Office Building with Long-Term
For Sale
Contact for pricing
55 E Erie St, Chicago, IL 60611
Office building offering 3,979 rentable square feet on a 0.61-acre parcel with a 7-year lease through May 2031.
Property Size3,979 SF
Lot Size0.61 Acres
Price / SF$753.96
Days on Market610
Property Features for 55 E Erie St
General Information
Standard status
Active
Size
3,979 SF
Lot size
0.61 Acres
Property subtype
OFFICE
Listing Agency:
SAB
(646) 809-8856
Listed By:
Mark Pomella · License #10401305401
(646) 809-8840
Source:
Moodyscre
Added: Feb 18, 2025
Changed: Oct 10
Last Checked: Oct 20 at 10:35PM
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 SAB
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Investment Insights
Based on property information with market context.
This office building offers 3,979 rentable square feet on a 0.61-acre parcel along East Erie Street. In 2024, Compass entered into a new 7-year lease with the primary term extending through May 2031. The lease includes annual escalations of 3% and provides two 5-year renewal options.
Located in the Magnificent Mile area of Chicago, the property is positioned near Loyola University Chicago and The School of the Art Institute of Chicago, supporting steady demand from nearby institutions.
Located in the Magnificent Mile area of Chicago, the property is positioned near Loyola University Chicago and The School of the Art Institute of Chicago, supporting steady demand from nearby institutions.
Key Highlights
- Office building with 3,979 rentable SF on a 0.61‑acre parcel along East Erie Street.
- 2024 lease commitment: 7‑year primary term through May 2031.
- Lease includes annual 3% escalations.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$85,373
Cap Rate
2.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,707,460
$1.7M
Cap Rate 7%
$1,219,614
$1.2M
Cap Rate 9%
$948,589
$948.6K
Market Conditions
NOI Build-Up for 3,979 SF
Gross rent
$152.8K $38.40/SF
− Vacancy
−$39.0K −$9.79/SF
EGI
$113.8K $28.61/SF
− OpEx
−$28.5K −$7.15/SF
NOI
$85.4K $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%
$1,707,460
Cap Rate 7%
$1,219,614
Cap Rate 9%
$948,589
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.42M
NOI $85,373 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,326 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
33,588
Businesses Nearby
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Business Placement
Demographics for 60611, IL
38,456
Population
28,239
Households
1.4
Avg Household Size
39
Median Age
88%
College-Educated
99%
High-School Grad
0.8 sq mi
ZIP Area
48,070
Density / Sq Mi
$124,621
Median Household Income
$92,917
Median Earnings
$2,416
Median Rent
$608,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Office building - Office building offering 3,979 rentable square feet on a 0.61-acre parcel with a 7-year lease through May 2031.
Where is this office building located?
The property is located at 55 E Erie St Chicago, IL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Office building with 3,979 rentable SF on a 0.61‑acre parcel along East Erie Street.; 2024 lease commitment: 7‑year primary term through May 2031.; Lease includes annual 3% escalations.
