New search
Property profile & analytics
FOR LEASE
Office buildings
303 E Wacker Dr Chicago, IL 60601
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US28-1382508
For Lease
1 / 2
$20 SF/Yr
303 E Wacker Dr, Chicago, IL 60601
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1977
Total area
935,500 SF
Lot
0.6 ac (26,280 SF)
APN
17-10-318-001
UPID
US28-1382508
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
-
Northwestern University Medill School University
-
Barnes Richardson & Colburn Law Firm
-
Hireology (Bike/Boat/Book/etc) Store Corporate Office
-
Hewlett Packard Enterprise Corporate Office
-
DXC Technology (Bike/Boat/Book/etc) Store Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$234.58M
Blend (final)
Blend
$205.70M
Owner & transaction history
Sl 303 East Wacker LLC · 1 yrs held
Sl 303 East Wacker LLC
since 2025
Last sale
$182.0M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$223.7M
+77.5%
Apartment house (5+ units)
$160.9M
+27.7%
Retail stores
$136.2M
+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
$224,200,000
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
$125,995,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$223,660,000
Change: +78% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$160,925,000
Change: +28% · Conversion: Easy
RETAIL STORES
$136,170,000
Change: +8% · Conversion: Moderate
Blend value · Realmo final
$205.70M
Range $185.13M – $226.26M · ±10% · vs last sale $182.00M (Jan 6 2025)
Last sale anchor
$182.00M
Jan 6 2025
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
$220 / 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
$4,198,709
Tax year 2022
Assessed value
$20,413,566
Assessed 2022
Previous assessed
$18,626,497
+9.6% YoY
Effective rate
20.57%
On assessed value
Assessed land
$2,792,250
Assessed improvement
$17,621,316
Land market value
$11,169,000
Improvement market value
$70,485,264
Total market value
$81,654,264
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
1977
Heating
NONE
Stories
29
Total area
935,500 SF
Lot
0.6 ac (26,280 SF)
APN
17-10-318-001
UPID
US28-1382508
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
$126.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$223.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$160.9M
RETAIL STORES
Est. value
$136.2M
OFFICE BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
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
1977
Heating
NONE
Stories
29
Lot
0.6 ac
Current owner
From public records · entity-resolved
Sl 303 East Wacker LLC
Entity
Mailing address
200 STATE ST STE, BOSTON, MA 02109-2605
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
Jan 6, 2025
—
Sl 303 East Wacker LLC
Bcsp 8 303 Property LLC
Deed
related
$62,500,000 · Nw East Wacker Lender LLC
Sep 25, 2018
$182,000,000
Bcsp 8 303 Property LLC
Fsp 303 East Wacker Drive LLC
Trustees Deed
$155,937,000 · Bank Of America
Jan 10, 2007
$111,333,333
Fsp 303 East Wacker Drive LLC
303 Wacker Realty LLC
Grant Deed
related
$167,000,000 · Franklin Street Properties Cor
Jan 5, 1998
$83,916,000
303 Wacker Realty LLC
Metropolitan Life Insurance
Grant Deed
$49,500,000 · Metropolitan Life Insurance
—
—
Fsp 303 East Wacker Drive LLC
—
Deed Of Trust
related
$35,000,000 · John Hancock Life Insurance 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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
