Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1125 Erie St Oak Park, IL 60302

    Sponsored
    Picture of Commercial land at Erie St 1125, Oak Park, IL
    For Sale
    $739,900

    LAND - Oak Park, IL

    Lot size:
    0.21 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 20 at 2:06 pm

    Property Features for 1125 Erie St

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    APN
    16071100020000
    Lot size
    0.21 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Timothy Sheahan

    Compass Real Estate

    Listing agent Timothy Sheahan (773) 968-9889

    Listing date Feb 18, 2026

    MLS# 12571547

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Cleared Land in Oak Park

    This cleared land is located in Oak Park, Illinois, and offers a suitable location for development projects. The property is zoned for multi-use. The site allows for the construction of 7 units by right. Subject to approval, a Planned Development application could allow for a 5-story building with a total of 12 units and ground floor parking. The lot size is approximately 0.21 acres. Prospective buyers are responsible for conducting their own due diligence.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.803961
    Latitude
    41.891496

    Nearby Similar for Sale

    • New
      $1,250,000

      Updated Three-Unit Building in Oak Park

      Renovated three-unit building with modern updates and historic charm.
      1101 S Oak Park Ave, Oak Park, IL 60304
      View Details
    • $449,000
      0.04 Acres

      Oak Park Mixed-Use Investment

      High-traffic location with retail and residential income potential.
      97 Harlem Ave, Oak Park, IL 60302
      View Details
    • $2,200,000
      0.34 Acres

      Oak Park Office Property

      Well-maintained office property with ample parking and easy transportation access.
      401 Harrison St, Oak Park, IL 60304
      View Details
    • New
      $425,000

      Oak Park Multi-Family Property

      Legal non-conforming 2-flat in Oak Park, Illinois.
      1140 S Harvey Ave, Oak Park, IL 60304
      View Details
    • $860,000
      0.12 Acres

      Oak Park Multifamily Investment Opportunity

      Five-unit apartment building with income potential in a prime location.
      1135 S Oak Park Ave, Oak Park, IL 60304
      View Details
    • $1,250,000
      0.19 Acres

      Oak Park Mixed-Use Building

      Income-generating mixed-use building in Oak Park with renovated units.
      6600-04 W Roosevelt Rd W, Oak Park, IL 60304
      View Details
    • $700,000

      Brick Triplex Near Columbus Park

      Two flats plus garden apartment near transportation and Columbus Park.
      208 S Austin Blvd, Oak Park, IL 60302
      View Details
    • $825,000
      0.13 Acres

      Oak Park Leased Investment Opportunity

      Fully leased multi-tenant building in downtown Oak Park.
      720 Lake St, Oak Park, IL 60301
      View Details
    • $825,000
      7,135 SF

      Historic Oak Park Commercial Property

      Versatile commercial property in downtown Oak Park, ideal for various uses.
      818 North Blvd, Oak Park, IL 60301
      View Details
    • Contact for pricing
      1,378 SF

      Remodeled Condo with 2 Parking

      Updated 2-bedroom, 2-bath condo with modern amenities and convenient location.
      203 N Kenilworth Ave, Oak Park, IL 60302
      View Details
    • $1,150,000
      8,600 SF

      Retail Strip Center For Sale

      8,600 SF retail strip center in Oak Park, Illinois.
      6912-6926 W Roosevelt Rd, Oak Park, IL 60304
      View Details
    • $499,000

      Oak Park Townhome with Upgrades

      Spacious 3-bedroom townhome near downtown Oak Park.
      414 Wisconsin Ave, Oak Park, IL 60302
      View Details

    FAQs

    What type of property is this?
    Commercial land - Cleared land suitable for development in Oak Park, Illinois.
    Where is this commercial land located?
    The property is located at 1125 Erie St Oak Park, IL.
    What is the asking price?
    The asking price for this property is $739,900.
    What are key features of this property?
    This property features: - Cleared land ready for development.; - Zoned for 7 units 'by right'.; - Potential to build up to 12 units with a Planned Development.
    (773) 968-9889
    Request Owner's contact information
    1125 Erie St Oak Park, IL 60302
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1125 Erie St
    Oak Park, IL 60302
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1125 Erie St Oak Park, IL 60302
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Timothy Sheahan
    Real Estate License ID: 475145058
    (773) 968-9889 (312) 733-7201 (312) 319-3300
    Learn more
    Google sign-in failed. Please try again or use another login method.