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

    2274 Milwaukee Ave Chicago, IL 60647-4046

    • Grocery and convenience stores
    • 9,800 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $505,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0709935
    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

    • Family Dollar / School Supply Store / Toy Store

    Property Details for 2274 Milwaukee Ave

    Year built
    1956
    Lot size
    0.06 lot acres
    Property size
    9,800 SF
    Property type
    Grocery and convenience stores
    APN
    13-36-214-006
    APU
    1336214006

    Description

    This exceptional 10,000 square foot retail property at 2274 N Milwaukee Ave in Chicago's vibrant Logan Square submarket presents a unique leasing opportunity. Built in 1956, this single-story, Class C building sits on a 0.63-acre lot and offers a flexible layout suitable for multiple tenants or a single large occupant. The property features three suites, with a minimum divisible space of 3,300 square feet and a maximum contiguous space of 10,000 square feet. Currently, all 10,000 square feet are vacant, providing a blank canvas for a new business or expansion. Ample parking is available with 33 spaces on-site. The property is zoned C1-1, allowing for a variety of retail uses. This freestanding building offers a rare chance to establish a presence in a highly desirable and rapidly growing neighborhood. Its location in Logan Square provides excellent visibility and accessibility, making it an ideal location for businesses seeking a strong foothold in a thriving community. The property's size and layout offer significant potential for customization and adaptation to meet the specific needs of a tenant. Don't miss this opportunity to secure a prime retail space in one of Chicago's most sought-after neighborhoods.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $510,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $400,000
      Market price range: $401k - $1.70M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6967
    Latitude
    41.9222
    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
    $17,718
    $12,500
    $73,351
    $85,851
    -
    $50,000
    $293,404
    $343,404

    Comparable in this City

    • Value Estimation
      $505,000
      9,800 SF

      2274 Milwaukee Ave

      GROCERY, SUPERMARKET • 9,800 SF
      2274 Milwaukee Ave, Chicago, IL 60647-4046
      View Details
    • Value Estimation
      $530,000
      7,500 SF

      3334 Armitage Ave

      GROCERY, SUPERMARKET • 7,500 SF
      3334 Armitage Ave, Chicago, IL 60647-3718
      View Details
    • Value Estimation
      $6,605,000
      13,000 SF

      2134 Western Ave

      GROCERY, SUPERMARKET • 13,000 SF
      2134 Western Ave, Chicago, IL 60647-4106
      View Details
    • Value Estimation
      $560,000
      9,800 SF

      3806 Fullerton Ave

      GROCERY, SUPERMARKET • 9,800 SF
      3806 Fullerton Ave, Chicago, IL 60647
      View Details
    • Value Estimation
      $620,000
      16,100 SF

      2701 Wn Ave

      GROCERY, SUPERMARKET • 16,100 SF
      2701 Wn Ave, Chicago, IL 60647-5236
      View Details
    • Value Estimation
      $540,000
      17,600 SF

      3552 Armitage Ave

      GROCERY, SUPERMARKET • 17,600 SF
      3552 Armitage Ave, Chicago, IL 60647-3609
      View Details

    Similar Nearby for Sale

    • $7,400,000
      12,515 SF

      Chicago Walgreens Investment

      High-yield Walgreens NNN lease
      2744 California Ave, Chicago, IL 60647
      View Details
    • $1,849,000

      Mixed-Use Property Near Western Blue

      Mixed-use property near public transportation, ideal for retail or office.
      1906-1908 N Milwaukee Ave, Chicago, IL 60647
      View Details
    • Contact for pricing
      2,125 SF

      Bucktown Retail Space Available

      Chicago storefront, versatile space
      2118 Milwaukee Ave, Chicago, IL 60647
      View Details
    • $749,000

      Wicker Park Warehouse with Skylights

      2,200 SF warehouse near Western Blue Line in Chicago.
      1908 N Milwaukee Ave, Chicago, IL 60647
      View Details
    • $780,000
      0.05 Acres

      Milwaukee Avenue Retail Opportunity

      Prime location near The 606 Trail in Chicago.
      1893 N Milwaukee Ave, Chicago, IL 60647
      View Details
    • $999,999
      0.14 Acres

      Bucktown Leased Retail Investment

      Fully leased retail property in Chicago's Bucktown neighborhood.
      1915-1917 N Damen Ave, Chicago, IL 60647
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr

      Logan Square Retail/Restaurant/Office Space

      Prime location for retail, restaurant, spa, or office space.
      3656 W Belmont Ave, Chicago, IL 60647
      View Details
    • $20 SF/Yr

      Bucktown Retail and Office Space

      Versatile retail, office, and commercial space in prime Bucktown location.
      2157 N Damen Ave, Chicago, IL 60647
      View Details
    • Contact for pricing
      2,100 SF

      Prime Damen Avenue Retail Space

      Retail space on Damen Avenue near public transportation and popular retailers.
      1623-1625 N Damen Ave, Chicago, IL 60647
      View Details
    • $26 SF/Yr
      1,566 SF

      Logan Square Retail Space Available

      Prime retail space in high-traffic Logan Square location.
      2779 N Milwaukee Ave, Chicago, IL 60647
      View Details
    • $17 SF/Yr

      Avondale/Logan Square Retail/Office Space

      Newly constructed retail or office space in high-traffic area.
      3101 N Milwaukee Ave, Chicago, IL 60647
      View Details
    • $14 SF/Yr

      Logan Square Retail/Office Space

      3,390 SF retail/office space in high-traffic Logan Square.
      2556 W Fullerton Ave, Chicago, IL 60647
      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.
    2274 Milwaukee Ave
    Chicago, IL 60647-4046
    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.