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    520 North Michigan Ave Chicago, IL 60611
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    520 North Michigan Ave Chicago, IL 60611

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    • Office buildings
    • 518,500 SF
    • 0.08 lot acres
    For Lease
    View Listing →
    520 North Michigan Avenue, Chicago, IL, 60611 For Lease
    Contact for pricing

    520 North Michigan Avenue, Chicago, IL, 60611

    Prime retail spaces available on Chicago's Magnificent Mile.

    520 North Michigan Ave, Chicago, IL 60611
    View Listing
    Property ID
    US28-1675632
    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.
    Value Estimations
    $1,570,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Faribault Woolen Mill Michigan Ave / Home Decor Store / Department Store
    • Suriya Card & Gift Shop / (Bike/Boat/Book/etc) Store
    • The Congress Plaza Hotel & Convention Center / Hotel & Motel
    • harolds chicken / Restaurant
    • ROYCE' Chocolate in Downtown Chicago / Specialty Food Shop / Candy Store

    Property Details for 520 North Michigan Ave

    Year built
    1900
    Lot size
    0.08 lot acres
    Property size
    518,500 SF
    Property type
    Office buildings
    APN
    17-15-111-012
    APU
    1715111012

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,195,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,945,000
      Market price range: $1.20M - $13.0M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6248
    Latitude
    41.8751
    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
    $89,676
    $243,375
    $192,616
    $435,991
    -
    $973,500
    $770,464
    $1,743,964

    Comparable in this City

    • Value Estimation
      $1,680,000
      31,900 SF

      703 La Salle St

      OFFICE BUILDING (MULTI-STORY) • 31,900 SF
      703 La Salle St, Chicago, IL 60605
      View Details
    • Value Estimation
      $1,295,000
      62,200 SF

      1006 Michigan Ave

      OFFICE BUILDING (MULTI-STORY) • 62,200 SF
      1006 Michigan Ave, Chicago, IL 60605-2254
      View Details
    • Value Estimation
      $1,580,000
      518,500 SF

      510 Michigan Ave

      OFFICE BUILDING (MULTI-STORY) • 518,500 SF
      510 Michigan Ave, Chicago, IL 60605
      View Details
    • Value Estimation
      $1,750,000
      518,500 SF

      530 Michigan Ave

      OFFICE BUILDING (MULTI-STORY) • 518,500 SF
      530 Michigan Ave, Chicago, IL 60605-1602
      View Details
    • Value Estimation
      $28,670,000
      173,800 SF

      427 La Salle St

      OFFICE BUILDING (MULTI-STORY) • 173,800 SF
      427 La Salle St, Chicago, IL 60605-1029
      View Details
    • Value Estimation
      $11,075,000
      65,500 SF

      1118 Wabash Ave

      OFFICE BUILDING (MULTI-STORY) • 65,500 SF
      1118 Wabash Ave, Chicago, IL 60605
      View Details

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      Flexible live/work space in thriving Printer's Row neighborhood.
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      Heated Indoor Garage Parking Space

      Dedicated heated indoor garage parking space with 24/7 security.
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    Similar Nearby for Lease

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      Creative office space with timber ceilings and natural light.
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      14,300 SF

      South Loop Office Space Available

      Office space for rent in the South Loop Office Center.
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      South Loop Retail Opportunity

      Retail, restaurant, or medical office spaces available in South Loop.
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      Office Space Available For Lease

      Office space for lease at 1132 S Wabash Ave, Chicago.
      1132 S Wabash Ave, Chicago, IL 60605
      View Details
    View Listing
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    520 North Michigan Ave
    Chicago, IL 60611
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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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