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    Willoughby Tower Office Space Title is generated by Realmo AI

    8 S Michigan Ave, Chicago, IL 60603

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    Historic office building with modern amenities and convenient location.

    Type:Office
    Added:
    Oct 14, 2020
    Days on Market:
    2063
    Last Refresh:
    May 12 at 8:34 pm

    Property Features for 8 S Michigan Ave

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1929

    Spaces For Lease

    at 8 S Michigan Ave Contact us

    Suite 616 $28/Mo

    Size
    622 SF
    Type
    Office
    Discover your new workspace in the heart of Chicago’s Downtown Loop. Suite 616...
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    Suite 1312 $30/Mo

    Size
    243 SF
    Type
    Office
    Elevate your business in the dynamic heart of Chicago's Downtown Loop. Suite 1312...
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    Suite 1303 $30/Mo

    Size
    752 SF
    Type
    Office
    Discover a refined workspace at Suite 1303 in Chicago's vibrant Downtown Loop. This...
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    Suite 2020 $30/Mo

    Size
    535 SF
    Type
    Office
    Elevate your business in the heart of Chicago’s Downtown Loop. Suite 2020 offers...
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    Suite 1305 $30/Mo

    Size
    344 SF
    Type
    Office
    Discover a modern office suite in the heart of Chicago's vibrant Downtown Loop. Suite...
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    Suite 1401 $30/Mo

    Size
    675 SF
    Type
    Office
    Elevate your business in the heart of Chicago’s vibrant Downtown Loop. This 675...
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    Suite 2211 $30/Mo

    Size
    1,204 SF
    Type
    Office
    Discover a professional haven in the heart of Chicago’s Downtown Loop. Suite 2211...
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    Suite 1508 $30/Mo

    Size
    387 SF
    Type
    Office
    Discover a vibrant workspace in the heart of Chicago’s Downtown Loop. Suite 1508...
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    Suite 3500 $35/Mo

    Size
    1,851 SF
    Type
    Office
    Discover an inspiring office space in the heart of Chicago's Downtown Loop. Suite...
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    Suite 820 $28/Mo

    Size
    1,003 SF
    Type
    Office
    Elevate your business in the heart of Chicago's Downtown Loop. This spacious 1,003...
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    Suite 1300 $30/Mo

    Size
    513 SF
    Type
    Office
    Discover a professional haven in the heart of Chicago’s Downtown Loop. Suite 1300...
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    Suite 1230 $28/Mo

    Size
    297 SF
    Type
    Office
    Nestled in the heart of Chicago's vibrant Downtown Loop, Suite 1230 offers 297 sf...
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    Suite 1100 $30/Mo

    Size
    5,829 SF
    Type
    Office
    Elevate your business in the heart of Chicago's dynamic Loop. This premier 5,829...
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    Suite 1620 $24/Mo

    Size
    806 SF
    Type
    Office
    Suite 1620 offers a sophisticated, newly renovated 806 sq. ft. office, featuring...
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    Suite 1400 $28/Mo

    Size
    438 SF
    Type
    Office
    Contact us

    Suite 1000 $30/Mo

    Size
    6,700 SF
    Type
    Office
    Discover a prime opportunity in the heart of Chicago’s Downtown Loop. This sophisticated...
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    Suite 2103 $30/Mo

    Size
    980 SF
    Type
    Office
    Elevate your business in the heart of Chicago’s Downtown Loop. This modern 980...
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    Suite 2301 $28/Mo

    Size
    2,259 SF
    Type
    Office
    Raw space with North facing window line.
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    Suite 2010 $30/Mo

    Size
    565 SF
    Type
    Office
    Open space with North facing windows.
    Contact us

    Suite 1311 $28/Mo

    Size
    214 SF
    Type
    Office
    Elevate your business in the heart of Chicago’s Downtown Loop. Suite 1311 offers...
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    Suite 500 $30/Mo

    Size
    6,700 SF
    Type
    Office
    Elevate your business in the heart of Chicago's Downtown Loop. This expansive 6,700...
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    Suite 811 $24/Mo

    Size
    520 SF
    Type
    Office
    <p>Suite 811 offers a bright open-concept office with two large windows that flood...
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    Suite 900 $30/Mo

    Size
    3,131 SF
    Type
    Office
    This 3,131 sq ft office features 7 private offices, 2 spacious conference rooms,...
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    Suite 920 $24/Mo

    Size
    1,763 SF
    Type
    Office
    <p>Suite 920 provides 1,763 sq ft of flexible office space in Chicago's Downtown...
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    Suite 1210 $26/Mo

    Size
    2,333 SF
    Type
    Office
    <p>This fully furnished 2,333 sq. ft. professional environment features four private...
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    We can help!

    Listing Contact
    Joe Storiz

    Listing agent Joe Storiz License #IL

    Listing office Marc Realty

    Listing date Oct 14, 2020

    Source Crexi

    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 Marc Realty

    HighLights

    • Prime location on Michigan Avenue with STUNNING VIEWS of Millennium Park and Lake Michigan.
    • Modern amenities including HIGH‑QUALITY CONFERENCE ROOMS and modern kitchens.
    • Convenient commuting with nearby Millennium Station and multiple CTA transit options.
    • On‑site management and 24/7 security.
    • Adjacent to The Chicago Athletic Association.
    • Vintage marble lobby.

    Overview

    The Willoughby Tower, situated at 8 S Michigan Avenue, offers a blend of historical architecture and contemporary amenities. The building features a vintage marble lobby and views of Millennium Park and Lake Michigan. Office suites are available, suitable for various professional uses, and include spacious conference rooms and modern kitchens. The property provides a comfortable work environment with on-site management and 24/7 security. High-quality conference rooms are available for tenant use. The location provides convenient access to attractions such as The Art Institute, Block 37, and Cindy's Rooftop. Commuting is facilitated by nearby Millennium Station and multiple CTA transit options. Its location and features make it suitable for businesses in downtown Chicago.
    Property Profile Location Intelligence

    Current Use by Public Records

    DLV Productions, Inc Photography Service Next Level Construction ... Construction Company Olympian Diamonds Big Box & Wholesale Store The Chicago Jewelry Buyers (Bike/Boat/Book/etc) Store Ben Jacobson Consultants, ... Tech Support Center

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Auto Repair Shop Big Box & Wholesale Store Hair Salon Nail Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.624881
    Latitude
    41.8818946

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    FAQs

    What type of property is this?
    Office building - Historic office building with modern amenities and convenient location.
    Where is this office building located?
    The property is located at 8 S Michigan Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $24 SF/Yr.
    What are key features of this property?
    This property features: Prime location on Michigan Avenue with STUNNING VIEWS of Millennium Park and Lake Michigan.; Modern amenities including HIGH‑QUALITY CONFERENCE ROOMS and modern kitchens.; Convenient commuting with nearby Millennium Station and multiple CTA transit options.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Joe Storiz
    Real Estate License ID: IL
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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
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