Office/Retail Condo
For Sale
$344,999
1355 W Washington Boulevard #1, Chicago, IL 60607
Move-in-ready office/retail condo with deeded garage parking and active lease through August 2026.
Property Size958 SF
Price / SF$360.12
Days on Market73
Property Features for 1355 W Washington Boulevard #1
General Information
Standard status
Active
Size
958 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
C1-3
Taxes and HOA fees
Annual Taxes
$9,024
Amenities
Central air
Central Air Cooling
Building Details
Year Built
2006
Listing Agency:
GOLDEN CITY REALTY, INC.
(773) 267-2444
Listed By:
MARIA GUTIERREZ · License #475191133
Source:
Corcoran
Added: Jun 10
Changed: Aug 21
Last Checked: Aug 21 at 7:50AM
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 GOLDEN CITY REALTY, INC.
Investment Insights
Based on property information with market context.
This move-in-ready office/retail condo offers 958 SF of flexible interior space designed to support a range of small business and professional uses. The unit includes one deeded garage parking space, providing convenient off-street parking for staff and visitors. The current lease is in place through August 2026, which may appeal to investors while also allowing an eventual transition to an owner-user configuration.
Located at 1355 W Washington Boulevard #1 in Chicago’s West Loop, the property is positioned near restaurants, retail, and public transportation. The combination of nearby amenities and transit access can be helpful for businesses that rely on walk-up traffic and easy commuter reach.
Zoned C1-3, the space permits a broad set of office and retail uses, making it well-suited for entrepreneurs, professionals, and smaller operators seeking a dedicated condo rather than a shared or non-specific commercial floor. Whether you’re planning for continued leasehold operations or evaluating a future owner-user move, the unit’s ready-to-occupy condition and included parking are practical advantages for day-to-day occupancy.
Located at 1355 W Washington Boulevard #1 in Chicago’s West Loop, the property is positioned near restaurants, retail, and public transportation. The combination of nearby amenities and transit access can be helpful for businesses that rely on walk-up traffic and easy commuter reach.
Zoned C1-3, the space permits a broad set of office and retail uses, making it well-suited for entrepreneurs, professionals, and smaller operators seeking a dedicated condo rather than a shared or non-specific commercial floor. Whether you’re planning for continued leasehold operations or evaluating a future owner-user move, the unit’s ready-to-occupy condition and included parking are practical advantages for day-to-day occupancy.
Key Highlights
- Move‑in‑ready 958 SF office/retail commercial condo
- Includes 1 deeded garage parking space
- Active lease in place through August 2026
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
$20,555
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
5.96%
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%
$411,100
$411.1K
Cap Rate 7%
$293,643
$293.6K
Cap Rate 9%
$228,389
$228.4K
Market Conditions
NOI Build-Up for 958 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%
$411,100
Cap Rate 7%
$293,643
Cap Rate 9%
$228,389
Alternative Uses
Best Use
Office B
$293.6K
$256.9K – $342.6K
NOI $20,555 @ 7.0% cap · market cap 5.96%
Second Best
Retail
$189.3K
$165.7K – $220.9K
NOI $13,254 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$451.7K
$395.2K – $527.0K
NOI $31,619 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,436
Businesses Nearby
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?
Office units - Move-in-ready office/retail condo with deeded garage parking and active lease through August 2026.
Where is this office units located?
The property is located at 1355 W Washington Boulevard #1 Chicago, IL.
What is the asking price?
The asking price for this property is $344,999.
What are key features of this property?
This property features: Move‑in‑ready 958 SF office/retail commercial condo; Includes 1 deeded garage parking space; Active lease in place through August 2026
