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    600 Clark St Chicago, IL 60605

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    For Sale
    Contact for pricing

    Prime Retail, 59,884 SF, 175 Parking Spaces

    Property size:
    59,884 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional retail property, located at 600 S Clark Street in Chicago's vibrant South Loop, offers 59,884 square feet of space. Built in 1961, the property includes a four-level parking garage with 175 spaces, conveniently accessed from both Clark Street and Harrison Street. Its strategic location places it just blocks from the Ida B. Wells feeder ramp, providing easy access to downtown Chicago, and steps from the LaSalle Street Metra Station. Situated on the southwest corner of Clark and Harrison, the property is on the western edge of Printers Row, a thriving neighborhood with numerous residential lofts, restaurants, and service businesses. Currently, Park One manages the parking garage under a month-to-month agreement. A unique opportunity exists to acquire this property alongside the adjacent building at 601 S. LaSalle, allowing for a larger-scale redevelopment project. This presents a rare chance to own and operate a parking structure in Chicago's downtown core, benefiting from the existing month-to-month management agreement. The property's prime location and potential for expansion make it an attractive investment. The Cook County address is 600 S Clark St, Chicago, IL 60605.

    Property Features for 600 Clark St

    General Information

    Property type
    Retail properties
    Square Feet
    59,884 SF

    Building Details

    Year Built
    1961

    HighLights

    • 59,884 SF retail property at 600 S Clark St, Chicago, IL 60605.
    • Four‑level parking garage with 175 spaces, accessed from Clark & Harrison Streets.
    • Adjacent building at 601 S LaSalle available for acquisition, allowing for large‑scale redevelopment.
    • Prime South Loop location, blocks from Ida B. Wells feeder ramp and LaSalle Street Metra Station, on the western edge of Printers Row.
    Property Profile Location Intelligence

    Current Use by Public Records

    Untouchable Tour - Chicago's ... Bus Tour Agency Weird Chicago Tours Bus Tour Agency Rock 'N' Roll ... Higher Secondary School Zipcar Car Rental Agency Chicago Film Tour Sightseeing Tour Agency

    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
    -87.6308408
    Latitude
    41.8744144

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    FAQs

    What type of property is this?
    Retail property - Prime Retail, 59,884 SF, 175 Parking Spaces
    Where is this retail property located?
    The property is located at 600 Clark St Chicago, IL.
    What are key features of this property?
    This property features: 59,884 SF retail property at 600 S Clark St, Chicago, IL 60605.; Four-level parking garage with 175 spaces, accessed from Clark & Harrison Streets.; Adjacent building at 601 S LaSalle available for acquisition, allowing for large-scale redevelopment.
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    600 Clark St Chicago, IL 60605
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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.

    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
    600 Clark St Chicago, IL 60605
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