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Financial
Distress signals
Property profile

8 S Michigan Ave Chicago, IL 60603

FOR LEASE
Office buildings
Property ID
US28-2740789
212,200 SF 0.22 ac lot Built 1928
Entity Owned Owner of record is a legal entity (LLC / corporation). 5-yr Hold Held for 5 years. Absentee Owner Owner mailing address differs from the property address. ~ Est. High Equity Modeled equity is high. Estimate, not a fact.
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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…

Ownership intelligence

Who controls the opportunity?

Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. Included with a plan.

Owner contacts

Can we reach the decision maker?

Skip-traced phones and e-mails of the owner. Included with a plan.

Debts

What is owed, to whom, and when it comes due

Recorded lenders, amounts and estimated maturities of the owner's loan book — included with a plan.

Property tax · 2022

What does the county charge?
$1.02M
Tax billed · 2022
Assessed value$4.95M
Assessed land$1.30M
Assessed improvement$3.66M
Effective rate20.57%

Value estimate

· Oct 2026
$30.95M
$27.86M – $34.05M
Submarket $/SF estimate$42.63M
NOI build-up
Gross scheduled income$8.15M
Vacancy & credit loss−$2.08M
Operating expenses−$1.52M
NOI · 18,970,679.17% cap applied$4.55M

Realmo valuation models over county records.

Recently sold

What actually traded nearby?
$135/SF
Submarket average, outlier-cleaned · 152 recorded sales of this use type
Observed band · Q1–Q3$51 – $278

Cap rate analysis

How does the asset earn?
18,970,679.17%
$4.55M estimated NOI · market benchmarks for this use type

Price anchors at 6 / 6.5 / 7% — in the full report.

Zoning insight

No data for this section
What can be built here?

No zoning code is on file for this parcel. Coverage grows with every catalog release.

JurisdictionCOOK

Location intelligence

Which uses thrive at this corner?
Best fit: Auto Repair Shop
Demand heat for this use is drawn on the map · LocInt grid
Demand index
Auto Repair Shop63.5
Auto Parts Store53.4
Pet Grooming Service14.9

Location

8 S Michigan Ave Chicago, IL 60603
County assessor Recorded deeds · 2 transfers Qualifying comp sales · not on file Zoning catalog · not on file

Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.

Comparables

6 recorded sales · 18 properties nearby
Recent sales nearby
6 recorded sales in this ZIP, last 8 years
Address Sale price Sold Size
190 La Salle, Chicago, IL 60603-3410 $55,000,000 Dec 2025 856,600 SF
100 State, Chicago, IL 60603-5513 $3,100,000 Jul 2025 42,800 SF
19 Arc, Chicago, IL 60603 $3,261,000 Nov 2024 184,200 SF
79 Monroe, Chicago, IL 60603-4901 $8,750,000 Oct 2022 186,400 SF
130 Clark, Chicago, IL 60603 $314,350,000 Jul 2022 1,375,400 SF
111 Monroe, Chicago, IL 60603-4096 $314,350,000 Jul 2022 1,375,400 SF
Sale prices and dates as our records hold them, one row per building. A deed can cover more of a building than the size shown, so read the price against the size rather than dividing one by the other.
Comparable nearby
6 properties of the same type nearby
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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