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    2229 Michigan Ave Chicago, IL 60616

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    For Lease
    Contact for pricing

    Historic Motor Row Office Building, 3 Suites Available

    Lot size:
    32,500 SF

    Property Features for 2229 Michigan Ave

    General Information

    Property type
    Office Units
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,500 SF
    Class
    C
    Total Rate
    48750

    Building Details

    Year Built/Renovated
    1918/2018
    Buildings
    1
    Stories
    4

    Spaces For Lease

    at 2229 Michigan Ave, Chicago, IL 60616 Contact us
    Unit 1 (Back)

    $19 /Mo

    Size
    2,512 SF
    Contact us
    Unit Suite 306

    $18 /Mo

    Size
    3,211 SF
    Contact us
    Unit 407-408

    $20 /Mo

    Size
    4,772 SF
    Contact us

    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 stunning, newly revitalized 4-story office building at 2229 S Michigan Ave in Chicago's South Loop (Motor Row) offers three available suites ranging from 2,512 to 4,772 square feet. Originally constructed in 1918 and extensively renovated in 2018, the building boasts a striking new façade, lobby, elevator, and updated mechanical systems, windows, and bathrooms. The 32,500 square foot building features high ceilings, abundant natural light, and exposed sandblasted brick walls, creating a unique and desirable creative office environment. The building sits on a 0.23-acre lot with a 3.24 FAR and is zoned DX-5 (Downtown mixed-use). The property includes four parking spaces and is conveniently located in the vibrant Motor Row district, known for its historic architecture and burgeoning growth, including planned additions of entertainment venues, hotels, restaurants, and bars. This Class C building offers a blend of historical charm and modern amenities, making it an ideal location for businesses seeking a unique and dynamic workspace in a prime Chicago location. The Cook County property (APN 17-27-102-004-0000) is served by multiple tenants and offers a variety of office space configurations to suit diverse business needs.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lips Drag Queen ... Restaurant Chicago House & Social ... Social Service Agency Fly Club Training Center Bellagio 223 Wedding Service People's Lobby Charitable Organization

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6233053
    Latitude
    41.8520618

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    FAQs

    What type of property is this?
    Office units - Historic Motor Row Office Building, 3 Suites Available
    Where is this office units located?
    The property is located at 2229 Michigan Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $18-$20 SF/Yr.
    What are key features of this property?
    This property features: Newly revitalized 4-story office building in Chicago's South Loop (Motor Row).; Three available suites ranging from 2,512 to 4,772 square feet.; Extensive 2018 renovation including façade, lobby, elevator, mechanicals, windows, and bathrooms.
    (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
    2229 Michigan Ave Chicago, IL 60616
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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
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