 Acres

      1330 Michigan Ave, Unit 40

      STORES & APARTMENTS • 0.10 Acres
      1330 Michigan Ave, Chicago, IL 60605-2602
      View Details
    • Value Estimation
      $1,815,000
      10,800 SF

      1021 State St

      STORES & APARTMENTS • 10,800 SF
      1021 State St, Chicago, IL 60605-2208
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,500 SF

      South Loop Mixed-Use Building

      Mixed-use building in Chicago's South Loop with redevelopment potential.
      1509 S Michigan Ave, Chicago, IL 60605
      View Details
    • $1,790,000

      Historic South Loop Redevelopment Opportunity

      Value-add property in high-traffic area with redevelopment potential.
      1233 S Wabash Ave, 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
    • Contact for pricing

      Heated Indoor Garage Parking Space

      Dedicated heated indoor garage parking space with 24/7 security.
      1255 S State St, Chicago, IL 60605
      View Details
    • Contact for pricing
      1,528 SF

      Retail Space Near Michigan Avenue

      Retail space in high-density area near public transportation.
      1250 S Michigan Ave, Chicago, IL 60605
      View Details
    • Contact for pricing

      Chicago Multifamily Property For Sale

      Multifamily property available in Chicago, Illinois.
      1210 South Indiana Ave, Chicago, IL 60605
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Retail Space Opportunity

      Hard corner retail space in high-traffic Chicago location.
      800 Michigan Ave, Chicago, IL 60605
      View Details
    • Contact for pricing

      South Loop Restaurant/Bar Space

      Second-generation restaurant/bar space in the South Loop.
      1301 S Wabash Ave, Chicago, IL 60605
      View Details
    • Contact for pricing

      Retail Space in South Loop

      Retail space available in Chicago's South Loop.
      150 Roosevelt Rd, Chicago, IL 60605
      View Details
    • Contact for pricing
      2,095 SF

      Retail Space in Gold Coast

      Retail space in Chicago's sought-after Gold Coast neighborhood.
      1121-1125 N State St, Chicago, IL 60605
      View Details
    • Contact for pricing

      South Loop Retail Opportunity

      Retail, restaurant, or medical office spaces available in South Loop.
      1103-1155 S State St, Chicago, IL 60605
      View Details
    • Contact for pricing
      3,906 SF

      South Loop Retail Space Available

      Retail space in a secure, owner-managed South Loop building.
      1147 S Wabash Ave, 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.
    1503 Michigan Ave
    Chicago, IL 60605-3616
    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.
    Sign Up Successful!
    You now have access to more from Realmo!