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    231 La Salle St Chicago, IL 60604

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    For Lease
    Contact for pricing

    Premium Chicago Loop Office Space: Panoramic Views, Top Amenities

    Lot size:
    21,700 SF

    Property Features for 231 La Salle St

    General Information

    Property type
    Office Units
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    21,700 SF

    Spaces For Lease

    at 231 La Salle St, Chicago, IL 60604 Contact us

    We can help!

    Listing Contact
    Dominick Cannata
    Dominick Cannata

    Listing Agency: BROOKLINE REAL ESTATE LLC Listing Agent: Dominick Cannata

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional turn-key office space in Chicago's vibrant Loop offers a variety of configurations suitable for executive offices, coworking, or creative office setups. Located in the heart of the Central Business District, the property boasts unparalleled convenience with immediate access to public transportation, making commuting a breeze. The building's prime location also places tenants within easy reach of numerous high-end hotels and five-star dining establishments, ideal for business meetings and client entertainment. The workspace itself is designed for maximum productivity, featuring a modern aesthetic and stunning panoramic city views. Premium amenities are included, enhancing the overall work experience. The building fosters a dynamic and energetic atmosphere, reflecting the fast-paced nature of Chicago's business environment. Multiple tenancy options are available, catering to businesses of various sizes and needs. This is an exceptional opportunity to secure a prestigious office space in one of Chicago's most desirable locations within Cook County. The building's excellent transit connections ensure seamless connectivity throughout the city, further enhancing its appeal to businesses seeking a central and accessible location. The overall environment is designed to support a productive and exciting workday, making it an ideal choice for companies seeking a premium workspace in the heart of Chicago's Loop.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    US Army Corps ... Sustainability Organization Pedersen & Weinstein LLP Law Firm Engage Civil General Contractor Great Lakes Advisors Financial Advisor Relativity (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Restaurant Dental Office Nail Salon Building Supply Daycare Center Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6319979
    Latitude
    41.8784875

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    FAQs

    What type of property is this?
    Office units - Premium Chicago Loop Office Space: Panoramic Views, Top Amenities
    Where is this office units located?
    The property is located at 231 La Salle St Chicago, IL.
    What are key features of this property?
    This property features: Prime Loop location with excellent access to public transportation, hotels, and restaurants.; Modern, productive office space offering panoramic city views and high-end amenities.; Vibrant, fast-paced work environment in Chicago's Central Business District with convenient public transit.
    (630) 590-5910 Call to check price and availability
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    231 La Salle St Chicago, IL 60604
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    Chicago, IL 60604
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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
    231 La Salle St Chicago, IL 60604
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Dominick Cannata
    Dominick Cannata
    Real Estate License ID: 00000
    (630) 590-5910 (630) 886-4408
    Learn more
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