Office Building with Long-Term
55 E Erie St Chicago, IL 60611
55 E Erie St, Chicago, IL, 60611
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For Sale
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Office building offering 3,979 rentable square feet on a 0.61-acre parcel with a 7-year lease through May 2031.
Property Size3,979 SF
Lot Size0.61 Acres
Price / SF$753.96
Days on Market519
Property Features for 55 E Erie St
General Information
- Standard status
- Active
- Size
- 3,979 SF
- Lot size
- 0.61 Acres
- Property subtype
- OFFICE
Listing agency
SAB
(646) 809-8840
Listed by
Mark Pomella · License #10301219652
(646) 809-8840
Source
Moodyscre
Added: Feb 18, 2025 Updated: Jul 22 at 2:45AM Checked: Jul 22 at 2:45AM
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 SAB
Investment Insights
Based on property information with market context.
This office building offers 3,979 rentable square feet on a 0.61-acre parcel along East Erie Street. In 2024, Compass entered into a new 7-year lease with the primary term extending through May 2031. The lease includes annual escalations of 3% and provides two 5-year renewal options.
Located in the Magnificent Mile area of Chicago, the property is positioned near Loyola University Chicago and The School of the Art Institute of Chicago, supporting steady demand from nearby institutions.
Located in the Magnificent Mile area of Chicago, the property is positioned near Loyola University Chicago and The School of the Art Institute of Chicago, supporting steady demand from nearby institutions.
Key Highlights
- Office building with 3,979 rentable SF on a 0.61‑acre parcel along East Erie Street.
- 2024 lease commitment: 7‑year primary term through May 2031.
- Lease includes annual 3% escalations.
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 | $152.8k | $38.40 |
| − Vacancy | −$39.0k | −$9.79 |
| EGI | $113.8k | $28.61 |
| − OpEx | −$28.5k | −$7.15 |
| NOI | $85.4k | $21.46 |
3,979 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.42M
NOI $85,373 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,326 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Chicago IL, 60611
Condominium Complex
Save Abandoned Babies ...
Charitable Organization
Maureen Rush - Chicago ...
Real Estate Agency
Jim Moore Realty ...
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FAQs
What type of property is this?
Office building - Office building offering 3,979 rentable square feet on a 0.61-acre parcel with a 7-year lease through May 2031.
Where is this office building located?
The property is located at 55 E Erie St Chicago, IL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Office building with 3,979 rentable SF on a 0.61‑acre parcel along East Erie Street.; 2024 lease commitment: 7‑year primary term through May 2031.; Lease includes annual 3% escalations.
