Well-Maintained Office
For Sale
$1,950,000
401 Harrison Street, Oak Park, IL 60304
Well-maintained office building with a recent new roof, multiple offices, storage, and 23 on-site parking spaces.
Property Size6,602 SF
Price / SF$295.37
Days on Market371
Property Features for 401 Harrison Street
General Information
Standard status
Active
Size
6,602 SF
Total Parking Spaces
23
Property subtype
Office
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$13,574
Amenities
Central Air
3
.34
Building Details
Year Built
1991
Listing Agency:
(847) 306-6158
Listed By:
Compass
Source:
Xome
Added: Aug 31, 2025
Changed: Sep 2
Last Checked: Sep 5 at 4:02AM
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 Compass
Investment Insights
Based on property information with market context.
This well-maintained office building includes multiple offices and storage room space throughout. The property has a recent new roof, supporting a building that is positioned for continued operational use.
Ample on-site parking is available with 23 parking spaces for clients and employees. The building offers access to public transportation and is located off the 290 expressway for convenient regional connectivity.
The property is being offered for sale as a sale leaseback, providing an investor-oriented structure tied to existing occupancy.
Ample on-site parking is available with 23 parking spaces for clients and employees. The building offers access to public transportation and is located off the 290 expressway for convenient regional connectivity.
The property is being offered for sale as a sale leaseback, providing an investor-oriented structure tied to existing occupancy.
Key Highlights
- Well‑maintained office building built in 1991
- Recent new roof
- Central air conditioning
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
$91,031
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
4.67%
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%
$1,820,620
$1.8M
Cap Rate 7%
$1,300,443
$1.3M
Cap Rate 9%
$1,011,456
$1.0M
Market Conditions
NOI Build-Up for 6,602 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
$161.6K $24.48/SF
− Vacancy
−$40.2K −$6.10/SF
EGI
$121.4K $18.38/SF
− OpEx
−$30.3K −$4.60/SF
NOI
$91.0K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$1,820,620
Cap Rate 7%
$1,300,443
Cap Rate 9%
$1,011,456
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.52M
NOI $91,031 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,556 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
Explore this area
Business Placement
Demographics for 60304, IL
17,842
Population
6,842
Households
2.6
Avg Household Size
38
Median Age
73%
College-Educated
97%
High-School Grad
1.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$132,841
Median Household Income
$76,027
Median Earnings
$1,279
Median Rent
$470,100
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?
Office building - Well-maintained office building with a recent new roof, multiple offices, storage, and 23 on-site parking spaces.
Where is this office building located?
The property is located at 401 Harrison Street Oak Park, IL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Well‑maintained office building built in 1991; Recent new roof; Central air conditioning
