River North Three-Story Office
158 W Erie St, Chicago, IL 60654
Historic 7,100 SF building in the heart of River North.
Type:Mixed Use, Office, Retail
Property size:
7,100 SFPrice / SF:
$352/SF- Added:
- Jan 9, 2026
- Days on Market:
- 168
- Last Refresh:
- Mar 16 at 1:37 pm
Property Features for 158 W Erie St
General Information
- Standard status
- Active
- Size
- 7,100 SF
- Property subtype
- Mixed Use, Office, Retail
Listing office CBRE - Chicago
Listing date Jan 9, 2026
Source Crexi
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 CBRE - Chicago
HighLights
- Prime River North location in a vibrant live, work, play neighborhood.
- Exceptional transit access: close proximity to Merchandise Mart and Chicago 'L' stops, and Ohio feeder ramp for major highways (I‑290, I‑90, I‑94).
- Historic, iconic three‑story building with approximately 7,100 SF of space.
- Elevator service to all floors and a full basement.
- Can be delivered in shell or vanilla box condition, offering flexibility for customization.
- Suitable for office, retail, medical, or entertainment uses.
Overview
Located in the River North neighborhood of Chicago, Illinois, 158 West Erie is a three-story office building offering 7,100 square feet of space. This historic property, originally constructed as a 3-bay horse-drawn fire engine station, features approximately 2,367 square feet per floor. The entire building is available for sale and can be delivered in shell or vanilla box condition. The building includes a full basement and elevator service to all floors, as well as abundant power. The property is located within a six-minute walk of both the Merchandise Mart and Chicago 'L' stops. The Ohio feeder ramp is two blocks west of the property, providing access to I-290, I-90, and I-94. The River North location and proximity to public transit and major highways make this property suitable for office, retail, medical, or entertainment uses.
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 | $272.6k | $38.40 |
| − Vacancy | −$69.5k | −$9.79 |
| EGI | $203.1k | $28.61 |
| − OpEx | −$50.8k | −$7.15 |
| NOI | $152.3k | $21.46 |
7,100 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.18M
$1.90M – $2.54M
NOI $152,338 @ 7.0% cap · market cap 6.09%
Second Best
Mixed Use
$1.71M
$1.50M – $2.00M
NOI $119,813 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,334 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
FREE Rapid & PCR ...
Medical Laboratory
Xpress Clinics
Medical Clinic
Escape Room Despair
Arcade & Gaming Center
Law Offices of Matthew ...
Law Firm
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6334956
- Latitude
- 41.8942462
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Historic 7,100 SF building in the heart of River North.
Where is this mixed-use property located?
The property is located at 158 W Erie St Chicago, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Prime River North location in a vibrant live, work, play neighborhood.; Exceptional transit access: close proximity to Merchandise Mart and Chicago 'L' stops, and Ohio feeder ramp for major highways (I‑290, I‑90, I‑94).; Historic, iconic three‑story building with approximately 7,100 SF of space.
