Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Professional Office Building For Lease Title is generated by Realmo AI

    950 Lee St, Des Plaines, IL 60016

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Three-story office building in downtown Des Plaines with covered parking.

    Type:Office
    Added:
    Jul 29, 2021
    Days on Market:
    1773
    Last Refresh:
    May 13 at 8:15 pm

    Property Features for 950 Lee St

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 950 Lee St Contact us

    108 $13/Mo

    Size
    1,645 SF
    Type
    Office
    Contact us

    100 $13/Mo

    Size
    1,542 SF
    Type
    Office
    Contact us

    110 $13/Mo

    Size
    5,097 SF
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    William Klairmont
    William Klairmont

    Listing agent William Klairmont License #IL475.168859

    Listing office Imperial Realty Company

    Listing date Jul 29, 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

    • Conveniently located 4 blocks from the Metra Northwest Line (Des Plaines Station) and steps from Pace Bus #226 & #250.
    • Covered parking available for tenants.
    • Exterior signage opportunities for tenants.
    • Located near O’Hare Airport.
    • Professional 3‑story office building in downtown Des Plaines.
    • Common area break‑room with vending machines, 5‑day janitorial service and HVAC.

    Overview

    The property at 950 Lee Street is a three-story professional office building available for lease, situated in downtown Des Plaines. It offers tenants covered parking, a large glass elevator, and the potential for exterior signage. Common amenities include a break-room equipped with vending machines, 5-day janitorial service, and HVAC. The location provides convenient access to a variety of dining options, including Sugar Bowl, Thai Square, Boston Fish Market, Wingstop, Tap House Grill, Panera Bread, Burger King, White Castle, Potbelly, Taco Bell, and McDonalds. The building is located near O’Hare airport. Commuters benefit from its proximity to transportation, being a 4-block walk to the Metra Northwest Line - Des Plaines Station and steps away from Pace Bus #226 & #250.
    Property Profile Location Intelligence

    Current Use by Public Records

    Frank J. Baker ... Tax Preparation Daisy fix it Computer & Electronic Repair Financial Wize Home ... Nursing Home Georgemiller, Whyte & Associates Physician State Farm Insurance Insurance Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon 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
    Des Plaines
    County
    Cook
    State
    Illinois
    Longitude
    -87.892476
    Latitude
    42.0362645

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      IL, Des Plaines - River Rd

      2340 River Rd, Des Plaines, IL 60018
      View Details
    • Contact for pricing

      Commercial Space in Des Plaines

      Commercial property available for rent in Des Plaines, Illinois.
      634 W Algonquin Road, Des Plaines, IL 60016
      View Details
    • Contact for pricing

      Des Plaines Prime Office Space

      Convenient office space near downtown Des Plaines with ample parking.
      19 N Broadway Street, Des Plaines, IL 60016
      View Details
    • $24 SF/Yr
      18,049 SF

      Class A Office Space Available

      Suburban office with urban convenience, near O’Hare airport.
      1350 E Touhy Ave, Des Plaines, Illinois 60018
      View Details
    • $24 SF/Yr
      858 SF

      Rand Road Commercial Space Available

      High-visibility commercial space for lease on Rand Road.
      1585 Rand Road #C, Des Plaines, IL 60016
      View Details
    • $8 SF/Yr
      28,851 SF

      Des Plaines Flex Space Available

      Flex space near O’Hare Airport with drive-in doors.
      100-180 Touhy Court, Des Plaines, IL 60018
      View Details
    • $20 SF/Yr
      3,036 SF

      Move-in Ready Office Suites

      Office suites available for immediate occupancy with efficient design.
      1400 E Touhy Ave, Des Plaines, IL
      View Details
    • $22 SF/Yr
      5,000 SF

      Versatile Flex Space on Golf Road

      5,000 sq ft flex space with high visibility.
      1200 E Golf Road, Des Plaines, IL 60016
      View Details
    • $25 SF/Yr
      2,894 SF

      Renovated Medical Office Space

      Newly renovated medical office suites with convenient highway access.
      9301 W Golf Rd, Des Plaines, IL
      View Details
    • Contact for pricing
      6,568 SF

      Community Center Retail Space Available

      155,152 SF community center with major anchors for lease.
      767 West Golf Road, Des Plaines, IL, 60016
      View Details
    • $20 SF/Yr
      1,509 SF

      Des Plaines Office Space Available

      New office space with private offices and open area.
      2860 S River Rd, Des Plaines, IL
      View Details
    • Contact for pricing

      Des Plaines Commercial Space Available

      Office, retail, or medical space near Metra and downtown.
      770 Lee Street, Des Plaines, IL 60016
      View Details

    FAQs

    What type of property is this?
    Office building - Three-story office building in downtown Des Plaines with covered parking.
    Where is this office building located?
    The property is located at 950 Lee St Des Plaines, IL.
    What is the lease rate?
    The lease rate is $13 SF/Yr.
    What are key features of this property?
    This property features: Conveniently located 4 blocks from the Metra Northwest Line (Des Plaines Station) and steps from Pace Bus #226 & #250.; Covered parking available for tenants.; Exterior signage opportunities for tenants.
    (773) 736-6461 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing William Klairmont
    William Klairmont
    Real Estate License ID: IL475.168859
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    950 Lee St, Des Plaines, IL 60016
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!