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    11 North Harlem Ave Oak Park, IL 60302

    For Sale
    $3,450,000

    Ground lease with redevelopment potential in Oak Park, Illinois.

    Property size:
    3,500 SF

    Property Features for 11 North Harlem Ave

    General Information

    Size
    3,500 SF

    Building Details

    Year built
    1985

    Source: Adam Johnson Agent Adam Johnson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Oak Park Ground Lease Opportunity

    This ground lease, secured by Wendy’s Corporate since 1985, is located at the corner of Harlem Avenue and Madison Street in Oak Park. The ground lease has no landlord responsibilities; the tenant covers all expenses, taxes, and site maintenance. Situated on a hard corner with a stoplight, the location is just north of the interchange at Harlem Avenue and I-290 and west of downtown Oak Park. The property offers multiple lease options through 2040 and strong redevelopment potential. The site benefits from high traffic counts, with 34,800 vehicles per day on Harlem Avenue and 13,500 vehicles per day on Madison Street. The property is zoned MS (Madison Street Zoning District). The property size is 3,500 square feet and is suitable for drive-through restaurants, restaurants, retail properties, NNN properties, and specialty properties.
    Location Intelligence

    Current Use by Public Records

    Wendy's Fast Food Restaurant

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8043209
    Latitude
    41.8800133

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    FAQs

    What type of property is this?
    Drive through restaurant - Ground lease with redevelopment potential in Oak Park, Illinois.
    Where is this drive through restaurant located?
    The property is located at 11 North Harlem Ave Oak Park, IL.
    What is the asking price?
    The asking price for this property is $3,450,000.
    What are key features of this property?
    This property features: - Corporate lease with Wendy's since 1985.; - Single tenant ground lease with no landlord responsibilities; tenant pays all expenses, taxes, and maintenance.; - **Prime corner location at Harlem Avenue and Madison Street with a stoplight.**
    (630) 317-0729
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    Realmo Value Estimation

    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.

    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.

    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
    11 North Harlem Ave Oak Park, IL 60302
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