Property profile

560 West Lake St Chicago, IL 60661

FOR LEASE
Commercial real estate
Property ID
US28-0123136
0.39 ac lot
Individually Owned 14-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional Chicago office condo, located at 560 W Lake St in the vibrant West Loop, offers 57,863 square feet across four floors (1st, 5th, 6th, and 7th) of a seven-story building. Built in 1918 and renovated in 2001, this Class B property boasts a blend of open and private office spaces, featuring exposed brick and timber beams, high ceilings, and abundant natural light. The space is vacant upon delivery on October 31, 2024, presenting a unique opportunity for owner-users or investors. Its prime location offers easy access to public transportation, being steps from the CTA Green and Pink Line Clinton stop and two blocks from Ogilvie Transportation Center. The property's DX-7 zoning allows for diverse commercial uses, including potential residential conversion, with the subject floors accommodating up to 70 residential units and the entire building up to 160. Situated near Randolph Restaurant Row and Fulton Market, this property benefits from its proximity to one of Chicago's most dynamic live-work-play neighborhoods. The building sits on a two-acre lot. This is a rare chance to own a substantial, well-located office space in the heart of the West Loop. The property's layout is ideal for an owner-user seeking to occupy the ground floor and lease the remaining space for additional income.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Lot 0.39 ac (16,776 SF)
APN 17-09-315-018
UPID US28-0123136

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Child Welfare Organization Charitable Organization
  • Charitable Organization Social Service Agency
  • Association / Organization

Location

560 West Lake St Chicago, IL 60661
Chicago metro Census 280100 CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$280k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$280k

Owner & transaction history

since 2012
2 recorded transactions
2012
$5.3M
2002
Price N/A

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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