Retail

Pipers Alley

pipers alley, chicago, IL 60610

Price

Price on request

Description

Premier Upper Level Space Available In the heart of Old Town, one of Chicago’s most densely populated residential neighborhoods, sits Pipers Alley at the heavily trafficked corner of North Avenue & Wells Street. Home to the ever-popular comedy club, The Second City, locals and tourists alike regularly visit this exciting area of Old Town. The site is well connected to the greater Chicago area, with a CTA Brown/Purple Line stop just two blocks away & immediate access to Lake Shore Drive.

Property description as provided by the listing source. PropZone adds independent market context, valuation estimates, and comparable listings.

Location

pipers alley, chicago, IL 60610

Leaflet © OpenStreetMap contributors

Market Context

As of Q1 2026, the Chicago retail market showed average asking rents near $22.27/SF/yr, and cap rates around 8.2%. Source: multiple brokerages Q1 2026 market report.

Projected current pricing

low confidence

Projected asking rent

$22.27/SF/yr

Estimated sale value

$162–$205/SF

Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 8.2%, asking rent held flat).

View the full Chicago Retail market report →

Compare it against other retail listings for sale in Chicago, IL to benchmark pricing and space — view the full market.