Storefront Retail and Office
For Sale
Contact for pricing
113-115 N Marion St, Oak Park, IL 60301
9,737 SF storefront property with two retail units and fifteen office units, with frontage on N Marion Street.
Property Size9,737 SF
Lot Size0.14 Acres
Price / SF$241.35
Days on Market693
Property Features for 113-115 N Marion St
General Information
Standard status
Active
Size
9,737 SF
Lot size
0.14 Acres
Property subtype
RETAIL
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Office Units
15
Amenities
Steps to the Metra
Signalized Intersection
Building Details
Tenancy
Multi
Listing Agency:
SVN | Chicago - Corporate
(630) 330-3352
Listed By:
Karen Kulczycki, CCIM
(630) 330-3352
Source:
Moodyscre
Added: Sep 19, 2024
Changed: Aug 10
Last Checked: Aug 12 at 11:21AM
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 - Corporate
Investment Insights
Based on property information with market context.
This storefront retail and office building offers 9,737 SF on a 0.14-acre site, configured with two retail units and fifteen office units. The property is positioned for day-to-day business access with prominent street presence and a signalized-intersection setting.
The building is steps to the Metra and has high visibility with frontage on N Marion Street, placing it in the heart of downtown Oak Park. The surrounding area includes diverse retail and dining options.
For tenants seeking a storefront-style presence combined with office capacity, the mix of two retail units and fifteen office units supports flexible occupancy planning within a compact downtown footprint.
The building is steps to the Metra and has high visibility with frontage on N Marion Street, placing it in the heart of downtown Oak Park. The surrounding area includes diverse retail and dining options.
For tenants seeking a storefront-style presence combined with office capacity, the mix of two retail units and fifteen office units supports flexible occupancy planning within a compact downtown footprint.
Key Highlights
- 9,737 SF storefront retail and office building on 0.14 acres
- Two retail units plus fifteen office units
- Frontage on N Marion Street
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
$135,151
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
5.75%
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%
$2,703,020
$2.7M
Cap Rate 7%
$1,930,729
$1.9M
Cap Rate 9%
$1,501,678
$1.5M
Market Conditions
NOI Build-Up for 9,737 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
$210.3K $21.60/SF
− Vacancy
−$17.2K −$1.77/SF
EGI
$193.1K $19.83/SF
− OpEx
−$57.9K −$5.95/SF
NOI
$135.2K $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%
$2,703,020
Cap Rate 7%
$1,930,729
Cap Rate 9%
$1,501,678
Alternative Uses
Best Use
Retail
$1.93M
$1.69M – $2.25M
NOI $135,151 @ 7.0% cap · market cap 5.75%
Second Best
Office B
$1.92M
$1.68M – $2.24M
NOI $134,257 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$3.36M
$2.94M – $3.92M
NOI $235,322 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,065
Businesses Nearby
Under-served
Demand for This Use
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?
Storefront property - 9,737 SF storefront property with two retail units and fifteen office units, with frontage on N Marion Street.
Where is this storefront property located?
The property is located at 113-115 N Marion St Oak Park, IL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 9,737 SF storefront retail and office building on 0.14 acres; Two retail units plus fifteen office units; Frontage on N Marion Street
