Three-Story Mixed-Use
For Sale
$4,840,000
175 W Washington St, Chicago, IL 60602
Office and retail improvements include a mezzanine and additional basement space in Chicago’s Central Loop district.
Property Size22,820 SF
Price / SF$158.02
Days on Market11
Property Features for 175 W Washington St
General Information
Standard status
Active
Size
22,820 SF
Additional Details
Public Transit
Yes
Building Details
Year Built
1933
Buildings
1
Stories
3
Building Size
22,820 SF
Listing Agency:
Real Broker LLC
(773) 516-1111
Listed By:
Rafay Qamar · License #475158420
Source:
Amyboston.realtopiare
Added: Aug 22
Changed: Aug 31
Last Checked: Aug 31 at 7:46PM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
Located at 175 W. Washington Street, this three-story mixed-use building combines office and retail space with a mezzanine and additional basement area. The property was built in 1933 and carries OFFIC zoning.
The building is positioned in Chicago’s Central Loop district near City Hall, El and Metra stations, and area restaurants. It also has an Orange-tag designation from the Chicago Landmarks Association, providing a notable property characteristic for ownership or occupancy considerations.
The building is positioned in Chicago’s Central Loop district near City Hall, El and Metra stations, and area restaurants. It also has an Orange-tag designation from the Chicago Landmarks Association, providing a notable property characteristic for ownership or occupancy considerations.
Key Highlights
- 22,820 SF of office and retail space
- Three‑story building with mezzanine and basement areas
- OFFIC zoning
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
$423,746
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
8.76%
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%
$8,474,920
$8.5M
Cap Rate 7%
$6,053,514
$6.1M
Cap Rate 9%
$4,708,289
$4.7M
Market Conditions
NOI Build-Up for 30,629 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
$661.6K $21.60/SF
− Vacancy
−$56.2K −$1.84/SF
EGI
$605.4K $19.76/SF
− OpEx
−$181.6K −$5.93/SF
NOI
$423.7K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$8,474,920
Cap Rate 7%
$6,053,514
Cap Rate 9%
$4,708,289
Alternative Uses
Best Use
Office B
$9.39M
$8.21M – $10.95M
NOI $657,176 @ 7.0% cap · market cap 13.58%
Second Best
Mixed Use
$7.38M
$6.46M – $8.61M
NOI $516,864 @ 7.0% cap · market cap 10.68%
Theoretical Best
Office A
$14.44M
$12.64M – $16.85M
NOI $1,010,904 @ 7.0% cap · market cap 20.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
41,763
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Office and retail improvements include a mezzanine and additional basement space in Chicago’s Central Loop district.
Where is this mixed-use property located?
The property is located at 175 W Washington St Chicago, IL.
What is the asking price?
The asking price for this property is $4,840,000.
What are key features of this property?
This property features: 22,820 SF of office and retail space; Three‑story building with mezzanine and basement areas; OFFIC zoning
