Updated Two-Unit Property in Oak
309 Chicago Ave, Oak Park, IL 60302
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Well-maintained two-unit property with flexible exit strategies.
Type:Multifamily
Property size:
2,994 SFLot size:
0.17 AcresPrice / SF:
$250/SF- Added:
- Feb 11, 2026
- Days on Market:
- 100
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 309 Chicago Ave
General Information
- Standard status
- Active
- Size
- 2,994 SF
- Lot size
- 0.17 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1910
Listing agent Marco Cesario License #475.142196
Listing office Jameson Commercial Real Estate (312) 315-7173
Listing date Feb 11, 2026
Source Crexi
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 Jameson Commercial Real Estate
HighLights
- Two spacious, updated units with efficient layouts and strong tenant appeal.
- Oversized 50’ x 150’ lot with a two‑car garage plus two exterior parking spaces.
- Flexible asset offering multiple exit strategies: owner‑occupancy, multifamily investment, or single‑family conversion.
- Premier Oak Park location.
- First‑floor unit: 3‑bedroom, 2‑bath duplex‑down (over 2,200 square feet).
- Both units include a sunroom.
Overview
This well-maintained two-unit property is located in Oak Park. Originally owner-occupied, it was later converted into an upgraded multi-unit asset. The building features two spacious, updated units with efficient layouts. The first-floor unit is a 3-bedroom, 2-bath duplex-down totaling over 2,200 square feet, while the second-floor unit is a 3-bedroom, 1-bath simplex exceeding 1,100 square feet. Both units include a sunroom. The property sits on an oversized 50’ x 150’ lot and includes a two-car garage plus two exterior parking spaces. The property size is 2,994 square feet. This offers multiple exit strategies, including owner-occupancy with income, long-term hold as a small-scale multifamily investment, or future conversion to a single-family residence. It presents a compelling opportunity to acquire a flexible asset with scale, parking, and upside in a premier Oak Park location.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$431.7K
NOI $38,850 @ 9.00% cap · cautious / downside scenario
Moderate
$555.0K
NOI $38,850 @ 7.00% cap · market / base-case scenario
Aggressive
$777.0K
NOI $38,850 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.0k | $20.04 |
| − Vacancy | −$4.5k | −$1.50 |
| EGI | $55.5k | $18.54 |
| − OpEx | −$16.6k | −$5.56 |
| NOI | $38.8k | $12.98 |
2,994 SF · lease $20.04/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$555.0K
$485.6K – $647.5K
NOI $38,850 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$496.2K
$434.2K – $578.9K
NOI $34,733 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$1.03M
$904.5K – $1.21M
NOI $72,358 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Oak Park
- County
- Cook
- State
- Illinois
- Longitude
- -87.7838257
- Latitude
- 41.8943282
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Well-maintained two-unit property with flexible exit strategies.
Where is this duplex located?
The property is located at 309 Chicago Ave Oak Park, IL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Two spacious, updated units with efficient layouts and strong tenant appeal.; Oversized 50’ x 150’ lot with a two‑car garage plus two exterior parking spaces.; Flexible asset offering multiple exit strategies: owner‑occupancy, multifamily investment, or single‑family conversion.
