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Property profile & analytics
OFF-MARKET
Estimated value
$85,800,000
Office buildings
23 Franklin Chicago, IL 60606
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US28-1613326
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1986
Total area
430,000 SF
Lot
0.33 ac (14,590 SF)
APN
17-09-455-017
UPID
US28-1613326
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$88.94M
Blend (final)
Blend
$85.80M
Owner & transaction history
225 Washington LLC · 4 yrs held
225 Washington LLC
since 2022
Last sale
$82.6M
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$102.8M
+77.5%
Apartment house (5+ units)
$74.0M
+27.7%
Retail stores
$62.6M
+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
$89,015,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$57,910,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$102,805,000
Change: +78% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$73,970,000
Change: +28% · Conversion: Easy
RETAIL STORES
$62,590,000
Change: +8% · Conversion: Moderate
AUTO REPAIR, GARAGE
$51,510,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$85.80M
Range $77.22M – $94.38M · ±10% · vs last sale $82.63M (Mar 2 2022)
Last sale anchor
$82.63M
Mar 2 2022
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
$200 / 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
$2,847,035
Tax year 2022
Assessed value
$13,841,903
Assessed 2022
Previous assessed
$11,174,370
+23.9% YoY
Effective rate
20.57%
On assessed value
Assessed land
$1,550,187
Assessed improvement
$12,291,716
Land market value
$6,200,748
Improvement market value
$49,166,864
Total market value
$55,367,612
Applied tax rate
76,068.0000
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
Off-Market
Year built
1986
Heating
NONE
Stories
28
Total area
430,000 SF
Lot
0.33 ac (14,590 SF)
APN
17-09-455-017
UPID
US28-1613326
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
$57.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$102.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$74.0M
RETAIL STORES
Est. value
$62.6M
AUTO REPAIR, GARAGE
Est. value
$51.5M
OFFICE BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
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
1986
Heating
NONE
Stories
28
Lot
0.33 ac
Current owner
From public records · entity-resolved
225 Washington LLC
Entity
Mailing address
225 W WASHINGTON ST STE #550, CHICAGO, IL 60606-3486
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 2, 2022
$82,625,000
225 Washington LLC
Ktcp 225 LLC
Special Warranty Deed
$70,100,000 · Citibank NA
Mar 11, 2019
—
Ktcp 225 LLC
—
Grant Deed
related
$85,000,000 · Apfc 225 W Washington Senior L
Oct 15, 2010
—
Ktcp 225 LLC
Gq 225 Wa LLP
Grant Deed
related
—
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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