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    Property profile & analytics

    50 Randolph Chicago, IL 60601

    • Office buildings
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2264126
    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

    • The Magic Parlour / Performing Arts Theater

    Property Details for 50 Randolph

    Year built
    1997
    Property type
    Office buildings
    APN
    17-09-437-018-8002
    APU
    17094370188002

    Description

    This exceptional executive office space at 50 E Randolph St, Chicago, IL 60601, offers a rare opportunity in a prime location. The property boasts a total of 3,402 square feet, currently entirely vacant and available for lease. Two contiguous spaces are available, with a minimum divisible space of 1,669 square feet and a maximum contiguous space of 1,733 square feet. Ideally situated at the base of a 190-unit luxury apartment building, this retail and office space presents enormous branding potential. The property's corner location provides exceptional visibility and accessibility. Enhancements such as outdoor seating and black iron accents are possible, adding to the property's unique appeal. Its location is unparalleled, just one block from Michigan Avenue and Millennium Park, and steps away from public transportation, diverse dining options, vibrant entertainment venues, and extensive shopping opportunities. This is an exceptional chance to secure a high-profile presence in the heart of Chicago's bustling downtown area. The property is classified as both retail and office space, making it suitable for a variety of businesses. The building's multiple tenancy structure allows for flexibility and potential for collaboration with other tenants. This is a truly unique opportunity to establish a thriving business in one of Chicago's most desirable locations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6299
    Latitude
    41.8851
    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
    $398,533
    $0.00
    $1,937,616
    $1,937,616
    -
    $0.00
    $7,750,464
    $7,750,464

    Comparable in this City

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      $600,000
      0.10 Acres

      77 Wacker Dr

      OFFICE BUILDING (MULTI-STORY) • 0.10 Acres
      77 Wacker Dr, Chicago, IL 60601-1604
      View Details
    • Value Estimation
      $715,000
      775,800 SF

      203 La Salle St

      OFFICE BUILDING (MULTI-STORY) • 775,800 SF
      203 La Salle St, Chicago, IL 60601-1267
      View Details
    • Value Estimation
      $715,000
      775,800 SF

      203 La Salle St

      OFFICE BUILDING (MULTI-STORY) • 775,800 SF
      203 La Salle St, Chicago, IL 60601-1267
      View Details
    • Value Estimation
      $1,080,000
      126,200 SF

      151 Michigan Ave, Unit 55

      OFFICE BUILDING (MULTI-STORY) • 126,200 SF
      151 Michigan Ave, Chicago, IL 60601-7506
      View Details
    • Value Estimation
      $540,000
      0.23 Acres

      171 Randolph St

      OFFICE BUILDING (MULTI-STORY) • 0.23 Acres
      171 Randolph St, Chicago, IL 60601-3121
      View Details
    • Value Estimation
      $1,400,000
      1,037,200 SF

      161 Clark St

      OFFICE BUILDING (MULTI-STORY) • 1,037,200 SF
      161 Clark St, Chicago, IL 60601-3206
      View Details

    Similar Nearby for Sale

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      Single-tenant office, high NOI, strong tenant.
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    • $1,065,000

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    • $1,065,000

      Loop Office Condo: $1.065M

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    • $1,055,000

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    • $505,000

      Loop Office Condo: $505K

      Prime Chicago location, vacant, value-add opportunity.
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    • $1,410,000

      Loop Office Condo: $1.4M

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    Similar Nearby for Lease

    • Contact for pricing
      23,000 SF

      Revitalized Office Space Available

      Interconnected revitalized buildings suitable for corporate headquarters and boutique brands.
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    • Contact for pricing
      19,000 SF

      Revitalized Office Space Available

      Interconnected, revitalized office buildings suitable for corporate headquarters and boutique brands.
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      View Details
    • $23 SF/Yr
      228,821 SF

      Prime Downtown Chicago Office Space

      Iconic Loop location, flexible suites, modern amenities.
      180 Michigan Ave, Chicago, IL 60601
      View Details
    • Contact for pricing

      Office Space with Premier Amenities

      Office space offering conference center, fitness center, and Starbucks.
      35 West Wacker Dr, Chicago, IL 60601
      View Details
    • Contact for pricing
      15,779 SF

      Column-Free Office Space Available

      Flexible office space with column-free floor plates in Chicago.
      161 N Clark St, Chicago, IL 60601
      View Details
    • $20 SF/Yr
      33,054 SF

      Furnished Office Space Available

      33,054 SF furnished office space for rent.
      303 E Wacker Dr, Chicago, IL 60601
      View Details
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    50 Randolph
    Chicago, IL 60601
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    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
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