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Property profile & analytics
FOR LEASE
Office buildings
8 S Michigan Ave Chicago, IL 60603
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US28-2740789
For Lease
1 / 13
$24 SF/Yr
8 S Michigan Ave, Chicago, IL 60603
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Property summary
AI-generated overview
8 South Michigan Avenue offers exceptional office space for lease in Chicago's vibrant Downtown - East Loop submarket. This iconic 38-story building boasts a classic architectural style and presents a unique opportunity for businesses seeking flexible and prestigious office accommodations. The building totals 55,752 square feet and features 28 individual suites, with a minimum divisible space of 243 square feet and a maximum contiguous space of 6,700 square feet. Currently, 54,393 square feet is available for lease, providing ample opportunity for various business needs. The building caters to diverse office types, including executive, medical, creative, and law offices. Enjoy breathtaking views of Millennium Park and Lake Michigan. Building amenities include elevators. The property's location at 8 S Michigan Ave, Chicago, IL 60603, places it in close proximity to numerous amenities and transportation options. This is an exceptional opportunity to establish a presence in one of Chicago's most desirable business districts. The building's smaller floor sizes allow for strong individual branding and identity. Inquire today to learn more about leasing options and secure your ideal office space.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1928
Total area
212,200 SF
Lot
0.22 ac (9,428 SF)
APN
17-15-101-009
UPID
US28-2740789
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
-
DLV Productions, Inc Photography Service (Bike/Boat/Book/etc) Store
-
Next Level Construction and Development Inc. Construction Company
-
Olympian Diamonds Big Box & Wholesale Store
-
The Chicago Jewelry Buyers (Bike/Boat/Book/etc) Store
-
Ben Jacobson Consultants, Inc. Tech Support Center IT Consulting Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$42.63M
Blend (final)
Blend
$30.95M
Owner & transaction history
8 S Michigan LLC · 4 yrs held
8 S Michigan LLC
since 2021
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$50.7M
+77.5%
Apartment house (5+ units)
$36.5M
+27.7%
Retail stores
$30.9M
+8.1%
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
$28,580,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$50,735,000
Change: +78% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$36,505,000
Change: +28% · Conversion: Easy
RETAIL STORES
$30,890,000
Change: +8% · Conversion: Moderate
AUTO REPAIR, GARAGE
$25,420,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$30.95M
Range $27.86M – $34.05M · ±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
$146 / 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
$1,018,871
Tax year 2022
Assessed value
$4,953,615
Assessed 2022
Previous assessed
$5,261,539
-5.9% YoY
Effective rate
20.57%
On assessed value
Assessed land
$1,296,350
Assessed improvement
$3,657,265
Land market value
$5,185,400
Improvement market value
$14,629,060
Total market value
$19,814,460
Applied tax rate
76,098.0000
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
1928
Heating
NONE
Stories
23
Total area
212,200 SF
Lot
0.22 ac (9,428 SF)
APN
17-15-101-009
UPID
US28-2740789
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
$28.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$50.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$36.5M
RETAIL STORES
Est. value
$30.9M
AUTO REPAIR, GARAGE
Est. value
$25.4M
OFFICE BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
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
1928
Heating
NONE
Stories
23
Lot
0.22 ac
Current owner
From public records · entity-resolved
8 S Michigan LLC
Entity
Mailing address
55 E JACKSON BLVD, CHICAGO, IL 60604-4466
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 7, 2021
—
8 S Michigan LLC
—
Deed
related
$10,000,000 · First Midwest Bank
—
—
8 S Mi LLC
—
Deed Of Trust
related
$7,000,000 · Nationwide Life Insurance Co
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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