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    River North Professional Suites Title is generated by Realmo AI

    22 W Ontario Street, Chicago, IL 60654

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    COMMERCIAL - Chicago, IL

    Type:Office
    Property size:
    799 SF
    Added:
    May 22, 2026
    Days on Market:
    2
    Last Refresh:
    May 23 at 11:06 pm

    Property Features for 22 W Ontario Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    COMMR
    Standard status
    Active
    Size
    799 SF

    Utilities

    Utilities
    Natural Gas Available
    Cooling system
    Central Air

    Building Details

    Year built
    1882
    Floors in Building
    1
    Number of units
    1
    Building materials
    Brick
    Roof type
    Membrane

    We can help!

    Listing Contact
    Mark Kelner
    Mark Kelner

    Listing agent Mark Kelner License #475189767

    Listing office United Realty Group, Inc. 725 E. Dundee Rd, Suite 201-, Arlington Heights, IL

    Listing date May 22, 2026

    MLS# 12651998

    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.

    HighLights

    • Prime River North location surrounded by luxury residences and professional services.
    • Move‑in ready private suite (799 sq ft) designed for medical, mental health, and consultation practitioners.
    • Gross lease terms include all utilities, internet, heat, electric, water, waste management, and building security.
    • Features original exposed brick, high ceilings, and bay windows.
    • Thoughtful layout with private alcove plus main treatment room.
    • Access to shared common areas including kitchenette and updated bathrooms.

    Overview

    Private professional suites are available for immediate occupancy in the heart of River North, Chicago. Designed specifically for medical, mental health, and consultation practitioners, the suites offer a discreet and refined client experience. Suite B features approximately 799 square feet of premium space with original exposed brick, high ceilings, and bay windows. The layout includes a private alcove plus a main treatment room, ideal for therapy and consultation practices. The space is suitable for clinical psychologists, licensed therapists, marriage and family therapists, psychiatric nurse practitioners, functional medicine doctors, nutritionists, executive coaches, and wellness professionals who require a calm, focused environment. The suites provide a private, quiet sanctuary designed for practitioners who treat setting as part of the service and clientele who expect discretion and professionalism. The suites are move-in ready with gross lease terms that handle all utilities, internet, heat, electric, water, waste management, and building security. Access is provided to beautifully maintained shared common areas including a kitchenette, updated bathrooms, designated mailbox access, and professionally maintained corridors throughout the floor. Located in prime River North, surrounded by luxury residential towers and professional services, the address positions a practice in one of Chicago's most sought-after districts with strong foot traffic. This is an exceptional opportunity for established practitioners, independent consultants, or mental health professionals ready to establish a flagship location.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wowzers Training Center Taco Maya - River ... Grocery & Convenience Store ONTARIO STREET OPERATORY ... Medical Clinic Lifetime Financial Partners Loan Service

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Pharmacy

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

    Similar Places Nearby

    • VetSpotting — 222 W Merchandise Mart Plaza STE 1230, Chicago, IL 60654
    • Chicago in Home Veterinary Care — 564 W Randolph St, Chicago, IL 60661
    • East Side Veterinary Clinic — 333 E Benton Pl Suite 205, Chicago, IL 60601
    • Kumba - Home Petcare Services — 222 w merchandise mart plaza, chicago, il 60654
    • K9 Bytes, Inc. — 205 W Wacker Dr STE 1320, Chicago, IL 60606

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6290042
    Latitude
    41.8934704

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    FAQs

    What type of property is this?
    Medical Office Space - Premium medical and consultation suites in prime River North location.
    Where is this medical office space located?
    The property is located at 22 W Ontario Street Chicago, IL.
    What are key features of this property?
    This property features: Prime River North location surrounded by luxury residences and professional services.; Move‑in ready private suite (799 sq ft) designed for medical, mental health, and consultation practitioners.; Gross lease terms include all utilities, internet, heat, electric, water, waste management, and building security.
    (888) 964-1977
    We can help!
    Listing Contact
    Mark Kelner
    Mark Kelner
    Real Estate License ID: 475189767
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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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