Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    401-417 N Harlem Ave Oak Park, IL

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space near CTA and Metra stations with high ridership.

    Type:RETAIL
    Property size:
    1,261 SF
    Lot size:
    0.71 Acres
    Added:
    Aug 14, 2025
    Days on Market:
    231
    Last Refresh:
    Mar 29 at 9:22 pm

    Property Features for 401-417 N Harlem Ave

    General Information

    Standard status
    Active
    Size
    1,261 SF
    Lot size
    0.71 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 401-417 N Harlem Ave Contact us

    We can help!

    Listing Contact
    Elizabeth Sweeney

    Listing agent Elizabeth Sweeney

    Listing office Mid-America Real Estate Group | Oakbrook Terrace

    Listing date Aug 14, 2025

    Source Moodyscre

    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 Mid-America Real Estate Group | Oakbrook Terrace

    Overview

    Retail Space Near Transportation Hubs

    This retail space, encompassing 1,261 square feet, is situated approximately one mile north of the Eisenhower/Harlem Avenue interchange. The location benefits from its proximity to the CTA Green Line, which has an annual ridership of approximately 550,000. Additionally, it is located near a Metra station with an annual ridership of approximately 350,000. The area is slated for further development with three new high-rise residential projects planned within three blocks, which are expected to add 600 residential units to the market.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8045
    Latitude
    41.8873

    Nearby Similar for Lease

    • $18/mo

      Two-Story Office Building in Oak Park

      Two-story office building with retail/medical suite and flexible office suites.
      6957 W North Avenue, 1244-1246 Forest Avenue, Oak Park, IL 60302
      View Details
    • $18/mo

      Retail Strip Center For Rent

      Retail strip center with high visibility and convenient location.
      6912-6926 W Roosevelt Road, Oak Park, IL 60304
      View Details
    • $16/mo

      Oak Park Office/Retail Building

      Two-story building with retail and office space for lease.
      6142-6144 W. Roosevelt Rd, Oak Park, IL 60304
      View Details
    • $16/mo

      Oak Park Office Building Suites

      Two-story office building with suites available for rent.
      6955 W. North Avenue, Oak Park, IL 60302
      View Details
    • $20/mo

      Oak Park Office Suite

      1,862 SF office suite in downtown Oak Park.
      1053 Lake Street, Oak Park, IL 60301
      View Details
    • Sponsored
      Contact for pricing

      Oak Park

      1010 Lake St, Unit 200, Oak Park, IL 60301
      View Details
    • $28/mo

      Retail Space in Oak Park

      Flexible retail space with parking near downtown Oak Park.
      1023-25 W Madison Street W, Oak Park, IL 60302
      View Details
    • Contact for pricing

      Oak Park Retail Space

      Retail space available for rent in Oak Park, Illinois.
      193 N Marion Street, Oak Park, IL 60301
      View Details
    • Contact for pricing

      Retail Center at North & Harlem

      Multi-tenant retail center with high traffic and redevelopment potential.
      7101-7123 W North Ave, Oak Park, IL
      View Details
    • Contact for pricing

      Oak Park Commercial Space

      Commercial space for rent in Oak Park, Illinois.
      430 Austin Boulevard, Oak Park, IL 60302
      View Details
    • Contact for pricing

      New Retail Space in Oak Park

      High-visibility retail space near transportation and parking.
      1034 Lake St, Oak Park, IL
      View Details
    • $71/mo

      Flexible Workspace Solutions Available

      Global network of workspaces with flexible terms and customizable options.
      1010 Lake Street Suite 200, Oak Park, IL 60301
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space near CTA and Metra stations with high ridership.
    Where is this retail space located?
    The property is located at 401-417 N Harlem Ave Oak Park, IL.
    What are key features of this property?
    This property features: Proximity to CTA Green Line (± 550,000 annual ridership); Proximity to Metra Station (± 350,000 annual ridership); Three new high‑rise residential projects planned nearby (600 units)
    (630) 954-7300
    We can help!
    Listing Contact
    Elizabeth Sweeney
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!