Newly Renovated Medical Office
400 E Randolph Street 717 Chicago, IL 60601
400 E Randolph Street 717, Chicago, IL, 60601
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For Sale
Contact for pricing
Newly renovated office condo in a condominium building with access to extensive health club and spa amenities.
Property Size940 SF
Price / SF$168.09
Days on Market437
Property Features for 400 E Randolph Street 717
General Information
- Standard status
- Active
- Size
- 940 SF
- Property subtype
- Office, Retail, Special Purpose, Multifamily
Building Details
- Year Built
- 1963
Listing agency
Berkshire Hathaway HomeServices Chicago
(312) 540-9000
Listed by
Shelley Stunard · License #471012733
Source
Crexi
Added: May 12, 2025 Updated: Jul 22 at 2:45AM Checked: Jul 22 at 2:45AM
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 Berkshire Hathaway HomeServices Chicago
Investment Insights
Based on property information with market context.
This newly renovated office condo has been completely gutted, with updates throughout from concrete-to-concrete. Interior improvements include drywall/plaster to drywall/plaster work, new lighting, new ceilings, newly resurfaced walls, and new LVP flooring.
The unit is located in the Outer Drive East Condominium building with Lake View. Owners have the right to use building amenities, including a health club and spa with indoor and recreational offerings, along with saunas and steam rooms, and a year-round sunny pool.
The property also includes a covenant described as a “do not compete” regarding real estate services. Parking is reserved at a stated monthly rate, and owner access to amenities is described as including full use for four people. A zoning advisory letter is included in the documents, and the unit is described as zoned for almost anything subject to attorney review.
The unit is located in the Outer Drive East Condominium building with Lake View. Owners have the right to use building amenities, including a health club and spa with indoor and recreational offerings, along with saunas and steam rooms, and a year-round sunny pool.
The property also includes a covenant described as a “do not compete” regarding real estate services. Parking is reserved at a stated monthly rate, and owner access to amenities is described as including full use for four people. A zoning advisory letter is included in the documents, and the unit is described as zoned for almost anything subject to attorney review.
Key Highlights
- Completely gutted and newly renovated commercial office condo with concrete‑to‑concrete construction and new interiors
- Renovations include new lights, new ceilings, new floors, resurfaced walls, and new LVP flooring
- Access to extensive condominium building amenities, including a year‑round sunny pool, saunas, and steam rooms
Local Financial Insights For Healthcare Medical
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 | $22.6k | $24.00 |
| − Vacancy | −$1.8k | −$1.92 |
| EGI | $20.8k | $22.08 |
| − OpEx | −$8.3k | −$8.83 |
| NOI | $12.5k | $13.25 |
940 SF · lease $24.00/SF/yr · vacancy 8.00% · expense 40.00%
Alternative Uses
Best Use
Office B
$288.1K
$252.1K – $336.2K
NOI $20,169 @ 7.0% cap · market cap 12.77%
Second Best
Healthcare Medical
$177.9K
$155.7K – $207.6K
NOI $12,453 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$443.2K
$387.8K – $517.1K
NOI $31,025 @ 7.0% cap · market cap 19.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
ILCBA
Association / Organization
Berkshire Homes Inc
Homes
Matt Silver, Corcoran ...
Real Estate Agency
Chicago Asthma Consortium
Physician
Seven Bar and Lounge
Bar & Pub
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FAQs
What type of property is this?
Office units - Newly renovated office condo in a condominium building with access to extensive health club and spa amenities.
Where is this office units located?
The property is located at 400 E Randolph Street 717 Chicago, IL.
What is the asking price?
The asking price for this property is $158,000.
What are key features of this property?
This property features: Completely gutted and newly renovated commercial office condo with concrete‑to‑concrete construction and new interiors; Renovations include new lights, new ceilings, new floors, resurfaced walls, and new LVP flooring; Access to extensive condominium building amenities, including a year‑round sunny pool, saunas, and steam rooms
