Property profile

55 Wacker Dr Chicago, IL 60606

OFF-MARKET
Commercial real estate
Property ID
US28-1427904
0.42 ac lot Built 1964
Entity Owned 15-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional 15,779 square foot vacant office condominium, located at 55 W Wacker Drive, Suite 200, Chicago, IL 60601, presents a unique owner-user or value-add investment opportunity in the heart of Chicago's Central Loop. Priced at $1,575,000 ($100/SF), this Class B property offers significant upside potential. The property is a condominium interest, free and clear of debt, with APN 17-09-423: 069, 070, 071, 072, 073, 074, 075, 076, 077, 078, 079, 080, & 081. Its prime location on Wacker Drive, adjacent to the Chicago Riverwalk and just 350 feet from Google's newly acquired Thompson Center, offers unparalleled access to public transportation (Clark/Lake and State/Lake CTA stations, Water Taxi, numerous bus lines), boasting a perfect 100/100 Walk Score and Transit Score. The surrounding area features a dense daytime population (approximately 490,000 within a 1-mile radius) and high average household income (exceeding $152,000 annually). Google's significant investment in the Thompson Center promises further revitalization of the neighborhood. This presents a rare chance to acquire a piece of Chicago's iconic riverfront office market. The low price per square foot is substantially below replacement cost, allowing for significant cost savings for an owner-user or strong cash flow potential for an investor.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 1964
Lot 0.42 ac (18,090 SF)
APN 17-09-423-208
UPID US28-1427904

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Law Firm Child Welfare Organization
  • Auto Repair Shop
  • Hotel & Motel Resort
  • Law Firm
  • Gym & Fitness Center

Location

55 Wacker Dr Chicago, IL 60606
Chicago metro Census 839100 CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$295k

Owner & transaction history

since 2010
Last sale
$945,000
1 recorded transaction
2010
$2.7M

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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