Office Space for
For Sale
$140,000
222 N Columbus Drive #C3, Chicago, IL 60601
Office suite available for sale at 222 N Columbus Drive, Chicago, IL 60601.
Property Size575 SF
Days on Market133
Property Features for 222 N Columbus Drive #C3
General Information
Standard status
Active
Size
575 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,182
Building Details
Building Size
575 SF
Year Built
2002
Stories
52
Listing Agency:
Corcoran Urban Real Estate
(312) 528-9200
Listed By:
Lori Sklodowski
(312) 528-9200
Source:
Perillorealestategroup
Added: Apr 13
Changed: Aug 8
Last Checked: Aug 22 at 2:29PM
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 Corcoran Urban Real Estate
Investment Insights
Based on property information with market context.
This office suite is available for sale within 222 N Columbus Drive, Chicago, IL 60601. The listing is identified as unit C3.
The property is located in downtown Chicago at 222 N Columbus Drive, providing access to the central business area.
Specific interior features, building amenities, and size details are not provided in the available information.
The property is located in downtown Chicago at 222 N Columbus Drive, providing access to the central business area.
Specific interior features, building amenities, and size details are not provided in the available information.
Key Highlights
- Office suite for sale at 222 N Columbus Drive, Chicago, IL 60601
- Built in 2002
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,337
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$246,740
$246.7K
Cap Rate 7%
$176,243
$176.2K
Cap Rate 9%
$137,078
$137.1K
Market Conditions
NOI Build-Up for 575 SF
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.
Gross rent
$22.1K $38.40/SF
− Vacancy
−$5.6K −$9.79/SF
EGI
$16.4K $28.61/SF
− OpEx
−$4.1K −$7.15/SF
NOI
$12.3K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$246,740
Cap Rate 7%
$176,243
Cap Rate 9%
$137,078
Alternative Uses
Best Use
Office B
$176.2K
$154.2K – $205.6K
NOI $12,337 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.1K
$237.2K – $316.3K
NOI $18,978 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
27,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 60601, IL
15,814
Population
10,727
Households
1.5
Avg Household Size
36
Median Age
86%
College-Educated
95%
High-School Grad
0.4 sq mi
ZIP Area
39,535
Density / Sq Mi
$127,323
Median Household Income
$100,078
Median Earnings
$2,451
Median Rent
$495,400
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office suite available for sale at 222 N Columbus Drive, Chicago, IL 60601.
Where is this office building located?
The property is located at 222 N Columbus Drive #C3 Chicago, IL.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Office suite for sale at 222 N Columbus Drive, Chicago, IL 60601; Built in 2002
