River North Loft Office
221 West Erie Street Chicago, IL 60654
221 West Erie Street, Chicago, IL, 60654
$1,800,000
For Sale
$1,800,000
Two-story, 5,000 SF office building in Chicago's River North.
Property Size5,000 SF
Price / SF$360
Days on Market99
Property Features for 221 West Erie Street
General Information
- Standard status
- Active
- Size
- 5,000 SF
- Property subtype
- Retail
Listing agency
CBRE - Chicago
(913) 909-9529
Listed by
Dominic Soltero · License #475153308
(913) 909-9529
Source
Cbre
Added: Apr 15 Updated: Jul 10 at 1:13PM Checked: Jul 16 at 5:08AM
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 CBRE - Chicago
Investment Insights
Based on property information with market context.
Located in the heart of Chicago's River North, 221 West Erie is a two-story office building featuring 5,000 square feet of space. This loft office building blends modern elegance and artistic charm. A custom staircase serves as a focal point, leading to an inviting second floor that includes an atrium bay window overlooking Erie Street. The layout features a full bath on the second floor and two half baths, one on each level. Hardwood maple floors extend throughout the building. Essential amenities include HVAC, burglar and fire alarm systems, and a built-in audio system with intercom. The property is equipped with 3-Phase, 240V, 520 Amp electrical services. River North is known as a live, work, play neighborhood.
Key Highlights
- Prime River North location in Chicago's live, work, play neighborhood.
- 5,000 SF two‑story loft office building.
- Unique architectural features including a dramatic custom staircase and atrium bay window.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $192.0k | $38.40 |
| − Vacancy | −$49.0k | −$9.79 |
| EGI | $143.0k | $28.61 |
| − OpEx | −$35.8k | −$7.15 |
| NOI | $107.3k | $21.46 |
5,000 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.53M
$1.34M – $1.79M
NOI $107,280 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Paintings On A Wall Chicago
Art Gallery
Krueck and Sexton Architects
Architect
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Two-story, 5,000 SF office building in Chicago's River North.
Where is this office building located?
The property is located at 221 West Erie Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Prime River North location in Chicago's live, work, play neighborhood.; 5,000 SF two‑story loft office building.; Unique architectural features including a dramatic custom staircase and atrium bay window.
