Downtown Chicago Commercial
For Sale
$350,000
111 North Wabash Avenue Ste 1801, Chicago, IL 60602
2,800 SF commercial condo in iconic Garland Building.
Property Size1,506 SF
Price / SF$232.40
Days on Market163
Property Features for 111 North Wabash Avenue Ste 1801
General Information
Standard status
Active
Size
1,506 SF
Property subtype
Office
Listed By:
Dominic Rossi III
(630) 768-6769
Source:
Jrossiandassociates
Added: Mar 27
Changed: Sep 4
Last Checked: Sep 5 at 6:58AM
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 Dominic Rossi III
Investment Insights
Based on property information with market context.
Located in the heart of Downtown Chicago, this 2,800 SF commercial condominium is situated on the 16th floor of the iconic Garland Building at 111 N. Wabash Avenue. Constructed in 1917, this architecturally significant property combines historic character with modern functionality, creating a professional environment suitable for medical, office, or research purposes. Previously occupied by an optometrist, the space is well-suited for continued medical or healthcare-related use. The flexible floor plan accommodates various configurations, making it suitable for a medical suite, legal office, creative workspace, or financial services operation. The suite features central HVAC, a wet sprinkler system, and separate electrical meters, with access to central building services. Offered as a commercial condo, this property provides long-term occupancy control in one of Chicago's recognized business corridors. The B-2 zoning supports a wide range of office and commercial uses, making it well-suited for owner-users or professional practices seeking a permanent Downtown presence.
Key Highlights
- Prime Downtown Chicago location in the iconic Garland Building.
- 2,800 SF commercial condominium offering long‑term occupancy control.
- Flexible floor plan suitable for medical, office, or research use.
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
$19,951
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
5.70%
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%
$399,020
$399.0K
Cap Rate 7%
$285,014
$285.0K
Cap Rate 9%
$221,678
$221.7K
Market Conditions
NOI Build-Up for 1,506 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
$36.1K $24.00/SF
− Vacancy
−$2.9K −$1.92/SF
EGI
$33.3K $22.08/SF
− OpEx
−$13.3K −$8.83/SF
NOI
$20.0K $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 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%
$399,020
Cap Rate 7%
$285,014
Cap Rate 9%
$221,678
Alternative Uses
Best Use
Office B
$461.6K
$403.9K – $538.6K
NOI $32,313 @ 7.0% cap · market cap 9.23%
Second Best
Healthcare Medical
$285.0K
$249.4K – $332.5K
NOI $19,951 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$710.1K
$621.3K – $828.4K
NOI $49,705 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39,284
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 units - 2,800 SF commercial condo in iconic Garland Building.
Where is this office units located?
The property is located at 111 North Wabash Avenue Ste 1801 Chicago, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Prime Downtown Chicago location in the iconic Garland Building.; 2,800 SF commercial condominium offering long‑term occupancy control.; Flexible floor plan suitable for medical, office, or research use.
