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Property profile & analytics
FOR LEASE
Motels
500 N Michigan Ave Chicago, IL 60611
Individually Owned
19-yr Hold
Free & Clear
Property ID
US28-0992230
For Lease
$34,910,000
500 N Michigan Ave, Chicago, IL 60611
View Listing →
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1900
Total area
518,500 SF
Lot
0.65 ac (28,216 SF)
APN
17-15-111-009
UPID
US28-0992230
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
-
Demo Chicago Demolition Contractors Construction Company General Contractor
-
Clean Oil Technology Auto Repair Shop
-
RentBacker, Inc. Real Estate Agency
-
Chick-fil-A Restaurant Take-out & Catering
-
CloudMasonry - Salesforce Consulting Services Business Management Consultant Computer Consultant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$34.91M
Owner & transaction history
520 South Michigan Avenue Asso · 19 yrs held
520 South Michigan Avenue Asso
since 2007
1 recorded transaction
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
$67 / 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
$771,400
Tax year 2022
Assessed value
$3,750,443
Assessed 2022
Previous assessed
$2,511,464
+49.3% YoY
Effective rate
20.57%
On assessed value
Assessed land
$1,939,850
Assessed improvement
$1,810,593
Land market value
$7,759,400
Improvement market value
$7,242,372
Total market value
$15,001,772
Applied tax rate
76,098.0000
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
Motels
Use group
MOTEL
Status
For Lease
Year built
1900
Heating
NONE
Stories
13
Total area
518,500 SF
Lot
0.65 ac (28,216 SF)
APN
17-15-111-009
UPID
US28-0992230
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
1900
Heating
NONE
Stories
13
Lot
0.65 ac
Current owner
From public records · entity-resolved
520 South Michigan Avenue Asso
Individual
Free & Clear · 19 yrs held
Mailing address
520 S MICHIGAN AVE, CHICAGO, IL 60605-1602
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 4, 2007
—
520 South Michigan Avenue Asso
Trust 1089673
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.
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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