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    228 Wabash Ave Chicago, IL 60604

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    For Lease
    Contact for pricing

    Vintage Office Suites, 1,303 - 4,700 SF

    Lot size:
    84,000 SF

    Property Features for 228 Wabash Ave

    General Information

    Property type
    Office Units
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    84,000 SF
    Total Rate
    133000

    Building Details

    Year Built
    1930
    Stories
    10

    Spaces For Lease

    at 228 Wabash Ave, Chicago, IL 60604 Contact us
    Unit Suite 330

    $20 /Mo

    Size
    4,160 SF
    Contact us
    Unit Suite 700

    $20 /Mo

    Size
    4,600 SF
    Contact us
    Unit Suite 310

    $19 /Mo

    Size
    1,263 SF
    Contact us
    Unit Suite 210

    $19 /Mo

    Size
    845 SF
    Contact us
    Unit Suite 1000

    $20 /Mo

    Size
    4,600 SF
    Contact us
    Unit Suite 320

    $19 /Mo

    Size
    960 SF
    Contact us
    Unit Suite 420

    $20 /Mo

    Size
    1,270 SF
    Contact us
    Show more

    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 prestigious 10-story, 84,000 square foot building, constructed in 1930, offers a unique blend of historic charm and modern functionality. Located in Chicago's vibrant East Loop, near historic Route 66, this property boasts 7 available office spaces ranging from 1,303 to 4,700 contiguous square feet, with a total of 7,228 square feet currently vacant. The building features efficient floor plates, abundant natural light from large windows on three sides, upgraded elevators and lobby, and individual HVAC controls. High ceilings and compact floor plans are ideal for small to mid-sized tenants seeking a creative and inspiring workspace. Its prime location provides easy access to Grant and Millennium Parks, Michigan Avenue, and various public transportation options including the Pedway, CTA, Metra, and numerous parking garages. The proximity to the Thompson Center, Daley Center, City Hall, Prudential Plaza, and federal and county courts adds to its exceptional convenience. This is a rare opportunity to secure office space in a landmark building within a thriving and highly accessible area of Chicago.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ParkChicago #545513 Parking Lot & Garage Ramco Personnel Resources-Ill Employment Agency Cabet Group Employment Agency Chicago Area Fair ... Charitable Organization The Historic Trio on Route ... Freight Service

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Hair Salon Dental Office Nail Salon Building Supply Daycare Center Auto Repair Shop 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
    -87.6263862
    Latitude
    41.8786628

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    FAQs

    What type of property is this?
    Office units - Vintage Office Suites, 1,303 - 4,700 SF
    Where is this office units located?
    The property is located at 228 Wabash Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $19-$20 SF/Yr.
    What are key features of this property?
    This property features: 84,000 square foot, 10-story office building in Chicago's East Loop submarket.; Multiple suites available, ranging from 1,303 to 4,700 contiguous square feet; 7,228 square feet currently vacant.; Built in 1930, offering vintage charm with upgraded elevators and lobby.
    (312) 263-8787 Call to check price and availability
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    228 Wabash Ave Chicago, IL 60604
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    Chicago, IL 60604
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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
    228 Wabash Ave Chicago, IL 60604
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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
    Learn more
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