South Loop Office Building
For Sale
$6,900,000
1455 S Michigan Ave, Chicago, IL 60605
For sale 22,500 SF office building on a half-acre site with DX-7 zoning and an operating business onsite.
Property Size22,640 SF
Lot Size0.50 Acres
Price / SF$304.77
Days on Market100
Property Features for 1455 S Michigan Ave
General Information
Standard status
Active
Size
22,640 SF
Lot size
0.50 Acres
Zoning
DX-7
Additional Details
Business Included
Yes
Building Details
Year Built
1910
Listing Agency:
Baird & Warner
Listed By:
Michael Galvan · License #471021529
(708) 460-4900
Source:
Amyboston.realtopiare
Added: Jun 30
Changed: Oct 1
Last Checked: Oct 5 at 9:00PM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This offering includes a 22,500 SF office building situated on a half-acre land site. The property is currently improved and houses a successful operating business. Public remarks indicate the business generates over $2,000,000 in revenue, which may appeal to both investors and owner-users seeking an established operation at acquisition.
The building is presented as an opportunity in Chicago’s South Loop corridor. While the exact building configuration beyond its office use is not detailed here, the property is marketed as a versatile site supported by its current DX-7 zoning designation.
From a tenant or owner-user standpoint, the existing office improvements provide a ready platform for an organization looking to occupy space within an established business environment. For buyers evaluating redevelopment or re-positioning, the public remarks note that the property’s DX-7 zoning provides a foundation for multiple potential strategic plays, including options related to development intensity. Interested parties should review the zoning details and operational circumstances during their due diligence and can request additional information or a tour to evaluate fit and next steps.
The building is presented as an opportunity in Chicago’s South Loop corridor. While the exact building configuration beyond its office use is not detailed here, the property is marketed as a versatile site supported by its current DX-7 zoning designation.
From a tenant or owner-user standpoint, the existing office improvements provide a ready platform for an organization looking to occupy space within an established business environment. For buyers evaluating redevelopment or re-positioning, the public remarks note that the property’s DX-7 zoning provides a foundation for multiple potential strategic plays, including options related to development intensity. Interested parties should review the zoning details and operational circumstances during their due diligence and can request additional information or a tour to evaluate fit and next steps.
Key Highlights
- 22,500 SF office building on a 1/2‑acre land site in Chicago’s South Loop corridor
- Year built 1910 office building
- On‑site operating business currently generating over $2,000,000 in revenue
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$485,764
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,715,280
$9.7M
Cap Rate 7%
$6,939,486
$6.9M
Cap Rate 9%
$5,397,378
$5.4M
Market Conditions
NOI Build-Up for 22,640 SF
Gross rent
$869.4K $38.40/SF
− Vacancy
−$221.7K −$9.79/SF
EGI
$647.7K $28.61/SF
− OpEx
−$161.9K −$7.15/SF
NOI
$485.8K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,715,280
Cap Rate 7%
$6,939,486
Cap Rate 9%
$5,397,378
Alternative Uses
Best Use
Office B
$6.94M
$6.07M – $8.10M
NOI $485,764 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.67M
$9.34M – $12.45M
NOI $747,229 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,044
Businesses Nearby
Explore this area
Business Placement
Demographics for 60605, IL
34,071
Population
20,478
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
24,336
Density / Sq Mi
$118,403
Median Household Income
$82,091
Median Earnings
$2,402
Median Rent
$495,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Office building - For sale 22,500 SF office building on a half-acre site with DX-7 zoning and an operating business onsite.
Where is this office building located?
The property is located at 1455 S Michigan Ave Chicago, IL.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: 22,500 SF office building on a 1/2‑acre land site in Chicago’s South Loop corridor; Year built 1910 office building; On‑site operating business currently generating over $2,000,000 in revenue
