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Property profile & analytics
OFF-MARKET
Estimated value
$8,500,000
Motels
168 Michigan Ave, Chicago, IL 60601-7937
Entity Owned
10-yr Hold
Free & Clear
Property ID
US28-5540267
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1912
Total area
70,400 SF
Lot
0.14 ac (6,211 SF)
APN
17-10-306-016
UPID
US28-5540267
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Arlo Chicago Hotel & Motel
-
About Last Knife Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$8.15M
Comparable Approach
Comparable
$8.50M
Blend (final)
Blend
$8.50M
Owner & transaction history
Oq 168 Nm Propco LLC · 10 yrs held
Oq 168 Nm Propco LLC
since 2015
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chicago submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chicago submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$8,830,000
6.5%
$8,150,000
7%
$7,565,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$12,125,000
Current use
APARTMENT HOUSE (5+ UNITS)
$12,110,000
Change: 0% · Conversion: Difficult
RETAIL STORES
$10,245,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$8.50M
Range $7.65M – $9.35M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$121 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$1,188,937
Tax year 2022
Assessed value
$5,780,453
Assessed 2022
Previous assessed
$5,500,000
+5.1% YoY
Effective rate
20.57%
On assessed value
Assessed land
$659,918
Assessed improvement
$5,120,535
Land market value
$2,639,672
Improvement market value
$20,482,140
Total market value
$23,121,812
Applied tax rate
76,015.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Motels
Use group
MOTEL
Status
Off-Market
Year built
1912
Heating
NONE
Stories
13
Total area
70,400 SF
Lot
0.14 ac (6,211 SF)
APN
17-10-306-016
UPID
US28-5540267
Jurisdiction
COOK
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$12.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$12.1M
RETAIL STORES
Est. value
$10.2M
HOTEL/MOTEL Current
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1912
Heating
NONE
Stories
13
Lot
0.14 ac
Current owner
From public records · entity-resolved
Oq 168 Nm Propco LLC
Entity
Free & Clear · 10 yrs held
Mailing address
350 W HUBBARD ST STE #440, CHICAGO, IL 60654-6900
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 7, 2019
—
Oq 168 Nm Propco LLC
—
Grant Deed
related
$55,000,000 · Quadrum Piii Hldgs Corp
Sep 1, 2017
—
Oq 168 Nm Propco LLC
—
Grant Deed
related
$33,863,000 · Pacific Wstrn Bk
Dec 9, 2015
$20,000,000
Oq 168 Nm Propco LLC
Crown Series LLC 168 N Michi
Grant Deed
—
Dec 9, 2015
—
Crown Commercial Real Estate
Crown Series LLC 168 N Michiga
Quit Claim Deed
related
—
Nov 30, 2015
—
Crown Series LLC
—
Trustees Deed
related
$5,000,000 · Republic Bk/chicago
Jul 9, 2012
$7,250,000
Crown Series LLC 168 N Mi Seri
168 North Michigan Avenue LLC
Grant Deed
related
—
Jan 16, 2008
$8,666,666
168 North Mi Avenue LLC
Speedy Acquisitions Ptrs II Ll
Grant Deed
—
Aug 24, 2006
—
Acquisitions Ptrs Speedy II
Trust 02-4437
Grant Deed
$6,700,000 · First Bank Highland Park
Apr 25, 2002
$5,866,000
North Star Trust Co Ttee
North Star Trust Co Ttee
Grant Deed
related
$4,488,750 · Cib Bank
Dec 5, 2001
$3,200,000
North Star Trust Co Trustee
Atlantic Bank Of New York
Grant Deed
$1,000,000 · North Community Bank
Jan 11, 1999
—
Atlantic Bank Of New York
Northern Trust Bank Trustee
Grant Deed
related
—
—
—
North,star Tr
—
Deed Of Trust
related
$200,000 · Cib Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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