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$ 775,000
Est. payment /mo
Active
720 Lake ST Oak Park, IL 60301
5,600 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 5,600 sqft
Price per Sqft $138
MLS Listing ID 12721002
Year Built 1929
Annual Tax Amount $34,311
Tax Year 2024
Lot Dimensions 37.5 X 147.29
Property Sub-Type Mixed Use
Property Description
Presenting a strong cash flowing multi-tenant investment opportunity with immediate value-add potential 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's current tenants operate in the well-insulated legal and medical services industries and have been in place for an average of 5 years. Both leases have 3% annual rent increases throughout the remaining term as well as any option periods providing a steady 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. With two 2nd floor suites currently available, 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 well maintained and professionally managed building that provides an insulated and growing income stream with value-add potential in a highly desirable area of Oak Park.
Location
State IL
County Cook
Area Oak Park
Zoning COMMR
Interior
Cooling Central Air
Fireplace N
Exterior
Utilities Available Electric to Site, Natural Gas Available, Cable Available
Roof Type Reflective Coating,Other
Building
Dwelling Type Mixed Use
Water Municipal Water
Structure Type Brick
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Listed by Thomas Wagner of Compass