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Listed by Stephen Northeyof Compass
$ 825,000
Est. payment /mo
Active Under Contract
720 Lake Street Oak Park, IL 60301
5,600 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 5,600 sqft
Price per Sqft $147
MLS Listing ID 12518349
Year Built 1929
Annual Tax Amount $32,885
Tax Year 2023
Lot Dimensions 37.5 X 147.29
Property Sub-Type Mixed Use
Property Description
Presenting a fully leased multi-tenant investment opportunity in downtown Oak Park. The property is situated along the highly trafficked Lake St commercial corridor near Oak Park Ave and is surrounded by numerous restaurants, shops, small businesses, and a dense residential population. The building is comprised of a well-insulated tenant mix in the medical and professional services industries who have been in place for an average of 6 years. Three of the four leases have an annual rent increase of 3-5 percent throughout the remaining term as well as any option periods providing a growing income stream. The building is professionally managed and recent capital improvements include work to the parking lot (2020) and plumbing (2019). The property is zoned DT-2, which allows for a myriad of commercial uses as well as residential uses above the ground floor. This advantageous zoning lends the property flexibility to future commercial tenants as well as the ability to adapt the 2nd floor to a residential use if so desired. Simply put, this offering represents a professionally managed building providing a diversified and growing income stream in a highly desirable area of Oak Park.
Location
State IL
County Cook
Zoning COMMR
Interior
Cooling Central Air
Fireplace N
Exterior
Utilities Available Electric to Site, Natural Gas Available, Cable Available
View Y/N true
Roof Type Reflective Coating,Other
Building
Foundation Concrete Perimeter
Water Municipal Water
Structure Type Brick
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