Sign Up Successful!
You now have access to more from Realmo!
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

    538 Michigan Ave Chicago, IL 60605

    • Office buildings
    • 34,800 SF
    • 0.15 lot acres
    OFF-MARKET
    Value Estimations
    $1,030,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1773817
    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

    • Office buildings

    Property Details for 538 Michigan Ave

    Year built
    1958
    Lot size
    0.15 lot acres
    Property size
    34,800 SF
    Property type
    Office buildings
    APN
    17-15-111-018
    APU
    1715111018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,180,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $873,000
      Market price range: $80.7k - $873k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6248
    Latitude
    41.8746
    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
    $443,102
    $437,250
    $1,717,053
    $2,154,303
    -
    $1,749,000
    $6,868,212
    $8,617,212

    Comparable in this City

    • Value Estimation
      $1,580,000
      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
      $1,410,000
      95,100 SF

      542 Dearborn St

      OFFICE BUILDING (MULTI-STORY) • 95,100 SF
      542 Dearborn St, Chicago, IL 60605-1508
      View Details
    • Value Estimation
      $1,525,000
      1,535,000 SF

      440 La Salle St

      OFFICE BUILDING (MULTI-STORY) • 1,535,000 SF
      440 La Salle St, Chicago, IL 60605-7000
      View Details
    • Value Estimation
      $1,100,000
      845,200 SF

      408 Michigan Ave

      OFFICE BUILDING (MULTI-STORY) • 845,200 SF
      408 Michigan Ave, Chicago, IL 60605-1301
      View Details
    • Value Estimation
      $1,570,000
      518,500 SF

      518 Michigan Ave

      OFFICE BUILDING (MULTI-STORY) • 518,500 SF
      518 Michigan Ave, Chicago, IL 60605
      View Details
    • Value Estimation
      $1,095,000
      45,000 SF

      1130 Wabash Ave

      OFFICE BUILDING (MULTI-STORY) • 45,000 SF
      1130 Wabash Ave, Chicago, IL 60605-2372
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      69,170 SF

      South Loop Timber Loft Building

      Value-add opportunity near public transit in Chicago's South Loop.
      601 South La Salle St, Chicago, IL 60605
      View Details
    • $3,830,000
      10,632 SF

      Renovated Mixed-Use Building For Sale

      Two properties with retail and office space in downtown Chicago.
      624 W Roosevelt Rd, Chicago, IL 60605
      View Details
    • $625,000

      Live/Work Space in Printer's Row

      Flexible live/work space in thriving Printer's Row neighborhood.
      124 W Polk St, Chicago, IL 60605
      View Details
    • $13,400,000
      75,000 SF

      South Loop Office Building Investment

      Prime Chicago location, high NOI, 100% occupied.
      1112 Wabash Ave, Chicago, IL 60605
      View Details
    • Contact for pricing
      59,884 SF

      South Loop Retail Space, Chicago

      Prime Retail, 59,884 SF, 175 Parking Spaces
      600 Clark St, Chicago, IL 60605
      View Details
    • $2,900,000
      0.23 Acres

      Michigan Avenue Land Opportunity

      Prime commercial land on Michigan Avenue for redevelopment or repositioning.
      1467 S Michigan Ave, Chicago, IL 60605
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      10,362 SF

      Prime Chicago Office Space

      Executive & Creative Suites Available Now
      1132 Wabash Ave, Chicago, IL 60605
      View Details
    • Contact for pricing
      3,673 SF

      Office Space with Atrium

      Multi-use structure with atrium, shopping, hotel, offices, residential.
      900 N Michigan Ave, Chicago, IL 60605
      View Details
    • $22 SF/Yr
      4,500 SF

      South Loop Mixed-Use Building

      Mixed-use building in Chicago's South Loop with redevelopment potential.
      1509 S Michigan Ave, Chicago, IL 60605
      View Details
    • $26 SF/Yr
      2,771 SF

      South Loop Office Space Available

      Office space for rent in the South Loop Office Center.
      828-850 S Wabash Ave, Chicago, IL 60605
      View Details
    • $21 SF/Yr
      1,450 SF

      Prime Chicago Retail/Office Space

      1,450 sq ft, Wabash Ave gem.
      1133 Wabash Ave, Chicago, IL 60605
      View Details
    • $22 SF/Yr
      6,274 SF

      Harrison Street Executive Suites

      Printer's Row Office Condo, 3 Spaces Available
      161 Harrison St, Chicago, IL 60605
      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.
    538 Michigan Ave
    Chicago, IL 60605
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.