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    309 Washington St Chicago, IL 60606

    Sponsored
    For Lease
    $26 SF/Yr

    Historic Loop Office Space, Flexible Layouts

    Lot size:
    93,610 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This 13-story, 93,610-square-foot Class B office building at 309 W Washington offers a unique blend of historic charm and modern amenities. Built in 1928 and renovated in 2012, the property boasts 1,450 to 3,441 contiguous square feet of flexible office space, perfect for businesses seeking traditional, executive, or creative office environments. Multiple tenancy options are available, with a minimum divisible space of 1,450 square feet. The building features high ceilings (13 feet), expansive windows offering views of Washington and Franklin Streets, and high-speed elevators. Tenants enjoy an intimate atmosphere with excellent visibility from the common corridors. On-site amenities include responsive management, 24/7 lobby security, and on-site engineering services. A Naf Naf Grill is conveniently located on the ground floor. The building's prime location in the Central Loop offers unparalleled access to public transportation, including Ogilvie Transportation Center, Union Station, and various CTA bus and train lines. Nearby attractions include the French Market, Greektown, Fulton Market, Daley Center, and City Hall, providing tenants with a vibrant and convenient urban experience. The property sits on 0.19 acres and is zoned C3-7, Chicago, within Cook County. The APN is 17-09-453-011-0000.

    Property Features for 309 Washington St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    93,610 SF
    Class
    B
    Total Rate
    202821.67

    Building Details

    Year Built/Renovated
    1928/2012
    Buildings
    1
    Stories
    13

    Unit(s) available at that property

    Space
    Suite 200
    Size
    4,158 SF
    Rate per SF
    $27
    Space
    Suite 300
    Size
    2,714 SF
    Rate per SF
    $27
    Space
    Suite 325
    Size
    2,385 SF
    Rate per SF
    $26
    Space
    Suite 350
    Size
    2,289 SF
    Rate per SF
    $26
    Space
    Suite 550
    Size
    3,349 SF
    Rate per SF
    $26
    Space
    Suite 1050
    Size
    3,441 SF
    Rate per SF
    $26
    Space
    Suite 1300
    Size
    5,540 SF
    Rate per SF
    $27
    Space
    Suite 1350
    Size
    2,541 SF
    Rate per SF
    $26

    We can help!

    Listing Contact
    Jonathan Zimmerman

    Learn more

    Property Insight Report

    HighLights

    • 93,610 square foot, 13‑story Class B office building in Chicago's Central Loop submarket.
    • Multiple suites available, ranging from 1,450 to 5,540 square feet.
    • Building features high‑speed elevators, efficient suite designs, and expansive window lines with Washington and Franklin Street views.
    • Amenities include on‑site engineering, responsive management, lobby security, and a ground‑floor Naf Naf Grill.
    • Located near Ogilvie Transportation Center, Union Station, and various CTA lines, offering excellent transit access.
    Property Profile Location Intelligence

    Current Use by Public Records

    Law Offices of David ... Labor Relations Attorney Fitz Law Group Attorney Canada à la ... Travel Agency Daniel Murphy Scholarship ... Non-Profit Organization DePaolo & Zadeikis Personal Injury Attorney

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.635642
    Latitude
    41.8829481

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    FAQs

    What type of property is this?
    Office space - Historic Loop Office Space, Flexible Layouts
    Where is this office space located?
    The property is located at 309 Washington St Chicago, IL.
    What is the lease rate?
    The lease rate is $26-$27 SF/Yr.
    What are key features of this property?
    This property features: 93,610 square foot, 13-story Class B office building in Chicago's Central Loop submarket.; Multiple suites available, ranging from 1,450 to 5,540 square feet.; Building features high-speed elevators, efficient suite designs, and expansive window lines with Washington and Franklin Street views.
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    Chicago, IL 60606
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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
    309 Washington St Chicago, IL 60606
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    We can help!
    Listing Contact
    Jonathan Zimmerman
    Real Estate License ID: IL 471009051
    Learn more
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