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Property profile & analytics
FOR LEASE
Office buildings
233 N Michigan Ave Chicago, IL 60601
Entity Owned
10-yr Hold
~
Est. High Equity
Property ID
US28-2579694
For Lease
1 / 2
$5,655,000
233 N Michigan Ave, Chicago, IL 60601
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1970
Total area
3,750,000 SF
Lot
1.31 ac (57,064 SF)
APN
17-10-301-013
UPID
US28-2579694
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
-
CAFCU Credit Union
-
Blackwood BBQ - Illinois Center Restaurant
-
McDonald's Restaurant Take-out & Catering
-
BrightEdge (Bike/Boat/Book/etc) Store Corporate Office
-
Onward Technologies Inc IT Consulting Firm (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.66M
Owner & transaction history
Ic 233 Building Co LLC · 10 yrs held
Ic 233 Building Co LLC
since 2015
4 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$2 / 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
$6,728,153
Tax year 2022
Assessed value
$32,711,387
Assessed 2022
Previous assessed
$32,711,387
+0.0% YoY
Effective rate
20.57%
On assessed value
Assessed land
$7,511,568
Assessed improvement
$25,199,819
Land market value
$30,046,272
Improvement market value
$100,799,276
Total market value
$130,845,548
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1970
Heating
NONE
Stories
35
Total area
3,750,000 SF
Lot
1.31 ac (57,064 SF)
APN
17-10-301-013
UPID
US28-2579694
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
1970
Heating
NONE
Stories
35
Lot
1.31 ac
Current owner
From public records · entity-resolved
Ic 233 Building Co LLC
Entity
Mailing address
250 BROADWAY STE #3001, NEW YORK, NY 10007-2533
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 7, 2015
$196,000,000
Ic 233 Building Co LLC
Hub Properties Trust
Grant Deed
$260,000,000 · Citigroup Global Markets Rlty
May 11, 2011
$162,202,500
Hub Properties Trust
Parkway 233 North Mi LLC
Grant Deed
—
Jul 25, 2001
$172,300,000
Parkway 233 North Michigan LLC
First 233 Michigan LLC
Grant Deed
—
Jul 14, 1999
—
Tst 223 N Michigan LLC
—
Grant Deed
related
$100,000,000 · Bankers Trust 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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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