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    720 Lake St Oak Park, IL 60301

    View on Map
    Sponsored
    For Sale
    Under Contract
    $825,000

    COMMERCIAL - Oak Park, IL

    Lot size:
    0.13 Acres
    Days on Market:
    30
    Last Refresh:
    Mar 10 at 5:06 pm

    Property Features for 720 Lake St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    COMMR
    APN
    16072180070000
    Lot size
    0.13 Acres

    Utilities

    Utilities
    Cable Available
    Cooling system
    Central Air

    Building Details

    Year built
    1929
    Floors in Building
    2
    Number of units
    5
    Building materials
    Brick

    We can help!

    Listing Contact
    Stephen Northey
    Stephen Northey

    Compass Real Estate

    Listing agent Stephen Northey (773) 562-5592

    Listing date Feb 8, 2026

    MLS# 12518349

    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

    Fully Leased Oak Park Investment

    This fully leased multi-tenant building is located in downtown Oak Park along the highly trafficked Lake St commercial corridor near Oak Park Ave. The surrounding area includes numerous restaurants, shops, small businesses, and a dense residential population. The tenant mix is well-insulated and includes tenants 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 percent throughout the remaining term as well as any option periods. The building is professionally managed, and recent capital improvements include work to the parking lot in 2020 and plumbing in 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 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. The lot size is 0.1286 acres. This property represents a professionally managed building providing a diversified and growing income stream in a highly desirable area of Oak Park.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Manno Law Group Law Firm Patricia Huth, PHD Physician Amy E. Stearns, ... Physician Christian & Manno Law Firm Total Wellness Center Physician

    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
    -87.7937032
    Latitude
    41.8887724

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    FAQs

    What type of property is this?
    Office building - Multi-tenant commercial building in downtown Oak Park, fully leased.
    Where is this office building located?
    The property is located at 720 Lake St Oak Park, IL.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: - Fully leased multi-tenant investment property in downtown Oak Park.; - Located on high-traffic Lake St near Oak Park Ave, surrounded by amenities and a dense residential population.; - Well-insulated tenant mix with long-term leases (6-year average) in medical and professional services.
    (773) 562-5592
    Request Owner's contact information
    720 Lake St Oak Park, IL 60301
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    Oak Park, IL 60301
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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.

    More about this property
    720 Lake St Oak Park, IL 60301
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    We can help!
    Listing Contact
    Stephen Northey
    Stephen Northey
    Real Estate License ID: 475141378
    (773) 562-5592 (312) 475-4188 (773) 466-7150
    Learn more
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