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

    550 Washington Blvd Chicago, IL 60661-2595

    • Office buildings
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Oct 07, 2024
    $18,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0060302
    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

    • Cornerstone Solutions / Business Management Consultant / Computer Consultant
    • Co-Optim West Loop / Coworking Space
    • SCJ Chicago / Coworking Space
    • Les Pannes / Manufacturer
    • 550 West Washington / Property Management Company

    Property Details for 550 Washington Blvd

    Year built
    2000
    Lot size
    0.05 lot acres
    Property type
    Office buildings
    APN
    17-09-332-020
    APU
    1709332020

    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
    -87.6414
    Latitude
    41.8834
    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
    $423,715
    $68,400
    $1,984,642
    $2,053,042
    -
    $273,600
    $7,938,568
    $8,212,168

    Comparable in this City

    • Value Estimation
      $420,000
      0.07 Acres

      623 Adams St

      OFFICE BUILDING (MULTI-STORY) • 0.07 Acres
      623 Adams St, Chicago, IL 60661
      View Details
    • Value Estimation
      $310,000
      0.06 Acres

      540 Madison St

      OFFICE BUILDING (MULTI-STORY) • 0.06 Acres
      540 Madison St, Chicago, IL 60661-2591
      View Details
    • Value Estimation
      $320,000
      0.04 Acres

      542 Madison St

      OFFICE BUILDING (MULTI-STORY) • 0.04 Acres
      542 Madison St, Chicago, IL 60661
      View Details
    • Value Estimation by Request

      222 Halsted St

      OFFICE BUILDING (MULTI-STORY)
      222 Halsted St, Chicago, IL 60661-5404
      View Details
    • Value Estimation
      $1,120,000
      28,200 SF

      328 Jefferson St

      OFFICE BUILDING (MULTI-STORY) • 28,200 SF
      328 Jefferson St, Chicago, IL 60661-5614
      View Details
    • Value Estimation
      $935,000
      28,400 SF

      300 Halsted St

      OFFICE BUILDING (MULTI-STORY) • 28,400 SF
      300 Halsted St, Chicago, IL 60661-5406
      View Details

    Similar Nearby for Sale

    • $3,000,000
      4,044 SF

      Fulton Market Office Building

      Office building in Chicago's Fulton Market neighborhood, close to amenities.
      1009 W Lake St, Chicago, IL 60661
      View Details
    • $2,700,000
      17,121 SF

      Renovated Flex Space in Chicago

      Two-story, 17,121 SF renovated flex/office building in Kinzie Corridor.
      2100 W Fulton St, Chicago, IL 60661
      View Details
    • $6,800,000
      14,800 SF

      West Loop Medical Office Building

      Medical office building in a highly accessible West Loop location.
      601 W Randolph St, Chicago, IL 60661
      View Details
    • $3,750,000
      25,000 SF

      Former Food Production Space Available

      25,000 SF manufacturing/industrial space with natural light and freight elevator.
      1850 W Fulton St, Chicago, IL 60661
      View Details
    • Contact for pricing
      11,522 SF

      West Loop Retail Investment Opportunity

      Chicago Retail Building - 11,522 SF, 100% Occupied
      769-775 Jackson St, Chicago, IL 60661
      View Details
    • Contact for pricing
      11,522 SF

      West Loop Retail Storefront Building

      Fully occupied retail building in Chicago's West Loop neighborhood.
      769-775 W Jackson St, Chicago, IL 60661
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      30,000 SF

      Future-Forward Office Tower in Chicago

      Office tower with wellness, connection, and inclusion focus.
      645 W Madison St, Chicago, IL 60661
      View Details
    • $25 SF/Yr
      22,975 SF

      West Loop Loft Office Suite

      Move-in ready, 2,500 sq ft loft office
      125 Halsted St, Chicago, IL 60661
      View Details
    • Contact for pricing
      26,369 SF

      Modern Furnished Office Space Available

      Fully wired and furnished office space for rent in Chicago.
      1320 W Fulton St, Chicago, IL 60661
      View Details
    • $25 SF/Yr

      Prime Retail/Office Space Available

      Modern retail/office space for lease in a sought-after location.
      307 S Des Pln St, Chicago, IL 60661
      View Details
    • $30 SF/Yr
      107,977 SF

      626 W Jackson Blvd Office Space

      Chicago West Loop Office: Multiple Suites Available
      626 Jackson Blvd, Chicago, IL 60661
      View Details
    • $19 SF/Yr
      61,750 SF

      West Loop Creative Office Space

      Historic West Loop office, transit-accessible.
      566 Adams St, Chicago, IL 60661
      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.
    550 Washington Blvd
    Chicago, IL 60661-2595
    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.