Two-Story Office
For Sale
$440,000
412 Madison Street, Oak Park, IL 60302
Two-story office building with private offices, a conference/flex area, kitchenette, storage, and on-site parking.
Property Size2,692 SF
Days on Market43
Property Features for 412 Madison Street
General Information
Standard status
Active
Size
2,692 SF
Property subtype
Commercial
Zoning
OFFIC
Taxes and HOA fees
Annual Taxes
$14,462
Amenities
kitchenette
private garden
on-site parking
high-speed Ethernet
Building Details
Building Size
2,692 SF
Year Built
1901
Stories
2
Units
1
Listing Agency:
@properties Christie's International Real Estate
Listed By:
Arrick Pelton
(708) 246-0500
Source:
Allinonerealestateco
Added: Jul 25
Changed: Sep 4
Last Checked: Aug 25 at 8:19AM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This two-story office building offers four private offices along with an expansive conference and flex area suited for meetings and presentations. The property is described as wired for high-speed Ethernet across all workspaces, with commercial-grade electrical and plumbing systems updated to modern standards. A dedicated kitchenette supports day-to-day operations, and the lower level includes convenient storage.
The building includes on-site parking and a private garden area for informal use. It is located in the Oak Park business community, with commuting access described to nearby CTA Green and Blue Lines and the Metra Union Pacific West Line.
The layout supports a mix of focused work and collaborative space, with practical on-site amenities including kitchenette, storage, parking, and an outdoor garden area.
The building includes on-site parking and a private garden area for informal use. It is located in the Oak Park business community, with commuting access described to nearby CTA Green and Blue Lines and the Metra Union Pacific West Line.
The layout supports a mix of focused work and collaborative space, with practical on-site amenities including kitchenette, storage, parking, and an outdoor garden area.
Key Highlights
- Two‑story office building (built 1901) with four private offices and a conference/flex area
- Building is wired for high‑speed Ethernet across all workspaces
- Commercial‑grade electrical and plumbing systems updated to modern standards
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
$37,118
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
8.44%
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%
$742,360
$742.4K
Cap Rate 7%
$530,257
$530.3K
Cap Rate 9%
$412,422
$412.4K
Market Conditions
NOI Build-Up for 2,692 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
$65.9K $24.48/SF
− Vacancy
−$16.4K −$6.10/SF
EGI
$49.5K $18.38/SF
− OpEx
−$12.4K −$4.60/SF
NOI
$37.1K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$742,360
Cap Rate 7%
$530,257
Cap Rate 9%
$412,422
Alternative Uses
Best Use
Office B
$530.3K
$464.0K – $618.6K
NOI $37,118 @ 7.0% cap · market cap 8.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$929.4K
$813.3K – $1.08M
NOI $65,060 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,683
Businesses Nearby
Explore this area
Business Placement
Demographics for 60302, IL
33,698
Population
15,702
Households
2.1
Avg Household Size
41
Median Age
71%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
11,233
Density / Sq Mi
$97,414
Median Household Income
$69,368
Median Earnings
$1,348
Median Rent
$450,700
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?
Office building - Two-story office building with private offices, a conference/flex area, kitchenette, storage, and on-site parking.
Where is this office building located?
The property is located at 412 Madison Street Oak Park, IL.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two‑story office building (built 1901) with four private offices and a conference/flex area; Building is wired for high‑speed Ethernet across all workspaces; Commercial‑grade electrical and plumbing systems updated to modern standards
