1501 N Milwaukee Ave
Chicago, IL 60622
Retail Property For Sale

Greenstone Partners, as the Exclusive Investment Advisor, is pleased to present the opportunity to acquire the 100% fee-simple interest in 1501-1505 N. Milwaukee Avenue (the “Property”), a 100% leased, urban infill mixed-use investment prominently located in Chicago’s vibrant Wicker Park neighborhood. The ±11,451 square foot property is positioned on the northeast corner of N. Milwaukee Avenue and N. Honore Street.
1501 N. Milwaukee Avenue is a two-story, ±4,351 square foot retail building, 100% occupied by Round Two, a popular streetwear and fashion retailer. 1505 N. Milwaukee Avenue is a four-story, ±7,100 square foot mixed-use building with retail space on the ground floor occupied by Jeni’s Ice Cream and three (3) apartment units on the upper floors, each with a unit mix of 3 bed / 2 bath. The building was built in 2015 featuring condo-quality finishes and an abundance of natural sunlight. The two buildings are situated on one land parcel, which includes a two (2) car parking garage.
The retail space at 1501 N. Milwaukee Avenue offers investors a compelling value-add opportunity. With Round Two currently paying $55/SF Gross, a buyer can mark the rent to market - achieving $60–$70/SF Net - and unlock immediate value upon re-leasing the space after Round Two’s expiration in September 2027.
The Property is situated on a vibrant corner surrounded by other national and local retail and restaurant operators. Also, the Property is just 900 feet from the six-way intersection epicenter of North, Damen, and Milwaukee Avenues with exceptional pedestrian and vehicle traffic counts (45,900 VPD). The Wicker Park neighborhood has flourished into a highly desirable residential market, as well as a prominent “high-street” shopping district with thousands of daily retail customers. The Property benefits from its proximity to the Kennedy Expressway (Interstate 90/94), the CTA Damen Blue Line ‘L’ station, and The 606, Chicago’s first elevated park.
Within 1-mile, demographics include an average household income of $156,551, a median home value of $625,641 and a total population of 59,737.