6221 Milwaukee AveChicago, IL 60646

Property Details for 6221 Milwaukee Ave

Year built

1957

Lot size

0.06 AC

Property size (Sq ft)

2,000 SF

Property type

Retail space

APN

13-05-108-003

APU

1305108003

Description

This 2,200-square-foot storefront, located at 6221 N. Milwaukee Ave in Chicago's Norwood Park East neighborhood, presents a compelling investment opportunity. Built in 1955 and situated on a 2,400-square-foot lot, this single-story Class B building boasts a modified gross lease structure with a current asking price of $239,000 ($108.64/sq ft). The property, previously used as a travel agency, has undergone significant upgrades for office use and includes a rear addition from the 1970s. Features include gas-forced heat and central air conditioning, multiple storage closets, in-unit laundry, hardwood flooring, and two bathrooms (one with a shower). The B3-1 zoning allows for a variety of uses. The property is also available for purchase with adjacent properties (6217 & 6219 N. Milwaukee Ave) for a combined price of $650,000. Tenants are responsible for utilities (electric, gas, water) and snow removal. A floor plan is available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $695,769

  6.5%

  $642,248

  7%

  $596,374

• Comparable approach

  Method

  Valuation

  Relative Method

  $270,920

  Geo Method

  $270,920

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,260,150

  Mixed-Use / Specialty

  $636,845

  Hospitality / Lodging

  $463,180

  Office

  $629,819

  Institutional / Educational

  $660,950

  Residential Income

  $773,311

  Multifamily

  $944,728

  Automotive / Energy

  $566,528

  Parking / Income-Based Land

  $198,578

  Restaurant / Food Service

  $324,584

  Healthcare / Senior Housing

  $656,266

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9944

Longitude

-87.7847

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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