720 Lake St - Medical FOR SALE


Oak Park, IL 60301
$825,000 USD
847-638-2659
720 Lake St, Oak Park, IL for Sale
$825,000 USD
Medical - FOR SALE
1/17
null | 9.62% Cap Rate

720 Lake St
Oak Park, IL 60301


HIGHLIGHTS

  • 100% leased | Medical & Professional Services Tenant Mix
  • Situated along Lake St Commercial Corridor & Oak Park Ave in Oak Park
  • 0.2 miles to Oak Park Green Line Stop | 0.4 miles to Oak Park Metra Stop
  • DT-2 Zoning Allows for Residential Uses on 2nd Floor
  • Recent Capital Improvements: Parking Lot (2020), Plumbing (2019)
  • Parking: 8 spaces in private lot + ample street parking

OVERVIEW

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% 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.

FOR SALE DETAILS

PRICE

$825,000 USD

PRICE/SF

$165 USD /SF

CAP RATE

9.62%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1926

SPRINKLERS

-

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,663 SF

ZONING

DT-2

APN/PARCEL ID

16-07-218-007-0000

ASK ABOUT THIS PROPERTY

Tom WagnerCompassMore Info
847-638-2659

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Tom WagnerCompassMore Info
847-638-2659

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.