Three-Story Office
For Sale
$4,840,000
175 W Washington Street, Chicago, IL 60602
Commercial Sale, Chicago, IL
Property Size22,820 SF
Lot Size0.21 Acres
Price / SF$212.09
Days on Market743
Property Features for 175 W Washington Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
OFFIC
Directions
Exit 90 94 west at Washington Blvd. Turn right at W. Washington St. Proceed to property on south side of st.
Subdivision
CHI - Loop
Standard status
Active
APN
17094570060000
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
226404
Utilities
Cooling system
Central Air
Building Details
Year built
1933
Floors in Building
3
Listing Agency:
Real Broker LLC
(217) 960-8605
Listed By:
Rafay Qamar · License #475158420
(630) 439-6385
Added: Aug 20, 2024
Changed: Aug 28
Last Checked: Sep 1 at 3:06PM
MLS# 12136139
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story office building at 175 W. Washington Street combines office and retail space within a 1933 structure. The property includes a mezzanine and basement in addition to its above-grade floors, with central air conditioning serving the building. The reported floor areas are not summarized here because the component figures do not reconcile with the stated total.
The property is located in Chicago’s Central Loop district near City Hall, El and Metra stations, and restaurants. It also carries an Orange-tag designation associated with the Chicago Landmarks Association. OFFIC zoning is identified for the property.
The property is located in Chicago’s Central Loop district near City Hall, El and Metra stations, and restaurants. It also carries an Orange-tag designation associated with the Chicago Landmarks Association. OFFIC zoning is identified for the property.
Key Highlights
- Three‑story office and retail building constructed in 1933
- OFFIC zoning designation
- Central air conditioning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$315,710
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.52%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,314,200
$6.3M
Cap Rate 7%
$4,510,143
$4.5M
Cap Rate 9%
$3,507,889
$3.5M
Market Conditions
NOI Build-Up for 22,820 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$492.9K $21.60/SF
− Vacancy
−$41.9K −$1.84/SF
EGI
$451.0K $19.76/SF
− OpEx
−$135.3K −$5.93/SF
NOI
$315.7K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,314,200
Cap Rate 7%
$4,510,143
Cap Rate 9%
$3,507,889
Alternative Uses
Best Use
Office B
$6.99M
$6.12M – $8.16M
NOI $489,626 @ 7.0% cap · market cap 10.12%
Second Best
Retail
$4.51M
$3.95M – $5.26M
NOI $315,710 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$10.76M
$9.41M – $12.55M
NOI $753,170 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
41,763
Businesses Nearby
Explore this area
Business Placement
Demographics for 60602, IL
1,261
Population
551
Households
2.3
Avg Household Size
39
Median Age
49%
College-Educated
97%
High-School Grad
0.1 sq mi
ZIP Area
12,610
Density / Sq Mi
$123,047
Median Household Income
$43,500
Median Earnings
$2,775
Median Rent
$383,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office and retail space occupies a 1933 building with central air and OFFIC zoning.
Where is this office building located?
The property is located at 175 W Washington Street Chicago, IL.
What is the asking price?
The asking price for this property is $4,840,000.
What are key features of this property?
This property features: Three‑story office and retail building constructed in 1933; OFFIC zoning designation; Central air conditioning
