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    123 Madison St Chicago, IL 60602

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    For Lease
    Contact for pricing

    Prestigious Chicago Loop office space. Flexible layouts available.

    Lot size:
    70,000 SF

    Property Features for 123 Madison St

    General Information

    Property type
    Office properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    70,000 SF
    Total Rate
    116666.67

    Building Details

    Year Built
    1913
    Stories
    22

    Spaces For Lease

    at 123 Madison St, Chicago, IL 60602 Contact us
    Unit Suite 1400

    $20 /Mo

    Size
    1,539 SF
    Contact us
    Unit Retail

    $40 /Mo

    Size
    1,938 SF
    Contact us
    Unit Suite 200

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Unit Lower Level

    $20 /Mo

    Size
    3,096 SF
    Contact us
    Unit Suite 300

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Unit Suite 1704

    $20 /Mo

    Size
    848 SF
    Contact us
    Unit Suite 1200

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Unit Suite 1100

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Unit Suite 1600

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Unit Suite 2000

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Unit Suite 1300

    $20 /Mo

    Size
    2,927 SF
    Contact us
    Unit Suite 1310

    $20 /Mo

    Size
    804 SF
    Contact us
    Unit Suite 600

    $20 /Mo

    Size
    2,690 SF
    Contact us
    Unit Suite 1900

    $20 /Mo

    Size
    1,675 SF
    Contact us
    Unit Suite 500

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Unit Suite 1005

    $20 /Mo

    Size
    1,303 SF
    Contact us
    Unit Suite 1425

    $20 /Mo

    Size
    911 SF
    Contact us
    Unit Suite 1950

    $20 /Mo

    Size
    2,056 SF
    Contact us
    Unit Suite 1800

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Unit Suite 1450

    $20 /Mo

    Size
    1,100 SF
    Contact us
    Unit Suite 2200

    $20 /Mo

    Size
    3,731 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Jonathan Zimmerman

    Listing Agency: Willard Jones Real Estate Listing Agent: Jonathan Zimmerman

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

    Learn more

    Property Insight Report

    Overview

    This exceptional 22-story, 70,000 square foot office building at 123 W Madison Street in Chicago's Central Loop offers a variety of traditional and executive office spaces. Built in 1913, the building provides multiple tenancy options with suites ranging from a minimum of 804 square feet to a maximum contiguous space of 3,731 square feet. The efficient floor plans feature abundant natural light and versatile layouts, ideal for small businesses seeking a flexible and efficient workspace. The building's location in the heart of the Central Loop offers unparalleled access to Chicago's key transportation hubs, including Ogilvie Transportation Center, Union Station, and all CTA buses and trains. The Pedway system provides convenient indoor access to numerous businesses and amenities. The surrounding area boasts a wealth of dining, shopping, and entertainment options, with easy access to Millennium Park, Michigan Avenue, and State Street. The building's responsive property management and strong ownership ensure a positive tenant experience. This is a prime opportunity to establish your business in a highly desirable and convenient location. Twenty-one spaces are currently available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Access To Justice, Inc. Law Firm Cherskov Flaynik & Gurda, ... Law Firm Charles Aaron Silverman, ... Law Firm Spine-health Hospital Chicago Tech Support IT Consulting Firm

    Suggested Use

    Spa & Massage Center Real Estate Agency Hair Salon Restaurant Dental Office Nail Salon Building Supply Daycare Center Auto Repair Shop Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6319628
    Latitude
    41.8817398

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    FAQs

    What type of property is this?
    Office property - Prestigious Chicago Loop office space. Flexible layouts available.
    Where is this office property located?
    The property is located at 123 Madison St Chicago, IL.
    What is the lease rate?
    The lease rate is $20-$40 SF/Yr.
    What are key features of this property?
    This property features: 22-story, 70,000 square foot office building in Chicago's Central Loop.; Suites range from 804 to 3,731 square feet.; Newly renovated lobby and corridors.
    (312) 263-8787 Call to check price and availability
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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
    123 Madison St Chicago, IL 60602
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    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jonathan Zimmerman
    Real Estate License ID: 471009051
    (312) 263-8787
    Learn more
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