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 Market825
Property Features for 1355 W Washington Blvd
General Information
Standard status
Active
Size
959 SF
Total Parking Spaces
1
Property subtype
RETAIL
Additional Details
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: Sep 2
Last Checked: Sep 13 at 5:09AM
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
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 = 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
$20,576
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
5.34%
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%
$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
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
$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 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%
$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.
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
Questions? Ask Rey
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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
