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    Oak Park Two-Unit Property Title is generated by Realmo AI

    526 N Lombard Avenue, Oak Park, IL 60302

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    Claim this Listing
    For Sale
    $599,500

    MULTI_FAMILY - Oak Park, IL

    Added:
    Apr 9, 2026
    Days on Market:
    58
    Last Refresh:
    Jun 5 at 9:06 pm

    Property Features for 526 N Lombard Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MULTI
    Bedrooms
    6
    Bathrooms
    2
    Rooms
    Bedroom 6, Bedroom 2, Bedroom 5, Bedroom 4, Bathroom 1, Bedroom 1, Basement, Bathroom 2, Bedroom 3
    Parking
    3
    Parking features
    Open, Garage
    Basement
    Unfinished, Full
    Standard status
    Active
    APN
    16053240080000

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    13118

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    1902
    Building materials
    Frame

    We can help!

    Listing Contact
    Tabitha Murphy
    Tabitha Murphy

    Listing agent Tabitha Murphy License #475132363

    Listing office Berkshire Hathaway HomeServices Chicago 101 N. Oak Park Avenue, Oak Park, IL

    Listing date Apr 9, 2026

    MLS# 12601497 Listing URL

    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.

    HighLights

    • Flexible two‑unit layout ideal for owner‑occupants or investors.
    • Prime Oak Park location: close to CTA Green Line, parks, OPRFHS, Farmer's Market, shopping, and dining.
    • Rare 3‑car garage and deep 33 x 170 lot with ample green space.
    • Each unit features a large living room, formal dining room, three bedrooms, and a full kitchen with dishwasher.
    • Second‑floor kitchen and bath remodeled in 2016; many appliances in both units replaced within 2‑5 years.
    • Located within the boundaries of Whittier Elementary School.

    Overview

    This Oak Park property presents as a single-family home but is configured as a two-unit building, offering flexibility for owner-occupants or investors. Each unit includes a large front living room, a formal dining room, and three bedrooms of generous size, along with full kitchens equipped with dishwashers. The second-floor kitchen and bath were remodeled in 2016, and many appliances in both units have been replaced within the last 2 to 5 years. A full unfinished basement provides storage space and shared laundry facilities. The property is situated on a 33 x 170 lot, providing green space and a rare 3-car garage. Located less than half a block from The Daly Bagel, the property is convenient to the CTA Green Line, parks, Oak Park and River Forest High School (OPRFHS), the Oak Park Farmer's Market, and central Oak Park shopping and dining. The property is located within the boundaries of Whittier Elementary School. The property is located in a friendly neighborhood that hosts two annual block parties.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store 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
    -87.779571
    Latitude
    41.895615

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    FAQs

    What type of property is this?
    Duplex - Two-unit property in Oak Park with income potential.
    Where is this duplex located?
    The property is located at 526 N Lombard Avenue Oak Park, IL.
    What is the asking price?
    The asking price for this property is $599,500.
    What are key features of this property?
    This property features: Flexible two‑unit layout ideal for owner‑occupants or investors.; Prime Oak Park location: close to CTA Green Line, parks, OPRFHS, Farmer's Market, shopping, and dining.; Rare 3‑car garage and deep 33 x 170 lot with ample green space.
    (708) 848-5550
    We can help!
    Listing Contact
    Tabitha Murphy
    Tabitha Murphy
    Real Estate License ID: 475132363
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    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.

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