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565 W Randolph St Chicago, IL 60661

For Sale
$11,250,000

Commercial Sale - Chicago, IL

Days on Market:
175
Last Refresh:
Dec 15 at 2:06 am

Property Features for 565 W Randolph St

General Information

Property type
Commercial Sale
Property subtype
Other
Standard status
Active
APN
17093320010000

Utilities

Cooling system
Central Air

Building Details

Year built
1892
Architectural style
Other

Keller Williams Chicago ONEChicago (312) 216-2422 [email protected]

Listing agent Anthony Hardy (312) 216-2422 License #475139834

Listing date Jun 24, 2025

MLS# 12260269 Listing URL

Copyright © 2025 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

West Loop Multifamily Conversion Opportunity

Located in Chicago's West Loop, 565 W. Randolph St is a 59,981 square foot Class C office building constructed in 1872. The building features a passenger elevator and a freight elevator. The property is currently 98% occupied with nine tenants. Ground-floor tenants Proxi and Sepia, two Michelin-starred dining establishments, have recently renewed their leases for another five years with additional renewal options. The property offers an office-to-residential conversion opportunity, allowing investors to capitalize on the increasing demand for multifamily units in the West Loop. 43,624 square feet (72.8% of the building) can become available by the end of December 2024. An additional 1,642 square feet (2.7% of the building) will become available between March and November 2026 as leases expire. The final 5,550 square feet (9.2% of the building) will become available between January and April 2029 upon lease expirations. This allows for a phased redevelopment strategy, maximizing cash flow while taking advantage of conversion opportunities as leases roll over. The property's location offers proximity to transportation, shopping, dining, and green spaces. By converting the office floors to apartments, investors can tap into the strong rental market in the West Loop, while still benefiting from the stable income of long-term retail tenants.
Location Intelligence

Current Use by Public Records

Proxi Small Plates Restaurant

Suggested Use

Realty agency Spa & Massage Restaurant Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store Pharmacy

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

Location Insight

  • Map
  • Local Demand
City
Chicago
County
Cook
State
Illinois
Longitude
-87.64226
Latitude
41.884374

FAQs

What type of property is this?
Investment property - Prime West Loop asset with immediate cash flow and conversion potential.
Where is this investment property located?
The property is located at 565 W Randolph St Chicago, IL.
What is the asking price?
The asking price for this property is $11,250,000.
What are key features of this property?
This property features: - Prime West Loop Location: Offering proximity to transportation, shopping, dining, and green spaces.; - Significant Value-Add Potential: Opportunity for office-to-multifamily conversion.; - Immediate Stable Cash Flow: Currently 98% occupied with established tenants, including Michelin-starred restaurants Proxi and Sepia with renewed leases.
More about this property
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