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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    104 Michigan Ave Chicago, IL 60603

    • Office buildings
    • 219,400 SF
    • 0.35 lot acres
    For Lease
    View listing
    $33 SF/Yr
    Value Estimations
    $1,500,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5783543
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Merit Laser Services - Medical Laser Sales & Laser Repair Chicago / Laser Equipment Supplier
    • Niby Mathew, M.D. / Family Practice Physician
    • Cooperativa Ceramica d’Imola North America / Ceramics Wholesaler
    • Dr. Sanjay N. Rao, MD / Ophthalmologist
    • Tawani Ventures / Venture Capital Company / Business Management Consultant

    Property Details for 104 Michigan Ave

    Year built
    1912
    Lot size
    0.35 lot acres
    Property size
    219,400 SF
    Property type
    Office buildings
    APN
    17-15-103-005
    APU
    1715103005

    Description

    The prestigious Monroe Building, a Class A office property in Chicago's vibrant downtown (104 S Michigan Ave, 60603), offers 243,166 square feet of executive office space. Built in 1912 and recently renovated, this iconic building boasts stunning lake and Millennium Park views. Multiple tenancy options are available, ranging from 917 to 23,083 contiguous square feet, with a total of 19 suites. Currently, 151,919 square feet is available. The building features state-of-the-art amenities including a fitness center, a two-story auditorium and broadcast center, comprehensive conference and teleconference facilities, dedicated event space, a data center, and an on-site bike room, along with convenient food service. Efficient floor plates cater to various business sizes, with elevator identity for each tenant. This exceptional property seamlessly blends historic charm with modern functionality, creating an unparalleled work environment in the heart of Cook County, Illinois. Experience the perfect combination of classic architecture and contemporary convenience.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,500,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.625
    Latitude
    41.8806
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $1,907,175
    $1,038,400
    $8,234,030
    $9,272,430
    -
    $4,153,600
    $32,936,120
    $37,089,720

    Comparable in this City

    • Value Estimation
      $410,000
      1.54 Acres

      131 Dearborn St

      OFFICE BUILDING (MULTI-STORY) • 1.54 Acres
      131 Dearborn St, Chicago, IL 60603-5517
      View Details
    • Value Estimation
      $1,550,000
      1,437,400 SF

      135 La Salle St

      OFFICE BUILDING (MULTI-STORY) • 1,437,400 SF
      135 La Salle St, Chicago, IL 60603-4177
      View Details
    • Value Estimation
      $930,000
      104,600 SF

      116 Michigan Ave

      OFFICE BUILDING (MULTI-STORY) • 104,600 SF
      116 Michigan Ave, Chicago, IL 60603-6095
      View Details
    • Value Estimation
      $1,710,000
      212,200 SF

      8 Michigan Ave

      OFFICE BUILDING (MULTI-STORY) • 212,200 SF
      8 Michigan Ave, Chicago, IL 60603-3357
      View Details
    • Value Estimation
      $1,740,000
      1,092,500 SF

      33 Monroe St

      OFFICE BUILDING (MULTI-STORY) • 1,092,500 SF
      33 Monroe St, Chicago, IL 60603-5300
      View Details
    • Value Estimation
      $1,465,000
      965,500 SF

      55 Monroe St

      OFFICE BUILDING (MULTI-STORY) • 965,500 SF
      55 Monroe St, Chicago, IL 60603-5001
      View Details

    Similar Nearby for Sale

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    • Contact for pricing
      250,000 SF

      Second Generation Cafe Space

      Former cafe space with outdoor patio seating available.
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    Similar Nearby for Lease

    • $23 SF/Yr
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      Downtown Loop Office Space for Lease

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    • $23 SF/Yr
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      Prime Downtown Chicago Office Space

      Prestigious East Loop location, flexible suites, stunning views.
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    • $28 SF/Yr
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      Luxury LaSalle Street Office Suite

      High-end furnished sublease, immediate occupancy.
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    • $20 SF/Yr
      960 SF

      Vintage Office Space Available

      Office space in historic building with natural light.
      224-230 S Wabash Ave, Chicago, IL 60603
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    • $19 SF/Yr
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      Furnished Office Sublease in Chicago

      Furnished and wired office space available for sublease.
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    • $28 SF/Yr
      29,079 SF

      Downtown Office Space Available

      Office space for rent with tenant amenities in Chicago.
      200 W Monroe St, Chicago, IL 60603
      View Details
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    104 Michigan Ave
    Chicago, IL 60603
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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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