Three-Story Retail and Office
For Sale
$1,950,000
1053 Lake Street, Oak Park, IL 60301
Three-story retail and office building in downtown Oak Park.
Property Size6,000 SF
Price / SF$325
Days on Market167
Property Features for 1053 Lake Street
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Retail
Building Details
Year Built
1913
Listing Agency:
SVN Chicago Commercial
(630) 330-3352
Listed By:
Karen Kulczycki, CCIM, SIOR · License #IL #471020279
(630) 330-3352
Source:
Svn
Added: Mar 6
Changed: Jul 10
Last Checked: Aug 20 at 5:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN Chicago Commercial
Investment Insights
Based on property information with market context.
This three-story retail and office building, encompassing approximately 6,000 square feet, is situated in downtown Oak Park, Illinois. The building is fully occupied and features an elevator and multiple windows. The ground floor is occupied by a retail restaurant with an outdoor patio, two restrooms, a prep area, and a kitchen. The second floor houses a music institute with six offices, lobby areas, two restrooms, and building signage. The third floor is occupied by a wellness group and includes a lobby and reception area, four offices, a kitchenette area, and two restrooms. The property's location in Oak Park provides convenient access to I-290, I-294, the CTA Green Line, and multiple bus routes, facilitating connections to the Chicago metropolitan area. The property is located in the city of Oak Park, which is approximately 9 miles west of the Chicago Business District. The third floor has an opportunity to vacate with 30 days notice, and the full building may be available in 2026.
Key Highlights
- 100% occupied with three full‑floor tenants, providing immediate income.
- Prime location in the heart of downtown Oak Park, a shopping and dining destination.
- Excellent accessibility with nearby access to I‑290, I‑294, the CTA Green Line, and multiple bus routes.
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
$83,281
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
4.27%
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%
$1,665,620
$1.7M
Cap Rate 7%
$1,189,729
$1.2M
Cap Rate 9%
$925,344
$925.3K
Market Conditions
NOI Build-Up for 6,000 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
$129.6K $21.60/SF
− Vacancy
−$10.6K −$1.77/SF
EGI
$119.0K $19.83/SF
− OpEx
−$35.7K −$5.95/SF
NOI
$83.3K $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%
$1,665,620
Cap Rate 7%
$1,189,729
Cap Rate 9%
$925,344
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.39M
NOI $83,281 @ 7.0% cap · market cap 4.27%
Second Best
Office B
$1.18M
$1.03M – $1.38M
NOI $82,730 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $145,007 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,150
Businesses Nearby
Explore this area
Business Placement
Demographics for 60301, IL
3,043
Population
2,129
Households
1.4
Avg Household Size
37
Median Age
79%
College-Educated
99%
High-School Grad
0.2 sq mi
ZIP Area
15,215
Density / Sq Mi
$103,448
Median Household Income
$77,900
Median Earnings
$2,295
Median Rent
$230,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Three-story retail and office building in downtown Oak Park.
Where is this retail space located?
The property is located at 1053 Lake Street Oak Park, IL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 100% occupied with three full‑floor tenants, providing immediate income.; Prime location in the heart of downtown Oak Park, a shopping and dining destination.; Excellent accessibility with nearby access to I‑290, I‑294, the CTA Green Line, and multiple bus routes.
