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    225 Illinois St Chicago, IL 60654

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    For Lease
    Contact for pricing

    Multiple Suites, 2,291 - 9,702 SF

    Lot size:
    46,150 SF

    Property Features for 225 Illinois St

    General Information

    Property type
    Medical Office Space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    46,150 SF
    Class
    B
    Total Rate
    130758.33

    Spaces For Lease

    at 225 Illinois St, Chicago, IL 60654 Contact us
    Unit Suite 450

    $34 /Mo

    Size
    6,276 SF
    Contact us
    Unit Suite 200

    $35 /Mo

    Size
    9,702 SF
    Contact us
    Unit Suite 300

    $34 /Mo

    Size
    8,350 SF
    Contact us
    Unit Suite 430

    $34 /Mo

    Size
    6,276 SF
    Contact us

    We can help!

    Listing Contact
    Craig A. Nadborne
    Craig A. Nadborne

    Listing Agency: Bradford Allen Realty Services Chicago Listing Agent: Craig A. Nadborne

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional Class B office building at 225 W Illinois St, Chicago, IL 60654, offers a diverse range of flexible office spaces to suit various business needs. The 46,150 square foot building features multiple tenancy options, catering to businesses of all sizes. Currently, four suites are available for lease, providing a variety of configurations. Suite 200 boasts a generous 9,702 square feet, while Suite 300 offers 8,350 square feet of well-designed space. For smaller businesses, Suite 450 provides 2,291 square feet, and Suite 430 offers 4,435 square feet. Alternatively, Suites 430 and 450 can be leased together, totaling 6,276 square feet. The building's versatile design accommodates traditional office layouts, executive suites, coworking setups, creative office spaces, and even medical offices. This prime location in Chicago offers excellent accessibility and visibility, making it an ideal choice for businesses seeking a prestigious address and functional workspace. The building's classification as Class B indicates a balance of quality and affordability, making it a compelling option for businesses looking for a cost-effective yet professional environment. Inquire today to explore the possibilities and secure your ideal office space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Two Two Five ... Construction Company Rimadesio Chicago by ... Furniture & Home Goods AllianceChicago Charitable Organization TBA Global Events Business Management Consultant Novak | Costello CPA ... Accounting Firm

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.635254334638
    Latitude
    41.890764604078

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    FAQs

    What type of property is this?
    Medical Office Space - Multiple Suites, 2,291 - 9,702 SF
    Where is this medical office space located?
    The property is located at 225 Illinois St Chicago, IL.
    What is the lease rate?
    The lease rate is $34-$35 SF/Yr.
    What are key features of this property?
    This property features: Modern, well-maintained corner building with abundant natural light.; Renovated lobby with three elevators (two passenger, one freight).; On-site bike storage.
    (312) 994-5796 Call to check price and availability
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    225 Illinois St Chicago, IL 60654
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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
    225 Illinois St Chicago, IL 60654
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Craig A. Nadborne
    Craig A. Nadborne
    (312) 994-5796 (773) 454-0159 (312) 994-5700
    Learn more
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