55 Erie St Ste 1c Chicago, IL 60611-2741
Property profile & analytics
55 Erie St Ste 1c Chicago, IL 60611-2741
- Office Spaces
- 0.61 lot acres
Property ID
US28-5743994
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.
Location Intelligence
Current Use by Public Records
- Chicago IL, 60611 / Condominium Complex
- Save Abandoned Babies Foundation / Charitable Organization / Social Service Agency
- Maureen Rush - Chicago Realtor / Real Estate Agency
- Jim Moore Realty Group / Real Estate Agency
- RM Luxury Group | Luxury Chicago Real Estate / Real Estate Agency
Property Details for 55 Erie St Ste 1c
- Year built
- 1996
- Lot size
- 0.61 lot acres
- Property type
- Office Spaces
- APN
- 17-10-112-011-1619
- APU
- 17101120111619
Description
This exceptional Class A office building presents a compelling investment opportunity. Located at 55 E Erie St, Chicago, IL 60611, this single-tenant, 3,979 square foot property boasts a 7.05% cap rate and a strong corporate guarantee from Compass Real Estate Agency. The current lease, commencing June 1, 2024, and expiring May 31, 2031, offers a substantial 6.5 years of remaining lease term with two 5-year renewal options. Annual rent increases of 3% are built into the lease agreement, ensuring consistent income growth. The property sits on a 0.61-acre lot and includes 6 parking spaces. Built in 1996 and renovated in 2024, the building is zoned DX-12 and offers a Net Net (NN) lease structure. The property's strong financial performance is reflected in its $3,000,000 asking price, translating to $753.96 per square foot and a Net Operating Income (NOI) of $211,600. Its prime downtown Chicago location, near major transportation, cultural attractions, and educational institutions, ensures high visibility and strong tenant demand. The property's proximity to the Magnificent Mile, Millennium Park, and numerous public transportation options further enhances its desirability. The high traffic volume on East Erie Street, estimated at 5,000 to 20,000 vehicles daily, contributes to the property's excellent visibility and accessibility. This is a rare opportunity to acquire a stable, high-performing investment in a coveted Chicago location.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.626
- Latitude
- 41.8939
- 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
$67,181
$70,581
$256,045
$326,626
-
$282,324
$1,024,180
$1,306,504
