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    Property profile & analytics

    2839 N Milwaukee Ave, Unit 8 Chicago, IL 60618

    • Retail space
    • 6,300 SF
    • 0.14 lot acres
    For Lease
    View listing
    $117 SF/Yr
    Last Sale
    Feb 25, 2022
    $860,000
    Value Estimations
    $880,000
    Cap Rate Potential
    9.6%
    Retail space
    Location Intelligence
    Property ID
    US28-0786703
    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

    • Runway Studios Salon Suites / Beauty Salon

    Property Details for 2839 N Milwaukee Ave

    Year built
    1910
    Lot size
    0.14 lot acres
    Property size
    6,300 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    13-26-218-087
    APU
    1326218087

    Description

    This exceptional retail property, located at 2839 N Milwaukee Avenue in Chicago's vibrant Logan Square neighborhood (zip code 60618), offers 21 individual salon suites for lease. The entire 1,958 square foot building is currently vacant, presenting a unique opportunity for a diverse range of businesses. Each suite offers flexibility, with sizes ranging from a minimum of 69 square feet to a maximum contiguous space of 123 square feet. This allows for businesses of various scales to find a suitable fit. The property is zoned B2-2, providing ample possibilities for commercial uses within the zoning regulations. Situated in Cook County, Illinois, this location benefits from high visibility and foot traffic in a bustling commercial area. The property's layout is ideal for independent entrepreneurs or a cohesive group of complementary businesses seeking a shared space. The building's total square footage is 1,958 square feet, with each suite individually metered for utilities (details available upon request). This prime location offers excellent potential for growth and success in a thriving Chicago neighborhood. Interested parties should inquire for lease terms and conditions. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $920,000
      ML approach
      $885,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,116,000
      Market price range: $655k - $1.55M
      AI Estimate
      $593,000
      Market price range: $208k - $830k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $980,000
      Current use
      OFFICE BUILDING
      $850,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7132
    Latitude
    41.933
    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
    $34,174
    $27,927
    $137,657
    $165,584
    -
    $111,708
    $550,628
    $662,336

    Comparable in this City

    • Value Estimation
      $995,000
      9,680 SF

      3933 Irving Park Rd

      STORE, RETAIL OUTLET • 9,680 SF
      3933 Irving Park Rd, Chicago, IL 60618-3113
      View Details
    • Value Estimation
      $1,020,000
      7,200 SF

      4000 Lincoln Ave

      STORE, RETAIL OUTLET • 7,200 SF
      4000 Lincoln Ave, Chicago, IL 60618-3010
      View Details
    • Value Estimation
      $2,915,000
      29,100 SF

      2958 Milwaukee Ave

      STORE, RETAIL OUTLET • 29,100 SF
      2958 Milwaukee Ave, Chicago, IL 60618-7323
      View Details
    • Value Estimation
      $630,000
      17,000 SF

      3318 Montrose Ave

      STORE, RETAIL OUTLET • 17,000 SF
      3318 Montrose Ave, Chicago, IL 60618-1206
      View Details
    • Value Estimation
      $2,630,000
      26,200 SF

      3720 Kedzie Ave

      STORE, RETAIL OUTLET • 26,200 SF
      3720 Kedzie Ave, Chicago, IL 60618-4504
      View Details
    • Value Estimation by Request
      1,300 SF

      2601 Addison St

      STORE, RETAIL OUTLET • 1,300 SF
      2601 Addison St, Chicago, IL 60618-5904
      View Details

    Similar Nearby for Sale

    • $4,200,000
      15,625 SF

      Clybourn Ave Retail Redevelopment

      Chicago Auto Shop & Storefront, $4.2M
      3135 Clybourn Ave, Chicago, IL 60618
      View Details
    • Contact for pricing
      0.09 Acres

      Turnkey Hair Salon & Barber Shop

      Established hair salon and barber shop in prime location.
      2024 W Montrose Ave, Chicago, IL 60618
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    • $1,100,000
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      Irving Park Road Mixed-Use Investment

      Chicago Multifamily & Retail Opportunity
      3014 Irving Park Rd, Chicago, IL 60618
      View Details
    • Contact for pricing
      0.09 Acres

      Turnkey Hair Salon & Barber Shop

      Fully equipped salon in high-traffic location, business only.
      2024 W Montrose Ave, Chicago, IL 60618
      View Details
    • Contact for pricing
      0.09 Acres

      Turnkey Hair Salon & Barber Shop

      Established hair salon and barber shop in prime location.
      2024 W Montrose Ave, Chicago, IL 60618
      View Details
    • $4,299,000
      0.10 Acres

      Mixed-Use Property in Chicago

      Five apartment units plus storefront with business and equipment included.
      3759 N Damen Ave, Chicago, IL 60618
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr
      53,112 SF

      Clybourn Ave Retail/Office Space

      West Lakeview, Chicago: prime retail & office.
      2827 Clybourn Ave, Chicago, IL 60618
      View Details
    • $28 SF/Yr

      Prime Retail Space Available

      Retail space near public transportation, available Summer 2025.
      2814 N Milwaukee Ave, Chicago, IL 60618
      View Details
    • $25 SF/Yr
      2,079 SF

      Kimball & Melrose Plaza Retail Space

      High-traffic retail space near I-90. Dunkin' anchored center.
      3214 Kimball Ave, Chicago, IL 60618
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space in High-Traffic Area

      Retail spaces available in a well-located, high-traffic area.
      4001-4037 N Lincoln Ave, Chicago, IL 60618
      View Details
    • $4,000 /Mo
      2,200 SF

      Prime Retail Space on Milwaukee

      2200 SF retail space with 30 feet frontage.
      3017-3025 N Milwaukee Ave, Chicago, IL 60618
      View Details
    • $1,500 /Mo
      1,000 SF

      Milwaukee Avenue Retail Space Available

      1,000 SF retail space for lease in Avondale.
      3032 N Milwaukee Ave, Chicago, IL 60618
      View Details
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    Chicago, IL 60618
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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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