Pipers Alley — Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Chicago, IL 60610

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.

Market Context

This retail in Chicago, IL is listed for sale. It has been on the market for 196 days. Compare it against other retail listings for sale in Chicago, IL — view the full market.

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 brokerage reports, Q1 2026.

Retail market FAQ

What is the typical cap rate for retail in Chicago?
About 8.2% as of Q1 2026, per multiple brokerage reports.

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