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    440 N Wabash Avenue unit Pm-71-01 Chicago, IL 60611

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    LAND - Chicago, IL

    Added:
    Apr 10, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 12 at 3:06 pm

    Property Features for 440 N Wabash Avenue unit Pm-71-01

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking
    1
    Standard status
    Active
    APN
    17101270191727

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    697

    Building Details

    Year built
    1992

    We can help!

    Listing Contact
    Josh Reighard
    Josh Reighard

    Listing agent Josh Reighard License #475204886

    Listing office Baird & Warner 1950 N Sedgwick St, Chicago, IL

    Listing date Apr 10, 2026

    MLS# 12614431 Listing URL

    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.

    Overview

    Heated Garage Space in River North

    This deeded indoor heated garage space, identified as #P-M-71, is located in Plaza 440, in the heart of River North. Situated close to the elevator on a low level, it features extra space on the driver's side, facilitating easy car door opening and preventing dings. The space can be used personally or rented out, with lease terms permitted from 3 months to 2 years. Its location allows for quick rental, as it can be leased to individuals who live or work outside of the building. The garage offers two easily accessible entrances on Illinois & Wabash. The property is located across from Nordstrom's, North Bridge, and Trump Tower. The walkable neighborhood provides convenient access to offices, the River Walk, shopping, the Magnificent Mile, and restaurants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Print With Me (Bike/Boat/Book/etc) Store Teach English In Korea Training Center Consulting Chicago, IL Business Management Consultant Beaman Inc Marketing & Advertising NRS Real Estate ... Property Management Company

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Owens Group Inc — 19 s lasalle st # 500, chicago, il 60603
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    • R B & H Financial Services — 30 S Wacker Dr # 1912, Chicago, IL 60606
    • Exotic Car Rental Chicago | Luxury Car Rental Chicago — 111 s wacker dr, chicago, il 60606
    • Owens Group Inc — 19 S La Salle St # 500, Chicago, IL 60603

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.627113
    Latitude
    41.89032

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    FAQs

    What type of property is this?
    Parking lot & garage - Indoor heated garage space in the heart of River North.
    Where is this parking lot & garage located?
    The property is located at 440 N Wabash Avenue unit Pm-71-01 Chicago, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Deeded indoor heated garage space in prime River North location (Plaza 440).; Rental potential: ability to rent to residents or non‑residents (3‑month to 2‑year leases).; Convenient location: close to elevator and two easily accessible entrances (Illinois & Wabash).
    (312) 265-8000
    We can help!
    Listing Contact
    Josh Reighard
    Josh Reighard
    Real Estate License ID: 475204886
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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