1933 State StChicago, IL 60616

Property Details for 1933 State St

Year built

2001

Lot size

0.92 AC

Property type

Office properties

APN

17-22-305-053-1005

APU

17223050531005

Description

This exceptional 1,400-square-foot Class A medical office condo, located at 1933 S State St in Chicago's vibrant South Loop (60616), presents a unique owner-user opportunity. Built in 2002, the property boasts a complete medical build-out, including a stylish entry, lobby/reception area, nurses' stations, four exam rooms (each with sinks), a lab with sink, and a spacious doctor's office/break room with a kitchen. High-quality finishes throughout showcase wood flooring, track lighting, and premium cabinetry and fixtures. The property is currently vacant, offering immediate occupancy. The building is zoned DX-5. The asking price is $450,000, representing a price per square foot of $321.43 and a pro-forma cap rate of 7.78% with a pro-forma NOI of $35,000. This prime location offers exceptional walkability (Walk Score 95) and bikeability (Bike Score 88), situated just two blocks from the Cermak-Chinatown Red Line and Cermak-McCormick Place Green Line stations. Strong demographics support the area, with an average annual household income within one mile of $125,312, an average retail rent of $24.73 NNN, and a low vacancy rate of 3.8%. The property's APN is 17-22-305-053-1005. This is an ideal investment for medical professionals seeking a move-in ready space in a high-demand location.

• CAP approach

  CAP return

  Valuation

  6%

  $14,666,100

  6.5%

  $13,537,900

  7%

  $12,570,900

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,244,780

  Geo Method

  $5,244,780

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $27,327,500

  Retail / Commercial

  $13,881,400

  Mixed-Use / Specialty

  $13,727,800

  Hospitality / Lodging

  $9,936,230

  Institutional / Educational

  $14,234,200

  Residential Income

  $16,654,100

  Multifamily

  $20,550,800

  Automotive / Energy

  $12,200,800

  Parking / Income-Based Land

  $4,313,130

  Restaurant / Food Service

  $6,917,910

  Healthcare / Senior Housing

  $14,184,300

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.856

Longitude

-87.6268

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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