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Property profile & analytics
OFF-MARKET
Estimated value
$15,345,000
Office buildings
845 Michigan Ave Chicago, IL 60611-2252
Entity Owned
4-yr Hold
Free & Clear
Property ID
US28-1925735
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1976
Total area
1,102,000 SF
Lot
2.62 ac (114,127 SF)
APN
17-03-226-030
UPID
US28-1925735
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
-
North Michigan Avenue Dental Group Dental Office
-
Water Tower Dental Ltd. - Michael O'Meara DDS Dental Office
-
Santini Dentistry: Dr. Louis Santini Dental Office
-
Gifts & Pearls (Bike/Boat/Book/etc) Store
-
Mitchell Dental Spa Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$15.35M
Owner & transaction history
Water Tower Owner LLC · 4 yrs held
Water Tower Owner LLC
since 2022
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$14 / 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
$8,428,837
Tax year 2022
Assessed value
$40,782,783
Assessed 2022
Previous assessed
$47,050,000
-13.3% YoY
Effective rate
20.67%
On assessed value
Assessed land
$4,905,557
Assessed improvement
$35,877,226
Land market value
$19,622,228
Improvement market value
$143,508,904
Total market value
$163,131,132
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
1976
Heating
NONE
Stories
13
Total area
1,102,000 SF
Lot
2.62 ac (114,127 SF)
APN
17-03-226-030
UPID
US28-1925735
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
Building & site characteristics
From public records
Year built
1976
Heating
NONE
Stories
13
Lot
2.62 ac
Current owner
From public records · entity-resolved
Water Tower Owner LLC
Entity
Free & Clear · 4 yrs held
Mailing address
125 S WACKER DR STE #1100, CHICAGO, IL 60606-4478
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 12, 2022
—
Water Tower Owner LLC
Water Tower LLC
Deed In Lieu Of Foreclosure
related
—
Aug 26, 2003
—
Water Tower LLC
Lasalle Bank NA Trustee
Grant Deed
$188,000 · Commerzbank Ag
—
—
Water Tower LLC
—
Loan Modification
related
$400,000,000 · Metropolitan Life Insurance
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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