South Loop Office Building
1455 S Michigan Avenue Chicago, IL 60605
1455 S Michigan Avenue, Chicago, IL, 60605
$7,190,000
For Sale
$7,190,000
For sale 22,500 SF office building on a half-acre site with DX-7 zoning and an operating business onsite.
Property Size22,500 SF
Lot Size0.50 Acres
Price / SF$319.56
Days on Market22
Property Features for 1455 S Michigan Avenue
General Information
- Standard status
- Active
- Size
- 22,500 SF
- Lot size
- 0.50 Acres
Building Details
- Year Built
- 1910
Listing Agency
Berkshire Hathaway HomeServices Speckman Realty
(815) 922-6924
Listed by
LISA SANFORD · License #471002971
(815) 922-6924
Source
Lisasanford.idxbroker
Added: Jun 30 Updated: Jul 10 at 2:09 pm Checked: Jul 19 at 2:12 am
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 Berkshire Hathaway HomeServices Speckman Realty
Investment Insights
Based on property information with market context.
This offering includes a 22,500 SF office building situated on a half-acre land site. The property is currently improved and houses a successful operating business. Public remarks indicate the business generates over $2,000,000 in revenue, which may appeal to both investors and owner-users seeking an established operation at acquisition.
The building is presented as an opportunity in Chicago’s South Loop corridor. While the exact building configuration beyond its office use is not detailed here, the property is marketed as a versatile site supported by its current DX-7 zoning designation.
From a tenant or owner-user standpoint, the existing office improvements provide a ready platform for an organization looking to occupy space within an established business environment. For buyers evaluating redevelopment or re-positioning, the public remarks note that the property’s DX-7 zoning provides a foundation for multiple potential strategic plays, including options related to development intensity. Interested parties should review the zoning details and operational circumstances during their due diligence and can request additional information or a tour to evaluate fit and next steps.
The building is presented as an opportunity in Chicago’s South Loop corridor. While the exact building configuration beyond its office use is not detailed here, the property is marketed as a versatile site supported by its current DX-7 zoning designation.
From a tenant or owner-user standpoint, the existing office improvements provide a ready platform for an organization looking to occupy space within an established business environment. For buyers evaluating redevelopment or re-positioning, the public remarks note that the property’s DX-7 zoning provides a foundation for multiple potential strategic plays, including options related to development intensity. Interested parties should review the zoning details and operational circumstances during their due diligence and can request additional information or a tour to evaluate fit and next steps.
Key Highlights
- 22,500 SF office building on a 1/2‑acre land site in Chicago’s South Loop corridor
- Year built 1910 office building
- On‑site operating business currently generating over $2,000,000 in revenue
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 | $864.0k | $38.40 |
| − Vacancy | −$220.3k | −$9.79 |
| EGI | $643.7k | $28.61 |
| − OpEx | −$160.9k | −$7.15 |
| NOI | $482.8k | $21.46 |
22,500 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$6.90M
$6.03M – $8.05M
NOI $482,760 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.61M
$9.28M – $12.38M
NOI $742,608 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Ivy Garden Learning ...
High School
Ivy Garden Learning ...
Daycare Center
JDS Advisors Ltd
Business Management Consultant
Mr. David O'connell
Physician
Deer Rehab Services ...
Rehabilitation Center
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FAQs
What type of property is this?
Office building - For sale 22,500 SF office building on a half-acre site with DX-7 zoning and an operating business onsite.
Where is this office building located?
The property is located at 1455 S Michigan Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $7,190,000.
What are key features of this property?
This property features: 22,500 SF office building on a 1/2‑acre land site in Chicago’s South Loop corridor; Year built 1910 office building; On‑site operating business currently generating over $2,000,000 in revenue
