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    566 Adams St Chicago, IL 60661

    Sponsored
    For Lease
    $19 SF/Yr

    Historic West Loop office, transit-accessible.

    Lot size:
    61,750 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    405
    This exceptional 61,750-square-foot creative office building at 566 W Adams St, Chicago, IL 60661, offers multiple tenancy options. Located in the vibrant West Loop submarket, this Class C building boasts a prime location, just one block from Union Station and within easy walking distance of multiple public transportation lines (Blue, Brown, Green, Pink, Purple, and Red lines). Built in 1921 and renovated in 1987, the eight-story building features classic timber/loft aesthetics with high (15-foot) ceilings, exposed brick, and timber posts. Modern amenities include three elevators. The property sits on 0.25 acres and has a 5.67 FAR. Spaces are available from a minimum of 1,634 square feet up to a maximum contiguous space of 5,250 square feet. While there is no on-site parking, the building's unparalleled proximity to public transportation provides a significant advantage for employees and reduces reliance on personal vehicles. The Cook County property (APN: 17-16-107-011-0000) is zoned 61. This move-in ready space presents a unique opportunity to secure a well-maintained, historically significant office building in a highly desirable and convenient location.

    Property Features for 566 Adams St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    61,750 SF
    Class
    C
    Total Rate
    100343.75

    Building Details

    Year Built/Renovated
    1921/1987
    Buildings
    1
    Stories
    8

    Unit(s) available at that property

    Space
    Suite 500
    Size
    2,358 SF
    Rate per SF
    $27
    Space
    LL
    Size
    1,634 SF
    Rate per SF
    $19
    Space
    Suite 200
    Size
    3,458 SF
    Rate per SF
    $27
    Space
    Suite 310
    Size
    1,650 SF
    Rate per SF
    $27
    Space
    Suite 350
    Size
    2,850 SF
    Rate per SF
    $27

    We can help!

    Listing Contact
    Jonathan Zimmerman

    Learn more

    HighLights

    • 24‑Hour Access
    • Controlled Access
    • Excellent Public Transportation (Commuter Rail, Metro/Subway)
    • On‑Site Property Management
    • Central Heating & High Ceilings
    • Secure Storage & Shower Facilities
    Property Profile Location Intelligence

    Current Use by Public Records

    USHEALTH Advisors Chicago Insurance Agency Faier James M Attorney CSA Partners Ltd. ... Architecture Firm Matrix Partners Ltd Advertising Agency uBid Corporate Office

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6421797
    Latitude
    41.8793835

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    FAQs

    What type of property is this?
    Office space - Historic West Loop office, transit-accessible.
    Where is this office space located?
    The property is located at 566 Adams St Chicago, IL.
    What is the lease rate?
    The lease rate is $19-$27 SF/Yr.
    What are key features of this property?
    This property features: 24-Hour Access; Controlled Access; Excellent Public Transportation (Commuter Rail, Metro/Subway)
    Request Owner's contact information
    566 Adams St Chicago, IL 60661
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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
    566 Adams St Chicago, IL 60661
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    We can help!
    Listing Contact
    Jonathan Zimmerman
    Real Estate License ID: IL 471009051
    Learn more
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