Three-Story Retail and Office
1053 Lake Street Oak Park, IL 60301
1053 Lake Street, Oak Park, IL, 60301
$1,950,000
For Sale
$1,950,000
Three-story retail and office building in downtown Oak Park.
Property Size6,000 SF
Price / SF$325
Days on Market138
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 Updated: Jul 10 at 3:48PM Checked: Jul 21 at 8:29AM
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.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.6k | $21.60 |
| − Vacancy | −$10.6k | −$1.77 |
| EGI | $119.0k | $19.83 |
| − OpEx | −$35.7k | −$5.95 |
| NOI | $83.3k | $13.88 |
6,000 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Hecho en Oak ...
Restaurant
Higher Ground Wellness ...
Crisis Center
Cappelli Institute of Music
Vocational School
Noah2
Corporate Office
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FAQs
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.
