River North Loft Office
221 W Erie St, Chicago, IL 60654
Two-story, 5,000 SF office building in Chicago's River North.
Type:Mixed Use, Office, Retail
Property size:
5,000 SFPrice / SF:
$360/SF- Added:
- Apr 10, 2025
- Days on Market:
- 452
- Last Refresh:
- Mar 16 at 1:13 pm
Property Features for 221 W Erie St
General Information
- Standard status
- Active
- Size
- 5,000 SF
- Property subtype
- Mixed Use, Office, Retail
Building Details
- Year Built
- 1945
Listing office CBRE - Chicago
Listing date Apr 10, 2025
Source Crexi
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 CBRE - Chicago
HighLights
- Prime River North Location: Situated in the heart of Chicago's vibrant 'live, work, play' River North neighborhood.
- Loft Office Building: A unique blend of modern elegance and artistic charm.
- Significant Price Reduction: New pricing update to $1,800,000.
- Substantial Electrical Capacity: Equipped with 3‑Phase, 240V, 520 Amp electrical service, suitable for various creative endeavors.
- Distinctive Architectural Features: Includes a dramatic custom staircase and an atrium bay window overlooking Erie Street.
- Functional Amenities: Features HVAC, burglar and fire alarm systems, built‑in audio with intercom, and hardwood maple floors.
Overview
Located in the heart of Chicago's River North neighborhood, 221 West Erie is a two-story office building featuring 5,000 SF of space. Known as a live, work, play area, this loft office building blends modern elegance and artistic charm. A custom staircase serves as a focal point, leading to a second floor with an atrium bay window overlooking Erie Street. The layout includes a full bath on the second floor and two half baths, one on each level. Hardwood maple floors extend throughout the building. Essential amenities include HVAC, burglar and fire alarm systems, and a built-in audio system with intercom. The property is equipped with 3-Phase, 240V, 520 Amp electrical services, making it suitable for various creative endeavors.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $192.0k | $38.40 |
| − Vacancy | −$49.0k | −$9.79 |
| EGI | $143.0k | $28.61 |
| − OpEx | −$35.8k | −$7.15 |
| NOI | $107.3k | $21.46 |
5,000 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.53M
$1.34M – $1.79M
NOI $107,280 @ 7.0% cap · market cap 5.96%
Second Best
Mixed Use
$1.21M
$1.05M – $1.41M
NOI $84,375 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Paintings On A Wall Chicago
Art Gallery
Krueck and Sexton Architects
Architect
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6350555
- Latitude
- 41.8937453
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Two-story, 5,000 SF office building in Chicago's River North.
Where is this mixed-use property located?
The property is located at 221 W Erie St Chicago, IL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Prime River North Location: Situated in the heart of Chicago's vibrant 'live, work, play' River North neighborhood.; Loft Office Building: A unique blend of modern elegance and artistic charm.; Significant Price Reduction: New pricing update to $1,800,000.
