Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    550 W Washington Blvd Chicago, IL 60661

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Well-appointed commercial space with versatile layout options for rent.

    Property size:
    9,686 SF
    Lot size:
    0.61 Acres

    Property Features for 550 W Washington Blvd

    General Information

    Size
    9,686 SF
    Lot size
    0.61 Acres

    We can help!

    Listing Contact
    Justin Hucek
    Justin Hucek
    Source: Moodyscre

    Listing Agency: CBRE | Chicago Listing Agent: Justin Hucek

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Modern Commercial Space Available

    This commercial space offers a modern and well-appointed environment suitable for various business needs. The property features versatile layout options, ample natural light, and high ceilings. Customizable floor plans are available to suit unique requirements. The space totals 24671 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cornerstone Solutions Business Management Consultant Co-Optim West Loop Coworking & Hybrid Office SCJ Chicago Coworking & Hybrid Office Les Pannes Industrial Manufacturer 550 West Washington Property Management Company

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6414465
    Latitude
    41.8834008

    Nearby Similar for Lease

    • New
      Contact for pricing
      26,249 SF

      Chicago Shopping Center Retail Space

      Retail spaces available in a busy Chicago shopping center.
      3341-3349 N Harlem Ave, Chicago, IL 60634
      View Details
    • New
      Contact for pricing
      7,248 SF

      Prime Commercial Space in Chicago

      Retail space in North Park business corridor with high visibility.
      3301-3305 W Bryn Mawr Ave, Chicago, IL 60659
      View Details
    • New
      Contact for pricing

      Versatile Commercial Space in Bronzeville

      Freestanding building with flexible space in a transforming neighborhood.
      5010 S State St, Chicago, IL 60609
      View Details
    • New
      Contact for pricing

      Bronzeville Commercial Space For Lease

      Freestanding building with flexible space in Chicago's Bronzeville neighborhood.
      5010 S State St, Chicago, IL 60609
      View Details
    • New
      Contact for pricing

      Bronzeville Commercial Space For Lease

      Freestanding building with flexible space in Chicago's Bronzeville neighborhood.
      5010 S State St, Chicago, IL 60609
      View Details
    • New
      Contact for pricing

      Chicago Office Space For Rent

      11,185 sq ft of premier office space in Bronzeville.
      5050 S State St, Chicago, IL 60609
      View Details
    • New
      Contact for pricing

      Loft-Style Space in Bronzeville Corridor

      Flexible commercial space in a rapidly evolving historic neighborhood.
      507 E Pershing Rd, Chicago, IL 60653
      View Details
    • New
      Contact for pricing

      Loft-Style Space in Bronzeville Corridor

      Flexible commercial space in a rapidly evolving historic neighborhood.
      507 E Pershing Rd, Chicago, IL 60653
      View Details
    • New
      Contact for pricing
      6,922 SF

      Loft-Style Space in Bronzeville Corridor

      Character-rich commercial space with flexibility and presence in growing Bronzeville.
      507 E Pershing Rd, Chicago, IL 60653
      View Details
    • Contact for pricing

      Pilsen Arts District Commercial Space

      1200 sq ft space in vibrant Pilsen Arts District.
      1610 S Halsted St, Chicago, IL 60608
      View Details
    • Contact for pricing

      Corner Commercial Space in Chicago

      Highly visible corner space in West Town/East Village/Ukrainian Village.
      1901 W Chicago Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      4,792 SF

      Medical Office Space Available

      Equipped medical office suite for lease in Chicago.
      7107 W Belmont Ave, Chicago, IL 60634
      View Details

    FAQs

    What type of property is this?
    Office units - Well-appointed commercial space with versatile layout options for rent.
    Where is this office units located?
    The property is located at 550 W Washington Blvd Chicago, IL.
    What are key features of this property?
    This property features: - Modern, **well-appointed commercial space**.; - **Versatile layout options** to suit your business.; - Customizable floor plans.
    (312) 861-7887 Call to check price and availability
    Request Owner's contact information
    550 W Washington Blvd Chicago, IL 60661
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    550 W Washington Blvd
    Chicago, IL 60661
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    550 W Washington Blvd Chicago, IL 60661
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Justin Hucek
    Justin Hucek
    (312) 861-7887 (312) 935-1400
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!