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

    3333 Arthington St Chicago, IL 60624

    Sponsored
    For Sale
    $5,258,000

    Historic Sears HQ, redevelopment opportunity.

    Property size:
    239,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    423
    This exceptional redevelopment opportunity presents a unique chance to acquire the former Sears, Roebuck and Company Administration Building, a Chicago Landmark designated in 2002 and situated at 3333 W Arthington St, Chicago, IL 60624. This five-story, 239,000 square foot masonry building, boasting a classical revival façade, occupied approximately three-quarters of the block between South Homan and Spaulding. Originally constructed in 1905 as the executive headquarters for Sears, it served that purpose until 1973. The property, currently vacant, is zoned PD-971 and offers significant potential for mixed-use, multifamily, or office development. Extensive demolition has already been completed, preparing the site for a new interior buildout. Its prime location provides convenient access to the Kenzie-Homan CTA Blue Line station and the I-290 Expressway. The asking price is $5,258,000, or $22 per square foot. This is a truly remarkable opportunity to revitalize a piece of Chicago's history. The property is classified as Class C and is offered as a vacant development site.

    Property Features for 3333 Arthington St

    General Information

    Property type
    Multifamily properties
    Square Feet
    239,000 SF
    Class
    C

    Building Details

    Buildings
    1
    Stories
    5

    We can help!

    Listing Contact
    Scott Maesel
    Scott Maesel

    Learn more

    Property Insight Report

    HighLights

    • Landmarked five‑story masonry building with classical revival façade, occupying approximately ¾ of the block.
    • Former Sears, Roebuck and Co. executive headquarters, built in 1905 and used until 1973.
    • Designated a Chicago Landmark in 2002.
    • Conveniently located near the Kenzie‑Homan CTA Blue Line station and I‑290 Expressway.
    • Offered at $22 per square foot.
    Property Profile Location Intelligence

    Current Use by Public Records

    Life First Inc Social Service Agency Prevention Force Family ... Social Service Agency Revelations International Church Prevention Force Family ... Food Bank CTI Collection Services, ... Consultant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.709668122208
    Latitude
    41.870033894396

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    FAQs

    What type of property is this?
    Multifamily property - Historic Sears HQ, redevelopment opportunity.
    Where is this multifamily property located?
    The property is located at 3333 Arthington St Chicago, IL.
    What is the asking price?
    The asking price for this property is $5,258,000.
    What are key features of this property?
    This property features: Landmarked five-story masonry building with classical revival façade, occupying approximately ¾ of the block.; Former Sears, Roebuck and Co. executive headquarters, built in 1905 and used until 1973.; Designated a Chicago Landmark in 2002.
    Request Owner's contact information
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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
    3333 Arthington St Chicago, IL 60624
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    We can help!
    Listing Contact
    Scott Maesel
    Scott Maesel
    Real Estate License ID: 471005379
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