Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    350 Cermak Rd Chicago, IL 60616-5507

    • Office buildings
    • 1,022,700 SF
    • 3.76 lot acres
    OFF-MARKET
    Last Sale
    Jan 19, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2710688
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Equinix Data Center / (Bike/Boat/Book/etc) Store / Corporate Office
    • Colocation America / Telecommunications Service
    • Steadfast Networks / (Bike/Boat/Book/etc) Store / Corporate Office
    • Chicago Mercantile Exchange / Department Store / Business Park
    • Chicago Manufacturing Division Plant 1 / Industrial Manufacturer / Production Facility

    Property Details for 350 Cermak Rd

    Year built
    1924
    Lot size
    3.76 lot acres
    Property size
    1,022,700 SF
    Property type
    Office buildings
    APN
    17-22-322-003
    APU
    1722322003

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $160,860,000
      Market price range: $28.2M - $161M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $137,735,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $244,505,000
      Change: +78% Conversion: Difficult
      RETAIL STORES
      $239,140,000
      Change: +74% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $218,940,000
      Change: +59% Conversion: Easy
      AUTO REPAIR, GARAGE
      $122,510,000
      Change: -11% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6183
    Latitude
    41.8537
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $13,355,706
    $1,638,300
    $63,092,939
    $64,731,239
    -
    $6,553,200
    $252,371,756
    $258,924,956

    Comparable in this City

    • Value Estimation
      $3,625,000
      93,600 SF

      2635 Wabash Ave

      OFFICE BUILDING (MULTI-STORY) • 93,600 SF
      2635 Wabash Ave, Chicago, IL 60616-2811
      View Details
    • Value Estimation by Request

      2725 Calumet Ave

      OFFICE BUILDING (MULTI-STORY)
      2725 Calumet Ave, Chicago, IL 60616
      View Details
    • Value Estimation
      $1,595,000
      45,900 SF

      2326 Indiana Ave

      OFFICE BUILDING (MULTI-STORY) • 45,900 SF
      2326 Indiana Ave, Chicago, IL 60616
      View Details
    • Value Estimation
      $9,100,000
      59,700 SF

      1731 Michigan Ave

      OFFICE BUILDING (MULTI-STORY) • 59,700 SF
      1731 Michigan Ave, Chicago, IL 60616
      View Details
    • Value Estimation
      $13,705,000
      0.13 Acres

      1911 Indiana Ave

      OFFICE BUILDING (MULTI-STORY) • 0.13 Acres
      1911 Indiana Ave, Chicago, IL 60616-1310
      View Details
    • Value Estimation
      $13,650,000
      0.10 Acres

      1907 Pr Ave

      OFFICE BUILDING (MULTI-STORY) • 0.10 Acres
      1907 Pr Ave, Chicago, IL 60616
      View Details

    Similar Nearby for Sale

    • $3,250,000
      32,000 SF

      Historic Motor Row Office Building

      Located in Chicago's Historic Motor Row District.
      2215 S Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      19,257 SF

      South Loop Former Showroom

      Three-story building in rapidly growing South Loop community.
      2241-45 South Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      8,000 SF

      Renovated Office Building For Sale

      8,000-SF renovated office building on 15,000-SF lot.
      2950 W 26Th St, Chicago, IL 60616
      View Details
    • Contact for pricing
      29,500 SF

      Chicago Office Building For Sale

      29,500 SF office building in a Federal Opportunity Zone.
      17 E 23Rd St, Chicago, IL 60616
      View Details
    • Contact for pricing
      3,000 SF

      Turn-Key Medical Office Condo

      3,000 SF medical office condo in Chicago's South Loop.
      1600 S Indiana Ave, Chicago, IL 60616
      View Details
    • $250,000

      South Loop Retail/Office Space

      Versatile 825 SF space in prime South Loop location.
      1930 S Wabash Ave, Chicago, IL 60616
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Space in Prairie District

      Office building in quiet residential neighborhood near transportation.
      1727 S Indiana Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      34,505 SF

      Commercial Office/Warehouse Loft Space

      500,000 SF commercial building with amenities and parking options.
      329 W 18Th St, Chicago, IL 60616
      View Details
    • $32 SF/Yr

      South Loop Retail/Office Space

      Retail/office space in a dynamic South Loop location.
      1935 S Wabash Ave, Chicago, IL 60616
      View Details
    • $2,500 /Mo

      Bronzeville Commercial Space Available

      760 SF commercial space in the heart of Bronzeville.
      215 E 31St St, Chicago, IL 60616
      View Details
    • Contact for pricing

      Revitalized Creative Office Space

      Historic Motor Row office space with modern amenities and great access.
      2229 S Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      6,336 SF

      Creative Office and Commercial Space

      Creative office and commercial redevelopment in Pilsen's Mural Park.
      924 W 19Th Pl, Chicago, IL 60616
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    350 Cermak Rd
    Chicago, IL 60616-5507
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!