Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2001 State St Chicago, IL 60616
    Back to Search
    Property profile & analytics

    2001 State St Chicago, IL 60616

    View on Map
    • Retail properties & Spaces
    • 38,472 SF
    • 0.39 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Phenomenal Fitness / Gym & Fitness Center
    • Bitcoin ATM Chicago - Coinhub / Currency Exchange Service / Atm
    • Catch Me If U Cam / Gym & Fitness Center
    • Bravo Martial Arts / Training Center / Sports School
    • Sophisticated Movement / Gym & Fitness Center

    Property Details for 2001 State St

    Year built
    1878
    Lot size
    0.39 lot acres
    Property size
    38,472 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This exceptional Chicago office space, located at 2001 S State St, offers 5,327 square feet of vacant space in a 38,472 square foot building. Built in 1878 and renovated in 2017, this Class C property boasts a desirable State Street frontage with excellent visibility. The building features a street-level retail space, perfect for a variety of businesses. Its convenient location at the intersection of State and Cullerton Streets places it in close proximity to key amenities, including Reggies Chicago, the post office, and Chase Bank. Public transportation is readily accessible, with the Cermak-McCormick Place and Cermak-Chinatown L Stations just steps away. The property's proximity to McCormick Place, the McCormick Place Events Center, and the Marriott Marquis Hotel further enhances its appeal. The building includes 10 total parking spaces and an elevator. The lot size is 0.39 acres, with a building floor area ratio (FAR) of 2.26. The property is zoned DX-5, Chicago, and is situated in Cook County, Illinois, with a zip code of 60616. The building comprises one structure with four stories. This single-tenant space is available with 90 days' notice. This is a unique opportunity to secure a well-located, renovated office space in a vibrant Chicago neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6267
    Latitude
    41.8551

    Comparable in this City

    • Value Estimation by Request
      300,000 SF

      2111 Wabash Ave

      Individual retail properties • 300,000 SF
      2111 Wabash Ave, Chicago, IL 60616
      View Details
    • Value Estimation by Request

      2252 Canal St

      Medical Office Space
      2252 Canal St, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      24,182 SF

      3112 Indiana Ave

      Office Spaces • 24,182 SF
      3112 Indiana Ave, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      40,000 SF

      2001 State St

      Individual retail properties • 40,000 SF
      2001 State St, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      18,000 SF

      1639 Indiana Ave

      Retail properties & Spaces • 18,000 SF
      1639 Indiana Ave, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      36,476 SF

      1912 State St

      Medical Office Space • 36,476 SF
      1912 State St, Chicago, IL 60616
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      29,834 SF

      Historic Motor Row Building

      Charming building in Chicago's Motor Row, near McCormick Place.
      2229 S Michigan Ave, Chicago, IL 60616
      View Details
    • $250,000
      24,000 SF

      South Loop Retail/Office Space

      Versatile 825 SF space in prime South Loop location.
      1932 S Wabash Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      33,500 SF

      Loft Warehouse in Motor Row

      33,500 sq ft loft warehouse in historic district.
      2221 S Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing

      South Loop Mixed-Use Investment

      Newly renovated South Loop mixed-use property with commercial and residential units.
      2001 S State St, Chicago, IL 60616
      View Details
    • $250,000

      South Loop Retail/Office Space

      Versatile 825 SF space in prime South Loop location.
      1930 S Wabash Ave, Chicago, IL 60616
      View Details
    • $250,000

      South Loop Retail/Office Space

      Versatile 825 SF space in prime South Loop location.
      1930 S Wabash Ave, Chicago, IL 60616
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      39,900 SF

      Motor Row Office Building

      Exceptional 39,900 SF Mixed-Use Property
      2241 Wabash Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      3,000 SF

      High-Traffic Corner Retail Space

      3,000 SF fully built-out space on a high-traffic corner.
      747-753 S Halsted St, Chicago, IL 60616
      View Details
    • $21 SF/Yr
      1,430 SF

      Former Pizzeria Ready for New

      Fully built-out restaurant space in a well-leased retail corridor.
      1900-1937 S State St, Chicago, IL 60616
      View Details
    • $14 SF/Yr

      Commercial Lofts on Cermak Road

      Commercial lofts with open layouts, natural light, and modern finishes.
      600 W Cermak Rd, Chicago, IL 60616
      View Details
    • $32 SF/Yr

      South Loop Retail/Office Space

      Retail/office space in a dynamic South Loop location.
      1935 S Wabash Ave, Chicago, IL 60616
      View Details
    • $24 SF/Yr

      Bright Retail Space Available

      Versatile 1100 sq ft space suitable for various businesses.
      2810 S Wentworth Ave, Chicago, IL 60616
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2001 State St
    Chicago, IL 60616
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2001 State St, Chicago, IL, 60616
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!