River North Retail/Office
For Sale
Contact for pricing
325 N Wells St, Chicago, IL 60654
Rare opportunity: retail/office condo with Chicago River views.
Property Size13,000 SF
Price / SF$615.38
Days on Market165
Property Features for 325 N Wells St
General Information
Standard status
Active
Size
13,000 SF
Class
A
Property subtype
Office, Retail
Investment Type
Owner/User
Listing Agency:
Stone Real Estate
(312) 527-6200
Listed By:
Noah O'Neill · License #IL
Source:
Crexi
Added: Mar 9
Changed: Aug 16
Last Checked: Aug 19 at 9:28PM
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 Stone Real Estate
Investment Insights
Based on property information with market context.
This commercial property is a retail and office condominium located in the River North neighborhood of downtown Chicago. The property, totaling 31,757 square feet, is situated across from the Merchandise Mart. A portion of the property, approximately 13,000 square feet, is available for immediate occupancy by a user. This vacant space is move-in ready and features showroom and office areas with floor-to-ceiling windows, providing ample natural light and views. The remaining square footage is currently under lease for a period of 1 to 7 years. The property offers views of the Chicago River, outdoor space, and its own boat dock.
Key Highlights
- Rare opportunity to acquire a portion (~13,000 sf) of a large retail/office condo in River North.
- Move‑in ready showroom/office space with floor‑to‑ceiling windows and abundant natural light.
- Immaculate views of the Chicago River with outdoor space and private boat dock.
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
$278,928
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
3.49%
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%
$5,578,560
$5.6M
Cap Rate 7%
$3,984,686
$4.0M
Cap Rate 9%
$3,099,200
$3.1M
Market Conditions
NOI Build-Up for 13,000 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
$499.2K $38.40/SF
− Vacancy
−$127.3K −$9.79/SF
EGI
$371.9K $28.61/SF
− OpEx
−$93.0K −$7.15/SF
NOI
$278.9K $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%
$5,578,560
Cap Rate 7%
$3,984,686
Cap Rate 9%
$3,099,200
Alternative Uses
Best Use
Office B
$3.98M
$3.49M – $4.65M
NOI $278,928 @ 7.0% cap · market cap 3.49%
Second Best
Retail
$2.57M
$2.25M – $3.00M
NOI $179,852 @ 7.0% cap · market cap 2.25%
Theoretical Best
Office A
$6.13M
$5.36M – $7.15M
NOI $429,062 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
41,747
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Robb Tile Contractors Chicago — 318 W Adams St STE 1500, Chicago, IL 60606
- Mid Century Rugs — 11 s lasalle st, chicago, il 60603
- HQREM Bathroom Remodeling — 318 W Adams St 1520 Unit F, Chicago, IL 60606
- PRUSAK Bathroom Remodeling Contractors — 318 W Adams St STE 1500, Chicago, IL 60606
- Tile Installation Chicago — 141 W Jackson Blvd #765, Chicago, IL 60604
Frequently Asked Questions
What type of property is this?
Showroom - Rare opportunity: retail/office condo with Chicago River views.
Where is this showroom located?
The property is located at 325 N Wells St Chicago, IL.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Rare opportunity to acquire a portion (~13,000 sf) of a large retail/office condo in River North.; Move‑in ready showroom/office space with floor‑to‑ceiling windows and abundant natural light.; Immaculate views of the Chicago River with outdoor space and private boat dock.
