Mixed-Use Property with
For Sale
$2,350,000
113-115 N Marion Street Oak, Oak Park, IL 60301
The building contains retail units alongside second-floor office suites of varying sizes.
Property Size9,737 SF
Days on Market207
Property Features for 113-115 N Marion Street Oak
General Information
Standard status
Active
Size
9,737 SF
Class
B
Property subtype
Executive/Shared Suites
Site & Location
Frontage
43 ft
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
2
Office Units
14
Building Details
Building Size
9,737 SF
Year Built
1920
Tenancy
Multi
Properties For Sale
at 113-115 N Marion Street Oak Contact us- Size
- 290 SF
- Lease Type
- NNN
Suite 1
Listing Agency:
SVN | Chicago Commercial
Listed By:
Karen Kulczycki
(312) 602-5346
Source:
Thebrokerlist
Added: Feb 18
Changed: Sep 10
Last Checked: Sep 12 at 3:26AM
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.
Built in 1920, 113-115 N. Marion Street is a mixed-use commercial property with 43 feet of retail frontage along Marion Street. The building contains two retail units and 14 second-floor office suites, offering a combination of customer-facing and professional workspace components.
The property is situated in downtown Oak Park, 9 miles west of the Chicago Business District. Nearby transportation options include I-290, I-294, the Oak Park Metra Station, the CTA Green Line, and multiple bus routes. The location also carries a Walker’s Paradise Walk Score and serves an area described as a shopping and dining destination for local residents and tourists.
The property is situated in downtown Oak Park, 9 miles west of the Chicago Business District. Nearby transportation options include I-290, I-294, the Oak Park Metra Station, the CTA Green Line, and multiple bus routes. The location also carries a Walker’s Paradise Walk Score and serves an area described as a shopping and dining destination for local residents and tourists.
Key Highlights
- 43 feet of retail frontage on Marion Street
- Two retail units within the mixed‑use building
- 14 office suites located on the second floor
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
$164,312
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
6.99%
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%
$3,286,240
$3.3M
Cap Rate 7%
$2,347,314
$2.3M
Cap Rate 9%
$1,825,689
$1.8M
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
$292.1K $30.00/SF
− Vacancy
−$29.2K −$3.00/SF
EGI
$262.9K $27.00/SF
− OpEx
−$98.6K −$10.13/SF
NOI
$164.3K $16.88/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,286,240
Cap Rate 7%
$2,347,314
Cap Rate 9%
$1,825,689
Alternative Uses
Best Use
Mixed Use
$2.35M
$2.05M – $2.74M
NOI $164,312 @ 7.0% cap · market cap 6.99%
Second Best
Retail
$1.93M
$1.69M – $2.25M
NOI $135,151 @ 7.0% cap · market cap 5.75%
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
14
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,065
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?
Mixed-use property - The building contains retail units alongside second-floor office suites of varying sizes.
Where is this mixed-use property located?
The property is located at 113-115 N Marion Street Oak 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: 43 feet of retail frontage on Marion Street; Two retail units within the mixed‑use building; 14 office suites located on the second floor
