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    Professional Office Building For Lease Title is generated by Realmo AI

    3525 W Peterson Ave, Chicago, IL 60659

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    Six-story office building in Chicago's North Park community.

    Type:Office
    Added:
    Jul 27, 2021
    Days on Market:
    1774
    Last Refresh:
    May 13 at 12:12 am

    Property Features for 3525 W Peterson Ave

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 3525 W Peterson Ave Contact us

    613 $19/Mo

    Size
    299 SF
    Type
    Office
    Contact us

    601 $19/Mo

    Size
    941 SF
    Type
    Office
    Contact us

    322 $14/Mo

    Size
    621 SF
    Type
    Office
    Contact us

    604 $19/Mo

    Size
    399 SF
    Type
    Office
    Contact us

    324 $19/Mo

    Size
    968 SF
    Type
    Office
    Contact us

    227 $19/Mo

    Size
    2,186 SF
    Type
    Office
    Contact us

    200 $19/Mo

    Size
    609 SF
    Type
    Office
    Contact us

    109 $19/Mo

    Size
    936 SF
    Type
    Office
    Contact us

    419 $19/Mo

    Size
    628 SF
    Type
    Office
    Contact us

    Locker 3 $5/Mo

    Size
    120 SF
    Type
    Office
    Contact us

    411 $18/Mo

    Size
    160 SF
    Type
    Office
    Contact us

    220 $19/Mo

    Size
    595 SF
    Type
    Office
    Contact us

    405 $19/Mo

    Size
    199 SF
    Type
    Office
    Contact us

    612 $19/Mo

    Size
    596 SF
    Type
    Office
    Contact us

    615 $19/Mo

    Size
    553 SF
    Type
    Office
    Contact us

    T-19 $12/Mo

    Size
    595 SF
    Type
    Office
    Contact us

    204 $19/Mo

    Size
    695 SF
    Type
    Office
    Contact us

    103 $19/Mo

    Size
    888 SF
    Type
    Office
    Contact us

    408 $19/Mo

    Size
    248 SF
    Type
    Office
    Contact us

    T-3 $12/Mo

    Size
    871 SF
    Type
    Office
    Contact us

    301 $19/Mo

    Size
    1,119 SF
    Type
    Office
    Contact us

    437 $19/Mo

    Size
    271 SF
    Type
    Office
    Contact us

    603 $19/Mo

    Size
    315 SF
    Type
    Office
    Contact us

    602 $19/Mo

    Size
    323 SF
    Type
    Office
    Contact us

    T-7 $12/Mo

    Size
    585 SF
    Type
    Office
    Contact us

    310 $19/Mo

    Size
    1,148 SF
    Type
    Office
    Contact us

    306 $19/Mo

    Size
    595 SF
    Type
    Office
    Contact us

    607 $19/Mo

    Size
    638 SF
    Type
    Office
    Contact us

    609 $19/Mo

    Size
    922 SF
    Type
    Office
    Contact us

    614 $19/Mo

    Size
    922 SF
    Type
    Office
    Contact us

    605 $19/Mo

    Size
    627 SF
    Type
    Office
    Contact us

    T-1 $12/Mo

    Size
    1,178 SF
    Type
    Office
    Contact us

    606 $19/Mo

    Size
    289 SF
    Type
    Office
    Contact us

    528 $19/Mo

    Size
    620 SF
    Type
    Office
    Contact us

    506 $14/Mo

    Size
    614 SF
    Type
    Office
    Contact us

    608 $19/Mo

    Size
    376 SF
    Type
    Office
    Contact us

    6th Floor $19/Mo

    Size
    8,370 SF
    Type
    Office
    Contact us

    315 $19/Mo

    Size
    927 SF
    Type
    Office
    Contact us

    320 $19/Mo

    Size
    621 SF
    Type
    Office
    Contact us

    611 $19/Mo

    Size
    299 SF
    Type
    Office
    Contact us

    610 $19/Mo

    Size
    310 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Jul 27, 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

    • Free tenant parking
    • Public transportation to door via #82 and #84 bus routes
    • Minutes to Edens Expressway (I‑94) and Lake Shore Drive
    • Close proximity to banks, restaurants, and hotels
    • Floor to ceiling windows with breath taking views
    • Partitioning to suit tenant's needs

    Overview

    Peterson Corporate Center, a six-story office building, is available for lease at 3525 West Peterson Avenue in Chicago, situated in the North Park community. The neighborhood offers proximity to banks, restaurants, and hotels. The property features public transportation access, complimentary tenant parking, and floor-to-ceiling windows providing views. Partitioning is available to suit tenant requirements. The location provides convenient access to the Edens Expressway (I-94) and Lake Shore Drive, and is a short distance from O'Hare International Airport. Bus routes #82 and #84 have stops at the property. Peterson Avenue experiences high daily traffic counts. The area hosts a significant number of businesses, with retailers comprising 25%. North Park, home to Northeastern Illinois University and located a few miles north of the Chicago Loop, combines a suburban atmosphere with convenient access to downtown Chicago.
    Property Profile Location Intelligence

    Current Use by Public Records

    Draper and Kramer Mortgage ... Loan Service Attorney Amina Khan Law Firm Kim David K ... Accounting Firm Hwang Kwan Hong ... Accounting Firm Suleman Mohammad CPA Accounting Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office 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
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7172681
    Latitude
    41.9899683

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    FAQs

    What type of property is this?
    Office building - Six-story office building in Chicago's North Park community.
    Where is this office building located?
    The property is located at 3525 W Peterson Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $5 SF/Yr.
    What are key features of this property?
    This property features: Free tenant parking; Public transportation to door via #82 and #84 bus routes; Minutes to Edens Expressway (I‑94) and Lake Shore Drive
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
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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.

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