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    The Largest CRE Database in the US with Over 1 Million Listings

    2050 Ogden Ave Chicago, IL 60612

    Sponsored
    For Lease
    Contact for pricing

    Chicago Medical District Office Space. New Development.

    Lot size:
    11,066 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    425
    This exceptional executive office opportunity is located at 2050 W Ogden Ave in Chicago's vibrant Illinois Medical District (IMD). The property boasts a total of 11,066 square feet, currently entirely vacant and available for lease. The building offers multiple tenancy options, with a minimum divisible space of 1,070 square feet and a maximum contiguous space of 8,246 square feet, providing flexibility for businesses of various sizes. Situated in a high-traffic area at the intersection of Ogden and Damen Avenues, this location offers excellent visibility and accessibility. The building is part of a brand-new development, surrounded by a mix of residential, office, and medical buildings, creating a dense and active environment. Future development plans include a new residential tower, retail center, and hotel, further enhancing the area's appeal and potential for growth. This prime location within the IMD offers unparalleled access to a significant concentration of medical professionals, institutions, and related businesses. The property is classified as Retail and Office, specifically Executive Office space, making it ideal for businesses seeking a prestigious and convenient location in a rapidly developing area of Cook County, Illinois, zip code 60612. The property's modern design and strategic location present a unique opportunity for businesses seeking to establish or expand their presence in this thriving medical district.

    Property Features for 2050 Ogden Ave

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    11,066 SF

    Spaces For Lease

    at 2050 Ogden Ave, Chicago, IL 60612 Contact us

    We can help!

    Listing Contact
    Doug Renner
    Doug Renner

    Learn more

    HighLights

    • 1,070 SF Available
    • 1,750 SF Available
    • 2,050 SF Available
    • Prime Illinois Medical District (IMD) Location
    • High‑Density Area with Surrounding Residential, Office, and Medical Buildings
    • New Development with Adjacent Residential Tower, Retail Center, and Hotel
    Property Profile Location Intelligence

    Current Use by Public Records

    Cadence Apartments Apartment Complex

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6777497
    Latitude
    41.8719299

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    FAQs

    What type of property is this?
    Office Property / Space - Chicago Medical District Office Space. New Development.
    Where is this office property / space located?
    The property is located at 2050 Ogden Ave Chicago, IL.
    What are key features of this property?
    This property features: 1,070 SF Available; 1,750 SF Available; 2,050 SF Available
    Request Owner's contact information
    2050 Ogden Ave Chicago, IL 60612
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    Chicago, IL 60612
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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
    2050 Ogden Ave Chicago, IL 60612
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    We can help!
    Listing Contact
    Doug Renner
    Doug Renner
    Real Estate License ID: 475151752
    Learn more
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