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    The Largest CRE Database in the US with Over 1 Million Listings

    1260 Washington Blvd Chicago, IL 60607

    Sponsored
    For Lease
    $51 SF/Yr

    Prime West Loop location, 640 sq ft.

    Lot size:
    640 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    This exceptional retail space, totaling 640 square feet, is situated on the first floor of a six-story mixed-use building at the highly visible corner of Washington Boulevard and Elizabeth Street in Chicago's vibrant West Loop neighborhood. Built in 2003, the building offers one available retail unit within a multi-tenant environment. The space boasts large windows providing excellent street visibility and natural light, ideal for maximizing brand exposure and attracting customers. The location benefits from high foot traffic and proximity to various amenities, making it an attractive proposition for a variety of retail businesses. The address is 1260 W Washington Blvd #101, Cook County. This is a single-building property with a total of six stories. The specific subtype of retail is a dry cleaner, although the space may be suitable for other uses. The total building square footage is not specified. This prime location offers a unique opportunity for businesses seeking high visibility and a strong presence in a thriving commercial district. The space is ready for immediate occupancy and presents a compelling opportunity for a discerning tenant. Interested parties are encouraged to inquire further for detailed specifications and lease terms.

    Property Features for 1260 Washington Blvd

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    640 SF

    Building Details

    Year Built
    2003
    Buildings
    1
    Stories
    6

    Unit(s) available at that property

    Space
    Unit 101
    Size
    640 SF
    Rate per SF
    $51

    We can help!

    Listing Contact
    Andrew Prunty
    Andrew Prunty

    Learn more

    HighLights

    • Retail property at 1260 W Washington Blvd #101, Chicago, IL.
    • One 640 sq. ft. retail space available.
    • Located in the West Loop, at the corner of Washington Blvd and Elizabeth St.
    • Six‑story building, built in 2003.
    • Cook County property.
    Property Profile Location Intelligence

    Current Use by Public Records

    Kass Management Professional Services My Paul Cleaners Cleaners Westgate Terrace Condos Condominium Complex lillieAnn's Massage Therapy ... Massage Therapist Stone Gate Development General Contractor

    Suggested Use

    Realty agency Spa & Massage Law Firm Restaurant Hair Salon Dental Office Nail Salon Building Supply Clothing 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
    -87.65892443
    Latitude
    41.88294251

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    FAQs

    What type of property is this?
    Retail property - Prime West Loop location, 640 sq ft.
    Where is this retail property located?
    The property is located at 1260 Washington Blvd Chicago, IL.
    What is the lease rate?
    The lease rate is $51 SF/Yr.
    What are key features of this property?
    This property features: Retail property at 1260 W Washington Blvd #101, Chicago, IL.; One 640 sq. ft. retail space available.; Located in the West Loop, at the corner of Washington Blvd and Elizabeth St.
    Request Owner's contact information
    1260 Washington Blvd Chicago, IL 60607
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    Chicago, IL 60607
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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
    1260 Washington Blvd Chicago, IL 60607
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    We can help!
    Listing Contact
    Andrew Prunty
    Andrew Prunty
    Real Estate License ID: IL 471.020524
    Learn more
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