Ground-Floor Retail
For Sale
Contact for pricing
161 W Harrison St, Chicago, IL 60605
Existing clinic improvements offer a flexible foundation for medical, wellness, professional office, or retail occupancy.
Property Size3,137 SF
Price / SF$286.74
Days on Market155
Property Features for 161 W Harrison St
General Information
Standard status
Active
Size
3,137 SF
Class
B
Property subtype
Office, Retail
Zoning
DX-12 (Downtown Mixed-Use District), City of Chicago
Investment Type
Owner/User
Site & Location
Corner Location
Yes
Public Transit
Yes
Additional Details
Floor
Ground
Office Units
1
Building Details
Year Built
1998
Buildings
1
Stories
8
Units
1
Listing Agency:
Kawash Real Estate Group
(630) 337-9126
Listed By:
Nedal Kawash · License #IL 471022064
Source:
Crexi
Added: Mar 30
Changed: Aug 30
Last Checked: Aug 30 at 4:30PM
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 Kawash Real Estate Group
Investment Insights
Based on property information with market context.
This 3,137-square-foot ground-floor retail condominium occupies space in the Patten Building at 161 W Harrison St. The interior was previously operated as a medical clinic and retains an established clinic-oriented build-out that can support medical, wellness, and professional office functions, while also allowing adaptation for retail use. The property is zoned DX-12, Downtown Mixed-Use District, by the City of Chicago.
The condominium sits at the corner of Harrison Street and Financial Place in Chicago’s South Loop / Printer’s Row submarket. The mixed-use building includes residential units above and is professionally managed. Its urban setting includes dense residential development, access to downtown employment centers, and public transportation connections.
The condominium sits at the corner of Harrison Street and Financial Place in Chicago’s South Loop / Printer’s Row submarket. The mixed-use building includes residential units above and is professionally managed. Its urban setting includes dense residential development, access to downtown employment centers, and public transportation connections.
Key Highlights
- 3,137 SF ground‑floor retail condominium
- Former medical clinic with existing healthcare‑oriented build‑out
- Adaptable layout for medical, wellness, professional office, or retail use
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
$67,307
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
7.48%
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%
$1,346,140
$1.3M
Cap Rate 7%
$961,529
$961.5K
Cap Rate 9%
$747,856
$747.9K
Market Conditions
NOI Build-Up for 3,137 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
$120.5K $38.40/SF
− Vacancy
−$30.7K −$9.79/SF
EGI
$89.7K $28.61/SF
− OpEx
−$22.4K −$7.15/SF
NOI
$67.3K $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%
$1,346,140
Cap Rate 7%
$961,529
Cap Rate 9%
$747,856
Alternative Uses
Best Use
Office B
$961.5K
$841.3K – $1.12M
NOI $67,307 @ 7.0% cap · market cap 7.48%
Second Best
Retail
$620.0K
$542.5K – $723.3K
NOI $43,400 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$1.48M
$1.29M – $1.73M
NOI $103,536 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
21,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 60605, IL
34,071
Population
20,478
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
24,336
Density / Sq Mi
$118,403
Median Household Income
$82,091
Median Earnings
$2,402
Median Rent
$495,900
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?
Retail space - Existing clinic improvements offer a flexible foundation for medical, wellness, professional office, or retail occupancy.
Where is this retail space located?
The property is located at 161 W Harrison St Chicago, IL.
What is the asking price?
The asking price for this property is $899,500.
What are key features of this property?
This property features: 3,137 SF ground‑floor retail condominium; Former medical clinic with existing healthcare‑oriented build‑out; Adaptable layout for medical, wellness, professional office, or retail use
