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    Downtown Des Plaines Office Building Title is generated by Realmo AI

    701 Lee St, Des Plaines, IL 60016

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    10-story office building near Metra and downtown Des Plaines.

    Type:Office
    Added:
    Aug 2, 2021
    Days on Market:
    1769
    Last Refresh:
    May 12 at 11:55 pm

    Property Features for 701 Lee St

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 701 Lee St Contact us

    S-13 $10/Mo

    Size
    551 SF
    Type
    Office
    Contact us

    3 $5/Mo

    Size
    8,221 SF
    Type
    Office
    Contact us

    400 $17/Mo

    Size
    1,010 SF
    Type
    Office
    Contact us

    740 $17/Mo

    Size
    6,096 SF
    Type
    Office
    Contact us

    S-7 $10/Mo

    Size
    167 SF
    Type
    Office
    Contact us

    S-9 $10/Mo

    Size
    1,478 SF
    Type
    Office
    Contact us

    S-8 $10/Mo

    Size
    200 SF
    Type
    Office
    Contact us

    330 $17/Mo

    Size
    1,130 SF
    Type
    Office
    Contact us

    320 $17/Mo

    Size
    3,050 SF
    Type
    Office
    Contact us

    430 $17/Mo

    Size
    2,519 SF
    Type
    Office
    Contact us

    S-16 $10/Mo

    Size
    24 SF
    Type
    Office
    Contact us

    S-1 $10/Mo

    Size
    233 SF
    Type
    Office
    Contact us

    300C $17/Mo

    Size
    373 SF
    Type
    Office
    Contact us

    335 $17/Mo

    Size
    1,220 SF
    Type
    Office
    Contact us

    620 $17/Mo

    Size
    3,315 SF
    Type
    Office
    Contact us

    340 $17/Mo

    Size
    4,817 SF
    Type
    Office
    Contact us

    325 $17/Mo

    Size
    1,113 SF
    Type
    Office
    Contact us

    S-15 $10/Mo

    Size
    616 SF
    Type
    Office
    Contact us

    ST-2 $12/Mo

    Size
    20 SF
    Type
    Office
    Contact us

    420 $17/Mo

    Size
    2,075 SF
    Type
    Office
    Contact us

    440 $17/Mo

    Size
    2,872 SF
    Type
    Office
    Contact us

    500 $17/Mo

    Size
    5,932 SF
    Type
    Office
    Contact us

    660 $17/Mo

    Size
    1,128 SF
    Type
    Office
    Contact us

    300G $17/Mo

    Size
    247 SF
    Type
    Office
    Contact us

    200 $17/Mo

    Size
    11,900 SF
    Type
    Office
    Contact us

    1000 $17/Mo

    Size
    6,534 SF
    Type
    Office
    Contact us

    950 $17/Mo

    Size
    7,644 SF
    Type
    Office
    Contact us

    810 $17/Mo

    Size
    3,154 SF
    Type
    Office
    Contact us

    850 $17/Mo

    Size
    2,025 SF
    Type
    Office
    Contact us

    400 $17/Mo

    Size
    1,010 SF
    Type
    Office
    Contact us

    300 $17/Mo

    Size
    3,300 SF
    Type
    Office
    Contact us

    800 $17/Mo

    Size
    5,864 SF
    Type
    Office
    Contact us

    S-2 $10/Mo

    Size
    99 SF
    Type
    Office
    Contact us

    S-3 $10/Mo

    Size
    180 SF
    Type
    Office
    Contact us

    600 $17/Mo

    Size
    2,502 SF
    Type
    Office
    Contact us

    570 $17/Mo

    Size
    4,696 SF
    Type
    Office
    Contact us

    790 $17/Mo

    Size
    2,509 SF
    Type
    Office
    Contact us

    300B $17/Mo

    Size
    395 SF
    Type
    Office
    Contact us

    ST-1 $12/Mo

    Size
    20 SF
    Type
    Office
    Contact us

    630 $17/Mo

    Size
    589 SF
    Type
    Office
    Contact us

    920G $17/Mo

    Size
    224 SF
    Type
    Office
    Contact us

    801 $17/Mo

    Size
    1,290 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    William Klairmont
    William Klairmont

    Listing agent William Klairmont License #IL475.168859

    Listing office Imperial Realty Company

    Listing date Aug 2, 2021

    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 Imperial Realty Company

    HighLights

    • Prime location: just a ½ block from the Metra train station (Union Pacific Northwest line) for easy commuting to downtown Chicago.
    • Attached four‑level parking garage.
    • Convenient access to transportation: Pace Bus routes, O’Hare Airport (10‑minute drive), I‑294 (1 mile), and I‑90 (2.4 miles).
    • Upgraded common areas and breakroom.
    • ADA accessibility and fully sprinklered.
    • Walking distance to downtown Des Plaines amenities: restaurants, retailers, library, city hall, police department, and USPS.

    Overview

    701 Lee Street is a 10-story professional office building available for lease in downtown Des Plaines. It is ideally located approximately 0.5 blocks from the Metra train station, which serves commuters from Harvard/McHenry to downtown Chicago along the Union Pacific Northwest line. Pace Bus routes #226, #230, and #250 also service the building. The property features an attached four-level parking garage, high-speed elevators, upgraded common areas, a breakroom, and ADA accessibility. The building is fully sprinklered. Multiple restaurants and retailers are within walking distance, including the Des Plaines Public Library, City Hall, Police Department, and the USPS. O’Hare International Airport is a short 10-minute drive south. I-294 (Tri-State Tollway) is 1 mile east, and I-90 (Jane Addams Memorial Tollway) is 2.4 miles south.
    Property Profile Location Intelligence

    Current Use by Public Records

    ProsperiFi LLC Financial Advisor Ed Bead Supplies Big Box & Wholesale Store Des Plaines Wellness: ... Counselor The Engineering Studio, Inc. Engineering Consultant Safeguard Business Management ... Business Management Consultant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Plaines
    County
    Cook
    State
    Illinois
    Longitude
    -87.8883793
    Latitude
    42.0403001

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    FAQs

    What type of property is this?
    Office building - 10-story office building near Metra and downtown Des Plaines.
    Where is this office building located?
    The property is located at 701 Lee St Des Plaines, IL.
    What is the lease rate?
    The lease rate is $5 SF/Yr.
    What are key features of this property?
    This property features: Prime location: just a ½ block from the Metra train station (Union Pacific Northwest line) for easy commuting to downtown Chicago.; Attached four‑level parking garage.; Convenient access to transportation: Pace Bus routes, O’Hare Airport (10‑minute drive), I‑294 (1 mile), and I‑90 (2.4 miles).
    (773) 736-6461 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing William Klairmont
    William Klairmont
    Real Estate License ID: IL475.168859
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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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