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Property profile & analytics
FOR LEASE
Motels
600 N State St Chicago, IL 60654
Entity Owned
~
Est. High Equity
Property ID
US28-1622297
No photos on file
For Lease
Contact for pricing
600 N State St, Chicago, IL 60654
View Listing →
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1989
Total area
322,900 SF
Lot
0.05 ac (2,166 SF)
APN
17-09-234-021
UPID
US28-1622297
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Starbucks Cafe & Coffee Shop
-
united center Gym & Fitness Center Sports Field & Court
-
Embassy Suites by Hilton Chicago Downtown River North Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
State Street Operating Vii LLC
State Street Operating Vii LLC
since 2025
Last sale
$67.7M
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chicago submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chicago submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$96,614
Tax year 2022
Assessed value
$469,724
Assessed 2022
Previous assessed
$469,724
+0.0% YoY
Effective rate
20.57%
On assessed value
Assessed land
$108,300
Assessed improvement
$361,424
Land market value
$433,200
Improvement market value
$1,445,696
Total market value
$1,878,896
Applied tax rate
74,004.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Motels
Use group
MOTEL
Status
For Lease
Year built
1989
Heating
NONE
Stories
12
Total area
322,900 SF
Lot
0.05 ac (2,166 SF)
APN
17-09-234-021
UPID
US28-1622297
Jurisdiction
COOK
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1989
Heating
NONE
Stories
12
Lot
0.05 ac
Current owner
From public records · entity-resolved
State Street Operating Vii LLC
Entity
Mailing address
200 SPECTRUM CTR DR, IRVINE, CA 92618-5003
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 26, 2025
—
State Street Operating Vii LLC
State Street Vii LLC
Deed
$104,500,000 · Wells Fargo Bank NA
Mar 25, 2022
$67,712,000
State Street Vii LLC
Sunstone North State LLC
Special Warranty Deed
$87,336,000 · Beacon Financial Cu
Mar 7, 2006
—
Sunstone North State LLC
Whp Hotel Owner-3a LLC
Warranty Deed
related
—
Nov 4, 2004
$4,199,333
Whp Hotel Owner-3a LLC
Trust 61955
Grant Deed
—
Oct 26, 1998
$620,000
Chicago Es LLC
Ihp Class B Partnership LP
Grant Deed
$41,370,451 · Credit Suisse First Boston Mtg
Oct 26, 1998
—
Chicago Es LLC
—
Deed Of Trust
related
$18,199,107 · Credit Suisse First Boston Mtg
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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