Luxury Loft Office
6 E Monroe Street #400 Chicago, IL 60603
For Sale
$590,000
3,000 SF office condo with conversion potential.
Property Size3,000 SF
Price / SF$196.67
Days on Market189
Property Features for 6 E Monroe Street #400
General Information
- Standard status
- Active
- Size
- 3,000 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1910
Listing Agency:
RE/MAX PREMIER
(773) 966-5962
Listed By:
VALERIE WRIGHT
Source:
Corcoran
Added: Jan 16
Changed: Jul 10
Last Checked: Jul 23 at 7:29AM
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 RE/MAX PREMIER
Investment Insights
Based on property information with market context.
This 3,000 square foot office condominium is accessible via a private keyed elevator. The loft space offers the opportunity to own a full floor and the flexibility to have an office with high-end appointments or the ability to easily convert to a live/work suite or a two or three-bedroom apartment. The light-filled space boasts a dramatic entry lobby with secure elevator identity and floor-to-ceiling windows providing extensive light and views. Access to the unit is also available via stairway. Shared amenities include a rooftop deck, individual storage lockers, bike storage, and a gym. Assessments include all utilities except electricity. This space is suitable for live/work, office, or a private residence. Area tenants include The University Club, The Art Institute of Chicago, The Palmer House, Nordstrom Rack, Target, Macy's, DePaul University, The School of the Art Institute of Chicago, Roosevelt University, Silversmith Hotel, Chicago Theater, Chicago Symphony Orchestra, Harris Theater, and James M. Nederlander Theatre, as well as various restaurants and public transportation options.
Key Highlights
- Private keyed elevator access to a full‑floor 3,000 sq ft condominium.
- Flexible space adaptable for office, live/work suite, or a 2‑3 bedroom apartment.
- Floor‑to‑ceiling windows with extensive light and incredible views.
Financial Insights For Mixed Use
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 | $90.0k | $30.00 |
| − Vacancy | −$9.0k | −$3.00 |
| EGI | $81.0k | $27.00 |
| − OpEx | −$30.4k | −$10.13 |
| NOI | $50.6k | $16.88 |
3,000 SF · lease $30.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Office B
$919.5K
$804.6K – $1.07M
NOI $64,368 @ 7.0% cap · market cap 10.91%
Second Best
Mixed Use
$723.2K
$632.8K – $843.8K
NOI $50,625 @ 7.0% cap · market cap 8.58%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 16.78%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Gillespie Law Group, ...
Law Firm
iIstitute of Compliance and Learning
Consultant
George Locksmith Corp. ...
Locksmith
C.H. Johnson Consulting
Real Estate Agency
The Mentor Building
Apartment Building
FAQs
What type of property is this?
Live-work space - 3,000 SF office condo with conversion potential.
Where is this live-work space located?
The property is located at 6 E Monroe Street #400 Chicago, IL.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Private keyed elevator access to a full‑floor 3,000 sq ft condominium.; Flexible space adaptable for office, live/work suite, or a 2‑3 bedroom apartment.; Floor‑to‑ceiling windows with extensive light and incredible views.
