Three-Story Mixed-Use
For Sale
$4,840,000
175 W Washington Street, Chicago, IL 60602
Office and retail improvements include a mezzanine and additional basement space in Chicago’s Central Loop district.
Property Size30,629 SF
Price / SF$158.02
Days on Market788
Property Features for 175 W Washington Street
General Information
Standard status
Active
Size
30,629 SF
Property subtype
COMMERCIAL
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$226,404
Building Details
Building Size
30,629 SF
Year Built
1933
Buildings
1
Stories
3
Listing Agency:
Real Broker LLC 855-450-0442 Overview Additional information MLS R ID 12136139 Interior features Bedrooms 0 Cooling Yes Exterior features Lot Size 0.21 Acres Other property details Taxes $226,404 Tax Frequency Annually Coldwell Banker Dawn McKenna Group Request a tour Contact agent Request a tour Contact agent Listed by Rafay Qamar with Real Broker LLC 855-450-0442
Listed By:
Rafay Qamar · License #475158420
(773) 516-1111
Source:
Dawnmckennagroup
Added: Aug 21, 2024
Changed: Oct 12
Last Checked: Oct 16 at 6:05PM
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 Real Broker LLC 855-450-0442 Overview Additional information MLS R ID 12136139 Interior features Bedrooms 0 Cooling Yes Exterior features Lot Size 0.21 Acres Other property details Taxes $226,404 Tax Frequency Annually Coldwell Banker Dawn McKenna Group Request a tour Contact agent Request a tour Contact agent Listed by Rafay Qamar with Real Broker LLC 855-450-0442
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Investment Insights
Based on property information with market context.
Located at 175 W. Washington Street, this three-story mixed-use building combines office and retail space with a mezzanine and additional basement area. The property was built in 1933 and carries OFFIC zoning.
The building is positioned in Chicago’s Central Loop district near City Hall, El and Metra stations, and area restaurants. It also has an Orange-tag designation from the Chicago Landmarks Association, providing a notable property characteristic for ownership or occupancy considerations.
The building is positioned in Chicago’s Central Loop district near City Hall, El and Metra stations, and area restaurants. It also has an Orange-tag designation from the Chicago Landmarks Association, providing a notable property characteristic for ownership or occupancy considerations.
Key Highlights
- 22,820 SF of office and retail space
- Three‑story building with mezzanine and basement areas
- OFFIC zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$423,746
Cap Rate
8.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,474,920
$8.5M
Cap Rate 7%
$6,053,514
$6.1M
Cap Rate 9%
$4,708,289
$4.7M
Market Conditions
NOI Build-Up for 30,629 SF
Gross rent
$661.6K $21.60/SF
− Vacancy
−$56.2K −$1.84/SF
EGI
$605.4K $19.76/SF
− OpEx
−$181.6K −$5.93/SF
NOI
$423.7K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,474,920
Cap Rate 7%
$6,053,514
Cap Rate 9%
$4,708,289
Alternative Uses
Best Use
Office B
$9.39M
$8.21M – $10.95M
NOI $657,176 @ 7.0% cap · market cap 13.58%
Second Best
Mixed Use
$7.38M
$6.46M – $8.61M
NOI $516,864 @ 7.0% cap · market cap 10.68%
Theoretical Best
Office A
$14.44M
$12.64M – $16.85M
NOI $1,010,904 @ 7.0% cap · market cap 20.89%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
41,763
Businesses Nearby
Explore this area
Business Placement
Demographics for 60602, IL
1,261
Population
551
Households
2.3
Avg Household Size
39
Median Age
49%
College-Educated
97%
High-School Grad
0.1 sq mi
ZIP Area
12,610
Density / Sq Mi
$123,047
Median Household Income
$43,500
Median Earnings
$2,775
Median Rent
$383,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Mixed-use property - Office and retail improvements include a mezzanine and additional basement space in Chicago’s Central Loop district.
Where is this mixed-use property located?
The property is located at 175 W Washington Street Chicago, IL.
What is the asking price?
The asking price for this property is $4,840,000.
What are key features of this property?
This property features: 22,820 SF of office and retail space; Three‑story building with mezzanine and basement areas; OFFIC zoning
