River North Loft Office
For Sale
Contact for pricing
221 W Erie St, Chicago, IL 60654
Two-story, 5,000 SF office building in Chicago's River North.
Property Size5,000 SF
Price / SF$330
Days on Market545
Property Features for 221 W Erie St
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Mixed Use, Office, Retail
Zoning
DX-5
Investment Type
Owner/User
Building Details
Year Built
1945
Stories
2
Listing Agency:
CBRE - Chicago
Listed By:
Dominic Soltero · License #IL 475.153308
(913) 909-9529
Source:
Crexi
Added: Apr 10, 2025
Changed: Aug 8
Last Checked: Aug 8 at 2:55PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$107,280
Cap Rate
6.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,145,600
$2.1M
Cap Rate 7%
$1,532,571
$1.5M
Cap Rate 9%
$1,192,000
$1.2M
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$192.0K $38.40/SF
− Vacancy
−$49.0K −$9.79/SF
EGI
$143.0K $28.61/SF
− OpEx
−$35.8K −$7.15/SF
NOI
$107.3K $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 Rate 5%
$2,145,600
Cap Rate 7%
$1,532,571
Cap Rate 9%
$1,192,000
Alternative Uses
Best Use
Office B
$1.53M
$1.34M – $1.79M
NOI $107,280 @ 7.0% cap · market cap 6.50%
Second Best
Mixed Use
$1.21M
$1.05M – $1.41M
NOI $84,375 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
19,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
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
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Frequently Asked Questions
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 $1,650,000.
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.
