Mixed-Use Medical Office and
For Sale
Contact for pricing
10 E Ontario Street N-902, Chicago, IL 60611
Six-story mixed-use asset with a connected 208-stall parking garage and ground-level retail on State Street.
Property Size127,750 SF
Price / SF$0.16
Days on Market95
Property Features for 10 E Ontario Street N-902
General Information
Standard status
Active
Size
127,750 SF
Total Parking Spaces
208
Property subtype
Vacant Land
Occupancy
76%
Site & Location
Neighborhood
Near North Side
Building Details
Year Built
1983
Stories
6
Listing Agency:
Ellen Gutiontov
Listed By:
Ellen Gutiontov, Michael Gutiontov
Source:
Saladinosells
Added: Jul 25
Changed: Oct 26
Last Checked: Oct 26 at 5:04PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ellen Gutiontov
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Investment Insights
Based on property information with market context.
One East Erie is a unique six-story mixed-use property completed in 1983. The offering includes a connected 208-stall parking garage and 15,369 RSF of ground-level retail. The Property is described as currently 75.5% leased, with medical office repositioning presented as an available strategy.
The commercial portion sits along State Street, identified in the remarks as heavily trafficked. The building is positioned at the base of a 467-unit luxury condominium that is not part of the offering. Expenses between the residential and commercial components are governed by a Declaration of Covenants, Conditions, Restrictions and Easements Agreement.
The Property combines structured parking, ground-level retail, and office space within a single connected asset, supported by in-place parking activity and retail tenancy per the provided remarks.
The commercial portion sits along State Street, identified in the remarks as heavily trafficked. The building is positioned at the base of a 467-unit luxury condominium that is not part of the offering. Expenses between the residential and commercial components are governed by a Declaration of Covenants, Conditions, Restrictions and Easements Agreement.
The Property combines structured parking, ground-level retail, and office space within a single connected asset, supported by in-place parking activity and retail tenancy per the provided remarks.
Key Highlights
- 127,750 RSF six‑story mixed‑use asset completed in 1983 in Chicago’s River North submarket
- 208‑stall parking garage connected to the property, with 15,369 RSF of ground‑level retail on State Street
- Currently 75.5% leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,692,432
Suggested Prices Based on Cap Rates
Cap Rate 5%
$33,848,640
$33.8M
Cap Rate 7%
$24,177,600
$24.2M
Cap Rate 9%
$18,804,800
$18.8M
Market Conditions
NOI Build-Up for 127,750 SF
Gross rent
$3.07M $24.00/SF
− Vacancy
−$245.3K −$1.92/SF
EGI
$2.82M $22.08/SF
− OpEx
−$1.13M −$8.83/SF
NOI
$1.69M $13.25/SF
Area
Chicago, IL
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$33,848,640
Cap Rate 7%
$24,177,600
Cap Rate 9%
$18,804,800
Alternative Uses
Best Use
Office B
$39.16M
$34.26M – $45.68M
NOI $2,741,004 @ 7.0% cap · market cap 13,705.02%
Second Best
Retail
$25.25M
$22.09M – $29.46M
NOI $1,767,396 @ 7.0% cap · market cap 8,836.98%
Theoretical Best
Office A
$60.23M
$52.70M – $70.27M
NOI $4,216,363 @ 7.0% cap · market cap 21,081.82%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
75.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
33,588
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 60611, IL
38,456
Population
28,239
Households
1.4
Avg Household Size
39
Median Age
88%
College-Educated
99%
High-School Grad
0.8 sq mi
ZIP Area
48,070
Density / Sq Mi
$124,621
Median Household Income
$92,917
Median Earnings
$2,416
Median Rent
$608,200
Median Home Value
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Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Six-story mixed-use asset with a connected 208-stall parking garage and ground-level retail on State Street.
Where is this medical office space located?
The property is located at 10 E Ontario Street N-902 Chicago, IL.
What are key features of this property?
This property features: 127,750 RSF six‑story mixed‑use asset completed in 1983 in Chicago’s River North submarket; 208‑stall parking garage connected to the property, with 15,369 RSF of ground‑level retail on State Street; Currently 75.5% leased
