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    120 State St Chicago, IL 60603

    For Sale
    $998,000

    Historic building, 2300 sq ft, full floor

    Property size:
    2,300 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    361
    This exceptional 2,300 square foot executive office suite, located on the 8th floor of a prestigious 1924 building at 120 S State St in Chicago's vibrant Loop, presents a unique investment opportunity. The unit boasts direct elevator access, hardwood floors, and impressive soaring ceilings. Large front corner windows offer panoramic views of State Street and the iconic Palmer House. Currently configured as a three-operatory dental office with a one-bedroom, one-bathroom residential suite, this versatile space offers significant potential for various uses. The building's mixed-use classification (residential and office) results in a nearly 50% reduction in the property tax burden, making this a highly advantageous investment. The sale includes existing dental equipment currently leased to a tenant. The property's prime location provides unparalleled convenience, with immediate access to CTA buses, the Red Line, and all Loop 'L' train stops. This is a chance to own a piece of Chicago's rich architectural history. The asking price is $998,000.

    Property Features for 120 State St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    2,300 SF

    Building Details

    Year Built
    1924
    Units
    8

    HighLights

    • Own a piece of Chicago's historic architecture.
    • 8th‑floor, 2,300 SF full‑floor office suite in a prestigious 1924 building at 120 S State St, featuring direct elevator access, hardwood floors, and high ceilings.
    • Panoramic State Street and Palmer House views from corner windows.
    • Currently configured as a three‑operatory dental office with a one‑bedroom, one‑bathroom residential suite.
    • Mixed‑use building classification reduces property taxes by approximately 50%.
    • Excellent Loop location with immediate access to CTA buses, the Red Line, and all 'L' train stops.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Alternative Legal Services Legal Services Star Realty & Management ... Real Estate Agency Rhoades Levy Law ... Estate Planning Attorney Mark Szaflarski Consultant Patula & Associates P.C. Legal Services

    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
    -87.628112
    Latitude
    41.8801547

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    FAQs

    What type of property is this?
    Office Property / Space - Historic building, 2300 sq ft, full floor
    Where is this office property / space located?
    The property is located at 120 State St Chicago, IL.
    What is the asking price?
    The asking price for this property is $998,000.
    What are key features of this property?
    This property features: Own a piece of Chicago's historic architecture.; 8th-floor, 2,300 SF full-floor office suite in a prestigious 1924 building at 120 S State St, featuring direct elevator access, hardwood floors, and high ceilings.; Panoramic State Street and Palmer House views from corner windows.
    (331) 305-4840
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    120 State St Chicago, IL 60603
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    Chicago, IL 60603
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    Realmo Value Estimation

    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.

    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.

    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
    120 State St Chicago, IL 60603
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