Three-Storefront Commercial
New
For Sale
$499,000
13 Harrison Street, Oak Park, IL 60304
Commercial Sale, Oak Park, IL
Property Size3,000 SF
Lot Size0.14 Acres
Price / SF$166.33
Days on Market2
Property Features for 13 Harrison Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
Harrison East of Harlem West of Austin
Subdivision
Oak Park
Standard status
Active
APN
16173070020000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Amenities
large fully fenced rear yard
Building Details
Year built
1901
Floors in Building
1
Number of units
3
Building materials
Brick, Stone
Listing Agency:
312 Estates LLC
(312) 599-1300
Listed By:
Steven Jurgens · License #471016763
(773) 580-2907
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 10 at 3:06PM
MLS# 12754741
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.
Investment Insights
Based on property information with market context.
This brick-and-stone commercial property contains three storefronts within an approximately 3,000-square-foot building constructed in 1901. The space is currently operated as a meditation center and includes central air, five on-site parking spaces, and a large fully fenced rear yard. Natural gas is available.
The property occupies a 50 x 125 lot totaling 6,250 square feet at 13 Harrison Street in Oak Park. It is located in the Harrison Business and Art District, an established commercial area. The existing multi-storefront arrangement can support continued use as a meditation center or reconfiguration for retail, professional office, gallery, studio, or wellness operations, subject to applicable requirements.
The property occupies a 50 x 125 lot totaling 6,250 square feet at 13 Harrison Street in Oak Park. It is located in the Harrison Business and Art District, an established commercial area. The existing multi-storefront arrangement can support continued use as a meditation center or reconfiguration for retail, professional office, gallery, studio, or wellness operations, subject to applicable requirements.
Key Highlights
- Three commercial storefronts in an approximately 3,000‑square‑foot building
- 50 x 125 lot totaling 6,250 square feet
- Five on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,640
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$832,800
$832.8K
Cap Rate 7%
$594,857
$594.9K
Cap Rate 9%
$462,667
$462.7K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.8K $21.60/SF
− Vacancy
−$5.3K −$1.77/SF
EGI
$59.5K $19.83/SF
− OpEx
−$17.8K −$5.95/SF
NOI
$41.6K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$832,800
Cap Rate 7%
$594,857
Cap Rate 9%
$462,667
Alternative Uses
Best Use
Retail
$594.9K
$520.5K – $694.0K
NOI $41,640 @ 7.0% cap · market cap 8.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$906.3K – $1.21M
NOI $72,503 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,141
Businesses Nearby
56k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 97%
Dining 2%
Electronics 1%
Dollar Tree
Shops & Services
23,640 visits/mo
0.5 miles
BP
Shops & Services
11,081 visits/mo
0.1 miles
Shell
Shops & Services
9,992 visits/mo
0.1 miles
Camp Bow Wow
Shops & Services
4,335 visits/mo
0.4 miles
PLS Financial Services
Shops & Services
2,886 visits/mo
0.4 miles
Demographics for 60304, IL
17,842
Population
6,842
Households
2.6
Avg Household Size
38
Median Age
73%
College-Educated
97%
High-School Grad
1.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$132,841
Median Household Income
$76,027
Median Earnings
$1,279
Median Rent
$470,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick-and-stone property with dedicated parking, central air, and a fully enclosed rear yard.
Where is this storefront property located?
The property is located at 13 Harrison Street Oak Park, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three commercial storefronts in an approximately 3,000‑square‑foot building; 50 x 125 lot totaling 6,250 square feet; Five on‑site parking spaces
