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Property profile & analytics
OFF-MARKET
Estimated value
$18,680,000
Office buildings
663 Michigan Ave Chicago, IL 60611-2801
Individually Owned
10-yr Hold
Free & Clear
Property ID
US28-2307276
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1967
Total area
120,000 SF
Lot
0.13 ac (5,730 SF)
APN
17-10-110-006
UPID
US28-2307276
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
-
Elevate663 Painting
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$25.47M
Blend (final)
Blend
$18.68M
Owner & transaction history
Ppf Of Mb N Michigan Avenue Ventu · 10 yrs held
Ppf Of Mb N Michigan Avenue Ventu
since 2015
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$28.7M
+77.5%
Apartment house (5+ units)
$20.6M
+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
$16,160,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$28,690,000
Change: +78% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$20,640,000
Change: +28% · Conversion: Easy
AUTO REPAIR, GARAGE
$14,375,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$18.68M
Range $16.81M – $20.55M · ±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
$156 / 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
$1,554,111
Tax year 2022
Assessed value
$7,519,538
Assessed 2022
Previous assessed
$7,519,538
+0.0% YoY
Effective rate
20.67%
On assessed value
Assessed land
$859,500
Assessed improvement
$6,660,038
Land market value
$3,438,000
Improvement market value
$26,640,152
Total market value
$30,078,152
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
Off-Market
Year built
1967
Heating
NONE
Stories
9
Total area
120,000 SF
Lot
0.13 ac (5,730 SF)
APN
17-10-110-006
UPID
US28-2307276
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
$16.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$28.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$20.6M
AUTO REPAIR, GARAGE
Est. value
$14.4M
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
1967
Heating
NONE
Stories
9
Lot
0.13 ac
Current owner
From public records · entity-resolved
Ppf Of Mb N Michigan Avenue Ventu
Individual
Free & Clear · 10 yrs held
Mailing address
225 W WACKER DR3000PM, CHICAGO, IL 60606-1224
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 23, 2015
$295,000,000
Ppf Of Mb N Michigan Avenue Ventu
Wilson 669 N Michigan Avenue L
Grant Deed
—
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.
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