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

    322 Green St Chicago, IL 60607

    Sponsored
    For Lease
    Contact for pricing

    6,116 SF, prime West Loop location

    Lot size:
    95,267 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    416
    This exceptional 6,116 square foot executive office space is situated in Chicago's vibrant West Loop neighborhood at the corner of Green and Van Buren Streets. The property, part of a larger 95,267 square foot Class B building constructed in 1921, offers a single-tenant occupancy opportunity. The interior features an open layout, a striking bow-truss ceiling, and abundant natural light. Its prime location provides unparalleled accessibility, just blocks from the I-90/I-290 interchange, Union Station, Ogilvie Transportation Center, and the UIC-Halsted Blue Line "L" station. The surrounding area boasts a dense population of over 455,000 within a three-mile radius, with average household incomes exceeding $143,000 within one mile. This ensures a strong customer base and high visibility. The property benefits from exceptional co-tenancy, including prominent retailers such as Whole Foods, Target, Mariano's, and Walgreens, as well as a wide array of high-end restaurants and national brands. The potential for leasing additional parking spaces in an adjacent lot adds further value. This is a rare opportunity to secure a prestigious office space in one of Chicago's most desirable and affluent neighborhoods. The building is a Class B property.

    Property Features for 322 Green St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    95,267 SF
    Class
    B

    Building Details

    Year Built
    1921

    Unit(s) available at that property

    Space
    Available Space
    Size
    6,116 SF

    We can help!

    Listing Contact
    Matthew Tarshis
    Matthew Tarshis

    Learn more

    Property Insight Report

    HighLights

    • 6,116 SF executive office suite in a Class B building, single‑tenant occupancy.
    • Located in Chicago's West Loop, a high‑income area with over 455,000 residents within 3 miles and average household incomes exceeding $143,000 within 1 mile.
    • Features an open interior, bow‑truss ceiling, and excellent natural light; potential for adjacent parking.
    • Exceptional location near I‑90/I‑290, Union Station, Ogilvie Transportation Center, and the UIC‑Halsted Blue Line "L" station.
    • Strong co‑tenancy including Whole Foods, Target, and numerous high‑end restaurants and retailers.
    Property Profile Location Intelligence

    Current Use by Public Records

    Siebel Institute of Technology Education Center Community Care Alliance ... Non-Profit Organization Golden State Foods ... Food Manufacturer Interstate Realty Management Property Management Company Elevate Non-Profit Organization

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store 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
    -87.6487912
    Latitude
    41.8769752

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    FAQs

    What type of property is this?
    Office Property / Space - 6,116 SF, prime West Loop location
    Where is this office property / space located?
    The property is located at 322 Green St Chicago, IL.
    What are key features of this property?
    This property features: 6,116 SF executive office suite in a Class B building, single-tenant occupancy.; Located in Chicago's West Loop, a high-income area with over 455,000 residents within 3 miles and average household incomes exceeding $143,000 within 1 mile.; Features an open interior, bow-truss ceiling, and excellent natural light; potential for adjacent parking.
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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
    322 Green St Chicago, IL 60607
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    We can help!
    Listing Contact
    Matthew Tarshis
    Matthew Tarshis
    Real Estate License ID: 475155035
    Learn more
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