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    55 Wacker Dr Chicago, IL 60601

    For Sale
    $505,000

    Prime Chicago location, vacant, value-add opportunity.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This 2,890 square foot Class B condominium office suite, located at 55 W Wacker Drive, Suite 600-B in Chicago's Central Loop, presents a unique owner-user or value-add investment opportunity. Currently vacant, this property offers a low price per square foot ($100) significantly below replacement cost, allowing for substantial equity building and cost reduction for an owner-occupant. Alternatively, investors can capitalize on the strong leasing potential in this highly desirable location. The property boasts unparalleled access to public transportation, with immediate proximity to multiple CTA "L" lines (Blue, Brown, Green, Orange, Pink, and Purple) and numerous bus routes. Its enviable location on Wacker Drive, adjacent to the Chicago Riverwalk and within walking distance of Google's newly acquired Thompson Center, ensures high visibility and strong tenant demand. The area's impressive demographics, including a daytime population of approximately 490,000 within a one-mile radius and an average annual household income exceeding $152,000, further enhance the investment potential. The property's APN is 17-09-423: 137, 138, and it is offered free and clear of debt. This is a rare chance to acquire a piece of Chicago's iconic riverfront real estate. The property features a perfect 100/100 Walk Score and 100/100 Transit Score.

    Property Features for 55 Wacker Dr

    General Information

    Property type
    Office Properties & Spaces
    Class
    B

    HighLights

    • $505,000 asking price for a vacant 2,890 square foot Class B office condo.
    • Owner‑user or value‑add opportunity in the Chicago Loop, priced substantially below replacement cost.
    • Rare opportunity to acquire a condo unit at 55 W Wacker Drive, a prime Chicago riverfront location.
    • Excellent transit‑oriented location with a perfect Walk Score and Transit Score, near multiple CTA stations and the Chicago Riverwalk.
    • Adjacent to the newly renovated Chicago Riverwalk, a popular tourist destination.
    • Strong demographics with a large daytime population and high average household income within a one‑mile radius.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rozman Legal Group, ... Family Law Attorney QSKengines Oil Change Service Reflections Of Health Casino Saranow Law Group, ... Real Estate Attorney Revisions Gym

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Food Market Clothing Store 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
    -87.6300102
    Latitude
    41.8864753

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Chicago location, vacant, value-add opportunity.
    Where is this office property / space located?
    The property is located at 55 Wacker Dr Chicago, IL.
    What is the asking price?
    The asking price for this property is $505,000.
    What are key features of this property?
    This property features: $505,000 asking price for a vacant 2,890 square foot Class B office condo.; Owner-user or value-add opportunity in the Chicago Loop, priced substantially below replacement cost.; Rare opportunity to acquire a condo unit at 55 W Wacker Drive, a prime Chicago riverfront location.
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    Realmo Value Estimation

    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.

    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.

    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
    55 Wacker Dr Chicago, IL 60601
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