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Property profile & analytics
FOR LEASE
Office buildings
645 N Michigan Ave Chicago, IL 60611
Entity Owned
22-yr Hold
~
Est. High Equity
Property ID
US28-2256070
For Lease
1 / 2
$39 SF/Yr
645 N Michigan Ave, Chicago, IL 60611
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1964
Total area
192,300 SF
Lot
0.46 ac (20,000 SF)
APN
17-10-114-017
UPID
US28-2256070
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
-
Leah D. Paskar, Ph.D. Physician Medical Clinic
-
Donald Bennett, DDS Dental Office
-
Perry Good: Allstate Insurance Insurance Agency
-
Warner Brothers TV Computer & Electronic Repair
-
Chicago Aesthetics Club Spa & Massage Center Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$30.43M
Owner & transaction history
645 North Michigan LLC · 22 yrs held
645 North Michigan LLC
since 2003
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$46.0M
+77.5%
Apartment house (5+ units)
$33.1M
+27.7%
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
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$25,900,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$45,975,000
Change: +78% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$33,080,000
Change: +28% · Conversion: Easy
AUTO REPAIR, GARAGE
$23,035,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$30.43M
Range $27.39M – $33.47M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$158 / SF
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
$2,636,818
Tax year 2022
Assessed value
$12,758,200
Assessed 2022
Previous assessed
$12,758,200
+0.0% YoY
Effective rate
20.67%
On assessed value
Assessed land
$3,000,000
Assessed improvement
$9,758,200
Land market value
$12,000,000
Improvement market value
$39,032,800
Total market value
$51,032,800
Applied tax rate
74,034.0000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1964
Heating
NONE
Stories
13
Total area
192,300 SF
Lot
0.46 ac (20,000 SF)
APN
17-10-114-017
UPID
US28-2256070
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
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$25.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$46.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$33.1M
AUTO REPAIR, GARAGE
Est. value
$23.0M
OFFICE BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1964
Heating
NONE
Stories
13
Lot
0.46 ac
Current owner
From public records · entity-resolved
645 North Michigan LLC
Entity
Mailing address
10 S LA SALLE ST STE #1210, CHICAGO, IL 60603-1257
Ownership since
2003
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 14, 2023
—
645 North Michigan LLC
—
Deed
related
$55,000,000 · Citireal Estate Funding INC
Oct 1, 2003
$51,450,000
645 North Michigan LLC
Cfri Mag Mile LLC
Grant Deed
—
Oct 1, 2003
—
645 North Michigan LLC
—
Deed Of Trust
related
$38,000,000 · North Fork Bank
Nov 27, 2000
$14,039,000
Cfri Mag Mile LLC
City Center Retail Trust
Grant Deed
—
May 20, 1998
$37,100,000
City Center Retail Trust
Rreef Ma III 645 N Michigan Av
Quit Claim Deed
related
—
—
—
645 North Michigan LLC
—
Deed Of Trust
related
$65,000,000 · Bank United
—
—
City Center Retail Trust
—
Deed Of Trust
related
$250,000 · Wells Fargo Bank
—
—
City Center Retail Trust
—
Deed Of Trust
related
$22,000,000 · Northwestern Mutual Life Ins
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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