Brick-and-Steel Flex
For Sale
$525,000
268 Madison St, Oak Park, IL 60302
Office areas, overhead doors, a commercial hood, and a six-stall garage support varied commercial configurations.
Property Size4,400 SF
Price / SF$119.32
Days on Market10
Property Features for 268 Madison St
General Information
Standard status
Active
Size
4,400 SF
Additional Details
Drive-In Doors
2
Building Details
Year Built
1918
Construction
brick and steel
Listing Agency:
Baird & Warner
(708) 601-2638
Listed By:
Steve Jasinski · License #475151442
Source:
Amyboston.realtopiare
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 25 at 3:58AM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This flex space combines office areas with functional work and storage components across multiple buildings. The primary building features brick-and-steel construction, two overhead doors, and drive-through access for large vehicles. An industrial-size hood is also installed, supporting the property’s existing commercial configuration.
A separate rear building contains a six-stall garage currently used for storage, providing additional enclosed space for operational or storage needs. Parking is available both inside and outside the buildings. The property is located at 268 Madison St in Oak Park’s Madison Street Business District, at the corner of Cuyler and Madison. Built in 1918, the site can accommodate multiple business operations from one location.
A separate rear building contains a six-stall garage currently used for storage, providing additional enclosed space for operational or storage needs. Parking is available both inside and outside the buildings. The property is located at 268 Madison St in Oak Park’s Madison Street Business District, at the corner of Cuyler and Madison. Built in 1918, the site can accommodate multiple business operations from one location.
Key Highlights
- Brick‑and‑steel construction with office space and multiple buildings
- Two overhead doors provide drive‑through access for large vehicles
- Industrial‑size hood installed in the primary building
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
$46,332
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
8.83%
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%
$926,640
$926.6K
Cap Rate 7%
$661,886
$661.9K
Cap Rate 9%
$514,800
$514.8K
Market Conditions
NOI Build-Up for 4,400 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
$79.2K $18.00/SF
− Vacancy
−$7.9K −$1.80/SF
EGI
$71.3K $16.20/SF
− OpEx
−$24.9K −$5.67/SF
NOI
$46.3K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$926,640
Cap Rate 7%
$661,886
Cap Rate 9%
$514,800
Alternative Uses
Best Use
Office B
$866.7K
$758.4K – $1.01M
NOI $60,669 @ 7.0% cap · market cap 11.56%
Second Best
Flex RnD
$661.9K
$579.2K – $772.2K
NOI $46,332 @ 7.0% cap · market cap 8.83%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,338 @ 7.0% cap · market cap 20.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,956
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Office areas, overhead doors, a commercial hood, and a six-stall garage support varied commercial configurations.
Where is this flex space located?
The property is located at 268 Madison St Oak Park, IL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Brick‑and‑steel construction with office space and multiple buildings; Two overhead doors provide drive‑through access for large vehicles; Industrial‑size hood installed in the primary building
