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Property profile & analytics
FOR LEASE
Office buildings
224 South Michigan Ave Chicago, IL 60604
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US28-2363323
For Lease
1 / 7
$1,830,000
224 South Michigan Ave, Chicago, IL 60604
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1903
Total area
499,300 SF
Lot
0.67 ac (29,241 SF)
APN
17-15-105-013
UPID
US28-2363323
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.62M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.04M
Blend (final)
Blend
$1.83M
Owner & transaction history
Reep Ofc 224 South Michigan Il LLC · 1 yrs held
Reep Ofc 224 South Michigan Il LLC
since 2025
5 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
$1,615,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.83M
Range $1.65M – $2.01M · ±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
$4 / 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
$3,588,117
Tax year 2022
Assessed value
$17,444,946
Assessed 2022
Previous assessed
$16,891,924
+3.3% YoY
Effective rate
20.57%
On assessed value
Assessed land
$2,010,318
Assessed improvement
$15,434,628
Land market value
$8,041,272
Improvement market value
$61,738,512
Total market value
$69,779,784
Applied tax rate
76,098.0000
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
1903
Heating
NONE
Stories
19
Total area
499,300 SF
Lot
0.67 ac (29,241 SF)
APN
17-15-105-013
UPID
US28-2363323
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
Building & site characteristics
From public records
Year built
1903
Heating
NONE
Stories
19
Lot
0.67 ac
Current owner
From public records · entity-resolved
Reep Ofc 224 South Michigan Il LLC
Entity
Mailing address
224 S MICHIGAN AVE STE #320, CHICAGO, IL 60604-2511
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 3, 2025
—
Reep Ofc 224 South Michigan Il LLC
Santa Fe Interests LLC
Special Warranty Deed
—
Jan 24, 2006
—
University Of Notre Dame Du Lac
Catellus Finance 1 LLC
Grant Deed
related
—
Feb 3, 1999
—
Catellus Development Corp
American National Bank & Trust
Quit Claim Deed
related
—
Oct 28, 1998
—
Catellus Finance I LLC
Catellus Development Corp
Quit Claim Deed
related
$373,000,000 · Prudential Mortgage Capital Co
—
—
Santa Fe Interests LLC
—
Deed Of Trust
related
$47,500,000 · Miscellaneous Ins Co
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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