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    223 W Jackson Blvd Chicago, IL 60606

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    For Lease
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    Historic office building in the Loop with modern amenities.

    Type:Retail, Office
    Added:
    Jun 23, 2022
    Days on Market:
    1399
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 223 W Jackson Blvd

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Spaces For Lease

    at 223 W Jackson Blvd Contact us

    Suite LL227 $25 /Mo

    Size
    4,500 SF
    Type
    Retail
    Contact us

    Suite 505 $24 /Mo

    Size
    2,258 SF
    Type
    Office
    Discover Suite 505, a spacious 2,258 sq. ft. office in the vibrant heart of downtown...
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    Contact us

    Suite 520 $27 /Mo

    Size
    1,826 SF
    Type
    Office
    Located in the heart of Chicago’s Downtown Loop, Suite 520 offers 1,826 sq ft of...
    show more
    Contact us

    Suite 270 $26 /Mo

    Size
    2,183 SF
    Type
    Office
    Suite 270 offers 2,183 RSF of furnished, flexible office space with two private offices,...
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    Suite 400 $27 /Mo

    Size
    13,508 SF
    Type
    Office
    Discover Suite 400 in the heart of the Chicago Loop—a unique opportunity to elevate...
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    Suite 700 $27 /Mo

    Size
    6,882 SF
    Type
    Office
    Elevate your business in this stunning corner office suite in the heart of Downtown...
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    Contact us

    Suite 1000 $27 /Mo

    Size
    1,230 SF
    Type
    Office
    Discover a vibrant workspace in the heart of Chicago's Downtown Loop. Suite 1000...
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    Contact us

    Suite 1002 $27 /Mo

    Size
    873 SF
    Type
    Office
    Discover Suite 1002, an inspiring 873 sq. ft. corner office space in the heart of...
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    Suite 1014 $27 /Mo

    Size
    872 SF
    Type
    Office
    Discover Suite 1014 in the heart of the Chicago Loop—a vibrant space designed for...
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    Contact us

    Suite 600 $26 /Mo

    Size
    1,348 SF
    Type
    Office
    This furnished 1,348 SF office suite features three private offices and ample storage,...
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    Contact us

    Suite 975 $27 /Mo

    Size
    3,003 SF
    Type
    Office
    Elevate your business in this stunning corner office suite in the heart of Downtown...
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    Contact us

    Suite 960 $28 /Mo

    Size
    1,169 SF
    Type
    Office
    Discover Suite 960 in the heart of Chicago's Downtown Loop—a dynamic 1,169 sq ft...
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    Contact us

    Suite 820 $28 /Mo

    Size
    2,940 SF
    Type
    Office
    Discover your new workplace in the heart of the Chicago Loop. This expansive 2,940...
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    Contact us

    Suite 620 $27 /Mo

    Size
    1,774 SF
    Type
    Office
    Discover a versatile office space in the heart of downtown Chicago Loop. Suite 620...
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    Contact us

    Suite 605 $24 /Mo

    Size
    749 SF
    Type
    Office
    The listed rate of $24.00 RSF/Gross is valid on a lease signed by March 31, 2026...
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    We can help!

    Listing Contact
    Joe Storiz

    Listing agent Joe Storiz License #IL

    Listing office Marc Realty

    Listing date Jun 23, 2022

    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 Marc Realty

    Overview

    Historic Chicago Loop Office Space

    The Brooks Building, located at 223 W Jackson Boulevard in Chicago, is a historic landmark in the Loop, designed in the Chicago School architectural style. The building features a steel-framed structure and intricate terra cotta details. It provides modern office amenities, including flexible floor plans, high-speed internet, security features, and on-site management. The building is accessible via the Jackson Red Line and multiple bus routes. This location offers a blend of historic charm and modern functionality, suitable for businesses in downtown Chicago.
    Location Intelligence

    Current Use by Public Records

    Edmund Hollander Landscape ... Landscaping Vogel Verheggen & Associates ... (Bike/Boat/Book/etc) Store The Law Center, LLC Law Firm Giordano's Restaurant Millennium Periodontics Dental Office

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Restaurant 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
    -87.6346087
    Latitude
    41.8778922

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    FAQs

    What type of property is this?
    Office building - Historic office building in the Loop with modern amenities.
    Where is this office building located?
    The property is located at 223 W Jackson Blvd Chicago, IL.
    What are key features of this property?
    This property features: Prime Loop location at **223 W Jackson Boulevard**.; Historic Chicago School‑style landmark with intricate terra cotta details.; Modern office amenities including **flexible floor plans and high‑speed internet**.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Joe Storiz
    Real Estate License ID: IL
    Learn More
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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
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