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    161 Harrison St Chicago, IL 60605

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    For Lease
    Contact for pricing

    Printer's Row Office Condo, 3 Spaces Available

    Lot size:
    6,274 SF

    Property Features for 161 Harrison St

    General Information

    Property type
    Office properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    6,274 SF
    Total Rate
    11502.33

    Spaces For Lease

    at 161 Harrison St, Chicago, IL 60605 Contact us
    Unit 1st Floor Site A

    $22 /Mo

    Size
    1,800 SF
    Contact us
    Unit 1st Floor Site B

    $22 /Mo

    Size
    1,337 SF
    Contact us
    Unit 1st Floor Ste A+B

    $22 /Mo

    Size
    3,137 SF
    Contact us

    We can help!

    Listing Contact
    Tom Wagner
    Tom Wagner

    Listing Agency: Mon Ami Realty Listing Agent: Tom Wagner

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional Printer's Row commercial condo, located at 161 W Harrison St, offers three available executive office suites within a 6,274 square foot building. The space is currently entirely vacant and ready for immediate occupancy. Suites range from a minimum of 1,337 square feet to a maximum contiguous space of 3,137 square feet, providing flexibility for businesses of various sizes. The building boasts convenient access to major transportation hubs, including I-290, Union Station, the LaSalle Street Metra station, and the CTA Blue Line. Building amenities include 24-hour access controlled entry, package service, storage space, bicycle storage, and on-site maintenance. Each suite benefits from individually controlled heating and air conditioning, and a kitchenette equipped with a refrigerator, oven, and freezer. This prime location in the vibrant Printer's Row neighborhood offers unparalleled convenience and accessibility. The building is a mixed-use property, with commercial space on the ground floor and residential units above. This presents a unique opportunity to establish a presence in a dynamic and well-connected area. The building's modern features and convenient amenities make it an ideal location for businesses seeking a professional and efficient workspace. Inquire today to learn more about leasing opportunities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ABC Imaging - Chicago Marketing & Advertising Elisa P Bell ... Medical Clinic Free Rapid and PCR ... Medical Laboratory Made In Chicago Speakers ... Consultant Market Square Lofts Condominium Complex

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.632866
    Latitude
    41.8742067

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    FAQs

    What type of property is this?
    Office property - Printer's Row Office Condo, 3 Spaces Available
    Where is this office property located?
    The property is located at 161 Harrison St Chicago, IL.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: Retail and office condo, 6,274 total square feet.; Multiple tenancies available, ranging from 1,337 to 3,137 contiguous square feet.; Entire 6,274 square feet currently vacant.
    (312) 589-5797 Call to check price and availability
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    161 Harrison St Chicago, IL 60605
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    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
    161 Harrison St Chicago, IL 60605
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    Contact for Pricing
    Please call us for current price
    and status of this listing Tom Wagner
    Tom Wagner
    Real Estate License ID: 475172518
    (312) 589-5797
    Learn more
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