Three-Story Office
For Sale
$4,840,000
175 W Washington Street, Chicago, IL 60602
Commercial Sale, Chicago, IL
Property Size22,820 SF
Lot Size0.21 Acres
Price / SF$212.09
Days on Market789
Property Features for 175 W Washington Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
OFFIC
Directions
Exit 90 94 west at Washington Blvd. Turn right at W. Washington St. Proceed to property on south side of st.
Subdivision
CHI - Loop
Standard status
Active
APN
17094570060000
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
226404
Utilities
Cooling system
Central Air
Building Details
Year built
1933
Floors in Building
3
Listing Agency:
Real Broker LLC
(217) 960-8605
Listed By:
Rafay Qamar · License #475158420
(630) 439-6385
Added: Aug 20, 2024
Changed: Oct 10
Last Checked: Oct 17 at 5:06AM
MLS# 12136139
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This three-story office building at 175 W. Washington Street combines office and retail space within a 1933 structure. The property includes a mezzanine and basement in addition to its above-grade floors, with central air conditioning serving the building. The reported floor areas are not summarized here because the component figures do not reconcile with the stated total.
The property is located in Chicago’s Central Loop district near City Hall, El and Metra stations, and restaurants. It also carries an Orange-tag designation associated with the Chicago Landmarks Association. OFFIC zoning is identified for the property.
The property is located in Chicago’s Central Loop district near City Hall, El and Metra stations, and restaurants. It also carries an Orange-tag designation associated with the Chicago Landmarks Association. OFFIC zoning is identified for the property.
Key Highlights
- Three‑story office and retail building constructed in 1933
- OFFIC zoning designation
- Central air conditioning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$315,710
Cap Rate
6.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,314,200
$6.3M
Cap Rate 7%
$4,510,143
$4.5M
Cap Rate 9%
$3,507,889
$3.5M
Market Conditions
NOI Build-Up for 22,820 SF
Gross rent
$492.9K $21.60/SF
− Vacancy
−$41.9K −$1.84/SF
EGI
$451.0K $19.76/SF
− OpEx
−$135.3K −$5.93/SF
NOI
$315.7K $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%
$6,314,200
Cap Rate 7%
$4,510,143
Cap Rate 9%
$3,507,889
Alternative Uses
Best Use
Office B
$6.99M
$6.12M – $8.16M
NOI $489,626 @ 7.0% cap · market cap 10.12%
Second Best
Retail
$4.51M
$3.95M – $5.26M
NOI $315,710 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$10.76M
$9.41M – $12.55M
NOI $753,170 @ 7.0% cap · market cap 15.56%
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
Check the figures for this property
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?
Office building - Office and retail space occupies a 1933 building with central air and OFFIC zoning.
Where is this office building 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: Three‑story office and retail building constructed in 1933; OFFIC zoning designation; Central air conditioning
