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    East Rogers Park Office Space Title is generated by Realmo AI

    1607 W Howard Street #3RD-FLOOR-W, Chicago, IL 60626

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    For Lease
    $17 SF/Yr

    Premier office building near transportation and shopping.

    Added:
    Nov 8, 2024
    Days on Market:
    572
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 1607 W Howard Street #3RD-FLOOR-W

    General Information

    Standard status
    Active

    Building Details

    Year Built
    1928

    We can help!

    Listing Contact
    ALAN GOLDBERG

    Listing agent ALAN GOLDBERG

    Listing office AL GOLDBERG REAL ESTATE LLC

    Listing date Nov 8, 2024

    Source Corcoran

    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 AL GOLDBERG REAL ESTATE LLC

    HighLights

    • Free parking for over 50 cars.
    • Located one block from the CTA Howard Transit Terminal (Red Line El, Evanston Express, Skokie Swift, CTA/Pace Bus lines).
    • New elevator, windows, electric, and HVAC systems.
    • Premier four‑story office building in East Rogers Park.
    • 3,182 SF available on the 3rd floor with an additional 747 SF space on the 4th floor.
    • Close proximity to Gateway Shopping Center (Jewel‑Osco, Esporta Fitness) and numerous restaurants.

    Overview

    The Howard Building is a four-story office building in East Rogers Park, offering spaces suitable for general office, medical, or social service purposes. The building features new windows, masonry, electric, and HVAC systems, along with a new elevator and free parking. The 3rd floor has 3,182 square feet available, with an additional 747 square feet space available on the 4th Floor. The 3rd-floor suite includes a glass door entrance directly off the elevator, large multi-stall men's and women's washrooms, and an executive washroom. A 700 square foot kitchen suite could be separated from the larger 3,182 square foot space at a negotiated rent. Unit 4D, a 747 square foot space, is also available. Large insulated windows provide natural light. The office building is located one block east of the CTA Howard Transit Terminal, providing access to Red Line El, Evanston Express, Skokie Swift, and CTA Pace Bus lines. The Gateway Shopping Center, featuring a Jewel-Osco and Esporta Fitness, is two blocks away. Nearby dining options include Howard St Tap and Cafe, Factory Theatre, Pekish Pig, Good to Go, Buffalo Joes, Badou Senegalese Cuiosine, and Carribean American Bakery. The building provides a large, free fenced parking lot for over 50 cars.
    Property Profile Location Intelligence

    Current Use by Public Records

    Housing Opportunities for Women ... Social Service Agency Normalcy Home Health Home Health Care Service Daniel M. Bader, ... Counselor Mental Health Clinic Public Health Department

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6717
    Latitude
    42.0191

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    FAQs

    What type of property is this?
    Office building - Premier office building near transportation and shopping.
    Where is this office building located?
    The property is located at 1607 W Howard Street #3RD-FLOOR-W Chicago, IL.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: Free parking for over 50 cars.; Located one block from the CTA Howard Transit Terminal (Red Line El, Evanston Express, Skokie Swift, CTA/Pace Bus lines).; **New elevator, windows, electric, and HVAC systems.**
    (847) 328-9383
    We can help!
    Listing Contact
    ALAN GOLDBERG
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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