Retail and Office Condo
For Sale
Contact for pricing
1355 W Washington Blvd, Chicago, IL 60607
Retail and office condo with an in-place medical wellness tenant and one indoor garage parking space with rear access.
Property Size959 SF
Price / SF$401.46
Days on Market873
Property Features for 1355 W Washington Blvd
General Information
Standard status
Active
Size
959 SF
Total Parking Spaces
1
Property subtype
RETAIL
Site & Location
Neighborhood
Near West Side
Highway Access
Yes
Listing Agency:
CRER
(773) 327-9300
Listed By:
Tuyen Nguyen · License #471006001
(773) 879-0713
Source:
Moodyscre
Added: Jun 12, 2024
Changed: Oct 25
Last Checked: Oct 30 at 4:58PM
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 CRER
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This retail and office condo is configured as an income-producing unit with a long-term medical wellness tenant already in place. The lease is secured until August 2026 and includes two five-year renewal options. A key feature is one indoor garage parking space, accessed conveniently from the rear.
The property is located in the West Loop area of Chicago, near highway access and within proximity to Washington/Wells Station and Ogden Avenue. It is also described as being about 5 minutes from the United Center.
The city council has approved the 1901 Project, a $7 billion development planned to transform 55 acres into a campus with music venues, retail, hotels, green spaces, and affordable housing, with construction starting this spring.
The property is located in the West Loop area of Chicago, near highway access and within proximity to Washington/Wells Station and Ogden Avenue. It is also described as being about 5 minutes from the United Center.
The city council has approved the 1901 Project, a $7 billion development planned to transform 55 acres into a campus with music venues, retail, hotels, green spaces, and affordable housing, with construction starting this spring.
Key Highlights
- Retail and office condo with an in‑place medical wellness tenant under a lease secured until August 2026
- Lease includes two five‑year renewal options
- Includes 1 indoor garage parking space with convenient rear access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,576
Cap Rate
5.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$411,520
$411.5K
Cap Rate 7%
$293,943
$293.9K
Cap Rate 9%
$228,622
$228.6K
Market Conditions
NOI Build-Up for 959 SF
Gross rent
$36.8K $38.40/SF
− Vacancy
−$9.4K −$9.79/SF
EGI
$27.4K $28.61/SF
− OpEx
−$6.9K −$7.15/SF
NOI
$20.6K $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%
$411,520
Cap Rate 7%
$293,943
Cap Rate 9%
$228,622
Alternative Uses
Best Use
Office B
$293.9K
$257.2K – $342.9K
NOI $20,576 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$189.5K
$165.9K – $221.1K
NOI $13,268 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$452.2K
$395.7K – $527.5K
NOI $31,652 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,436
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Similar Off Market Nearby
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- West Loop Veterinary Care — 815 W Randolph St, Chicago, IL 60607
Frequently Asked Questions
What type of property is this?
Medical Office Space - Retail and office condo with an in-place medical wellness tenant and one indoor garage parking space with rear access.
Where is this medical office space located?
The property is located at 1355 W Washington Blvd Chicago, IL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Retail and office condo with an in‑place medical wellness tenant under a lease secured until August 2026; Lease includes two five‑year renewal options; Includes 1 indoor garage parking space with convenient rear access
