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

    71 Wacker Dr Chicago, IL 60601-3755

    • Motels
    • 13,100 SF
    • 0.08 lot acres
    OFF-MARKET
    Value Estimations
    $1,720,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1371876
    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

    • Paulson Mark G / Attorney
    • Paul Hastings / Law Firm / Legal Services
    • Banner Witcoff / Law Firm
    • Wunderman Thompson Commerce & Technology / Website Designer / E Commerce Agency
    • Peterson Brad L / Attorney

    Property Details for 71 Wacker Dr

    Year built
    1960
    Lot size
    0.08 lot acres
    Property size
    13,100 SF
    Property type
    Motels
    APN
    17-10-300-009
    APU
    1710300009

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,645,000
      6.5%
      $1,515,000
      7%
      $1,410,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,581,000
      Market price range: $127k - $1.58M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $2,255,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $2,255,000
      Change: -0% Conversion: Difficult
      RETAIL STORES
      $1,905,000
      Change: -16% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6258
    Latitude
    41.8872
    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
    $374,786
    $477,125
    $1,345,033
    $1,822,158
    -
    $1,908,500
    $5,380,132
    $7,288,632

    Comparable in this City

    • Value Estimation
      $32,975,000
      482,300 SF

      1 Wacker Dr

      MOTEL • 482,300 SF
      1 Wacker Dr, Chicago, IL 60601-1631
      View Details
    • Value Estimation
      $1,355,000
      13,100 SF

      71 Wacker Dr

      MOTEL • 13,100 SF
      71 Wacker Dr, Chicago, IL 60601-3755
      View Details
    • Value Estimation
      $5,830,000
      72,500 SF

      68 Wacker Pl

      MOTEL • 72,500 SF
      68 Wacker Pl, Chicago, IL 60601-7202
      View Details
    • Value Estimation
      $5,595,000
      45,400 SF

      201 State St

      MOTEL • 45,400 SF
      201 State St, Chicago, IL 60601-2402
      View Details
    • Value Estimation
      $8,500,000
      70,400 SF

      168 Michigan Ave

      MOTEL • 70,400 SF
      168 Michigan Ave, Chicago, IL 60601-7937
      View Details
    • Value Estimation
      $13,230,000
      158,200 SF

      203 Wabash Ave

      MOTEL • 158,200 SF
      203 Wabash Ave, Chicago, IL 60601-2424
      View Details

    Similar Nearby for Sale

    • $2,235,000

      St. Regis Chicago Residence

      Luxury residence in St. Regis Chicago with high-end finishes.
      363 E Wacker Dr, Chicago, IL 60601
      View Details
    • $2,004,683

      St Regis Chicago Residences

      Luxury branded residences with five-star hotel amenities in Lakeshore East.
      363 E Wacker Dr, Chicago, IL 60601
      View Details
    • $1,400,000

      Downtown Chicago Office Investment

      Single-tenant office, high NOI, strong tenant.
      55 Wacker Dr, Chicago, IL 60601
      View Details
    • $695,000
      4,000 SF

      Chicago Caterer Business for Sale

      Profitable QSR, $695K, 4000 SF
      0 Chicago Illinois Wedding Caterer, Chicago, IL 60601
      View Details
    • $1,065,000

      Downtown Chicago Office Investment

      Prime Wacker Drive location, high NOI
      55 Wacker Dr, Chicago, IL 60601
      View Details
    • $1,065,000

      Loop Office Condo: $1.065M

      Prime Chicago location, vacant, value-add opportunity
      55 Wacker Dr, Chicago, IL 60601
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      29,982 SF

      203 La Salle St

      Office space • 29,982 SF
      203 La Salle St, Chicago, IL 60601
      View Details
    • Contact for pricing
      482,300 SF

      Downtown Chicago Retail Space

      Prime Loop location, 2,100 sq ft available
      1 Wacker Dr, Chicago, IL 60601
      View Details
    • Contact for pricing
      15,677 SF

      Retail Space in Financial District

      Retail space available in Chicago's Financial District.
      180 N La Salle St, Chicago, IL 60601
      View Details
    • $23 SF/Yr
      162,000 SF

      Prime Loop Office Space Available

      Chicago's Central Loop: Modern Office Suites
      180 Wabash Ave, Chicago, IL 60601
      View Details
    • $20 SF/Yr
      3,678 SF

      Retail Space Available For Rent

      Retail space available for lease in Chicago, Illinois.
      333 E Benton Pl, Chicago, IL 60601
      View Details
    • Contact for pricing
      19,000 SF

      Revitalized Office Space Available

      Interconnected, revitalized office buildings suitable for corporate headquarters and boutique brands.
      180 N Stetson Ave, Chicago, IL 60601
      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.
    71 Wacker Dr
    Chicago, IL 60601-3755
    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.