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Property profile & analytics
FOR LEASE
Office buildings
213 W Institute Pl, Chicago, IL 60610
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US28-4628276
For Lease
1 / 2
$13,825,000
213 W Institute Pl, Chicago, IL 60610
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1928
Total area
147,600 SF
Lot
0.49 ac (21,400 SF)
APN
17-04-446-001
UPID
US28-4628276
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
-
Cushing Printing Service (Bike/Boat/Book/etc) Store
-
CERISE FILMS Marketing & Advertising Advertising Agency
-
Spin Artists Film Production Television Studio
-
Xamin Tech Support Center IT Consulting Firm
-
The Law Office of Nir Basse Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.02M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$13.83M
Owner & transaction history
213 Institute LLC · 2 yrs held
213 Institute LLC
since 2023
Last sale
$17.0M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$21.5M
+8.1%
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
$18,125,000
ML approach
$10,020,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$19,880,000
Current use
RETAIL STORES
$21,485,000
Change: +8% · Conversion: Moderate
AUTO REPAIR, GARAGE
$17,680,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$13.83M
Range $12.44M – $15.21M · ±10% · vs last sale $17.00M (Dec 5 2023)
Last sale anchor
$17.00M
Dec 5 2023
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
$94 / 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
$1,157,629
Tax year 2022
Assessed value
$5,628,240
Assessed 2022
Previous assessed
$5,574,653
+1.0% YoY
Effective rate
20.57%
On assessed value
Assessed land
$588,500
Assessed improvement
$5,039,740
Land market value
$2,354,000
Improvement market value
$20,158,960
Total market value
$22,512,960
Applied tax rate
74,002.0000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1928
Heating
NONE
Stories
7
Total area
147,600 SF
Lot
0.49 ac (21,400 SF)
APN
17-04-446-001
UPID
US28-4628276
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
OFFICE BUILDING Current
Est. value
$19.9M
RETAIL STORES
Est. value
$21.5M
AUTO REPAIR, GARAGE
Est. value
$17.7M
OFFICE BUILDING Current
RETAIL STORES
AUTO REPAIR, GARAGE
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
1928
Heating
NONE
Stories
7
Lot
0.49 ac
Current owner
From public records · entity-resolved
213 Institute LLC
Entity
Mailing address
700 N GRN ST STE #202, CHICAGO, IL 60642-5996
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 5, 2023
$17,000,000
213 Institute LLC
Kbsgi 213 West Institute Place LLC
Special Warranty Deed
$10,000,000 · Amalgamated Bank Of Chicago
Nov 13, 2017
$39,900,000
Kbsgi 213 West Inst Place LLC
213 W Institute Owner LLC
Grant Deed
related
—
Jun 29, 2017
—
213 W Institute Owner LLC
—
Loan Modification
related
$25,589,470 · Us Bk
Feb 23, 2015
$24,750,000
213 W Institute Owner LLC
Ergs Ct Reo LLC
Grant Deed
$22,882,888 · Us Bk
Aug 1, 2013
—
Ergs I LLC
Judge Of Cook County
Trustees Deed
related
—
Jan 19, 2005
$14,460,000
213 Institute Place LLC
Trust 103056
Grant Deed
$12,640,000 · Lakeside Bank
—
—
Charles T Mudd
—
Deed Of Trust
related
$5,625,000 · First Chicago Bank & Trust
—
—
213 W Institute Owner LLC
—
Loan Modification
related
$24,664,147 · Us Bk
—
—
Lasalle Bank NA Trustee
—
Deed Of Trust
related
$8,025,000 · Lasalle National Bank
—
—
Institute Place LLC
—
Deed Of Trust
related
$8,525,000 · Cole Taylor Bank
—
—
213 Institute Place LLC
—
Deed Of Trust
related
$3,250,000 · Hamilton Street INC
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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