Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Vintage Office Space Available Title is generated by Realmo AI

    224-230 S Wabash Ave, Chicago, IL

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Office space in historic building with natural light.

    Type:OFFICE
    Property size:
    960 SF
    Lot size:
    0.21 Acres
    Added:
    Dec 29, 2023
    Days on Market:
    891
    Last Refresh:
    May 20 at 9:38 pm

    Property Features for 224-230 S Wabash Ave

    General Information

    Standard status
    Active
    Size
    960 SF
    Lot size
    0.21 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 224-230 S Wabash Ave Contact us

    We can help!

    Listing Contact
    Jonathan Zimmerman

    Listing agent Jonathan Zimmerman License #471009051

    Listing office Willard Jones Real Estate

    Listing date Dec 29, 2023

    Source Moodyscre

    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 Willard Jones Real Estate

    HighLights

    • Option to combine with adjacent suites (320 or 330) for larger space (up to 6,383 SF).
    • Great natural light.
    • Efficient floor plates.
    • Located in a vintage, 10‑story building.
    • Part of a trio of historical buildings on Wabash.
    • Located right off the historic Route 66.

    Overview

    This 960-square-foot office space features two offices and an open area. Located at 224-230 S Wabash Ave, the space can be combined with suite 320 for a total of 2,223 square feet, or with suite 330 for a total of 6,383 square feet. The property is situated in a vintage, 10-story building located off the historic Route 66, also known as The Main Street of America. The building's efficient floor plates and natural light create an ideal environment for small-to-mid-size office tenants. The building is part of a trio of historical buildings on Wabash.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Hair Salon Dental Office Nail Salon Building Supply Daycare Center Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6265
    Latitude
    41.8786

    Nearby Similar for Lease

    • Contact for pricing
      2,268 SF

      Move-in Ready Medical Office Suite

      2,268 SF medical office space in Chicago's active corridor.
      2400 N Ashland Avenue, Chicago, IL 60614
      View Details
    • Contact for pricing

      Rehabbed Storefront in High-Traffic Corridor

      3,000 SF open storefront in West Town/Humboldt Park.
      2452 W Division Street, Chicago, IL 60622
      View Details
    • Contact for pricing

      Rehabbed Storefront in High-Traffic Corridor

      3,000 SF open storefront ideal for office, retail, or medical.
      2452 W Division Street, Chicago, IL 60622
      View Details
    • Contact for pricing

      Logan Square Corner Retail Opportunity

      Retail space in a high-traffic Logan Square location.
      2950 W Fullerton Avenue, Chicago, IL 60647
      View Details
    • $664,888 SF/Yr

      Turnkey Restaurant Space in River North

      Fully equipped restaurant space in Chicago's River North neighborhood.
      416 W Ontario Street, Chicago, IL 60654
      View Details
    • Contact for pricing

      Versatile Commercial Space in Bronzeville

      Freestanding building with flexible space in a transforming neighborhood.
      5010 S State Street, Chicago, IL 60609
      View Details
    • Contact for pricing

      Bronzeville Commercial Space For Lease

      Freestanding building with flexible space in Chicago's Bronzeville neighborhood.
      5010 S State Street, Chicago, IL 60609
      View Details
    • Contact for pricing

      Bronzeville Commercial Space For Lease

      Freestanding building with flexible space in Chicago's Bronzeville neighborhood.
      5010 S State Street, Chicago, IL 60609
      View Details
    • Contact for pricing
      800 SF

      Chicago Storefront in Galewood/Monteclare

      800 sqft commercial storefront in a vibrant, high-traffic location.
      2376 N Neva Avenue, Chicago, IL 60707
      View Details
    • Contact for pricing
      1,000 SF

      Pulaski Avenue Commercial Office Space

      Commercial office space available on Pulaski Avenue in Chicago.
      6457 S Pulaski Road, Chicago, IL 60629
      View Details
    • Contact for pricing

      Chicago Commercial Space with Parking

      Commercial space with parking lot near Addison Street.
      6021 W Addison Street, Chicago, IL 60634
      View Details
    • Contact for pricing

      Chicago Office Space For Rent

      11,185 sq ft of premier office space in Bronzeville.
      5050 S State Street, Chicago, IL 60609
      View Details

    FAQs

    What type of property is this?
    Office units - Office space in historic building with natural light.
    Where is this office units located?
    The property is located at 224-230 S Wabash Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Option to combine with adjacent suites (320 or 330) for larger space (up to 6,383 SF).; Great natural light.; Efficient floor plates.
    (312) 263-8787 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jonathan Zimmerman
    Real Estate License ID: 471009051
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    224-230 S Wabash Ave, Chicago, IL
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!