Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Oak Park Retail Building For Rent Title is generated by Realmo AI

    6209 W N Ave, Oak Park, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    14,000 SF renovated retail building in prime Oak Park location.

    Type:RETAIL
    Property size:
    14,000 SF
    Lot size:
    0.83 Acres
    Price / SF:
    $196/SF
    Added:
    Sep 19, 2024
    Days on Market:
    610
    Last Refresh:
    Apr 5 at 10:06 pm

    Property Features for 6209 W N Ave

    General Information

    Standard status
    Active
    Size
    14,000 SF
    Lot size
    0.83 Acres
    Property subtype
    RETAIL

    Properties For Sale

    at 6209 W N Ave Contact us

    We can help!

    Listing Contact
    Albert M. Lindeman
    Albert M. Lindeman

    Listing agent Albert M. Lindeman

    Listing office SVN | Chicago - Corporate

    Listing date Sep 19, 2024

    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 SVN | Chicago - Corporate

    HighLights

    • Prime location in Oak Park, IL
    • 14,000 SF free standing building
    • Benefit from 41 car on‑site parking
    • Renovated in 2021
    • Move in condition "Vanilla Box"
    • Divisible to 7,000 sq. ft.

    Overview

    This is a 14,000 square foot free-standing building that was renovated in 2021. It is located in a prime location in Oak Park, IL, and is zoned within the North Avenue Zoning District. The property is ideal for retail and commercial use, with high potential for entrepreneurial ventures and versatile space for various business concepts. It features 41 on-site parking spaces and is in move-in condition as a "Vanilla Box". The space is divisible to 7,000 square feet.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $2.16M
    NOI $194,322 @ 9.00% cap · cautious / downside scenario
    Moderate
    $2.78M
    NOI $194,322 @ 7.00% cap · market / base-case scenario
    Aggressive
    $3.89M
    NOI $194,322 @ 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 Retail

    Component $ $/SF
    Gross rent $302.4k $21.60
    − Vacancy −$24.8k −$1.77
    EGI $277.6k $19.83
    − OpEx −$83.3k −$5.95
    NOI $194.3k $13.88
    14,000 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $2.78M
    $2.43M – $3.24M (±1% cap)
    NOI $194,322 @ 7.0% cap · market cap 7.07%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $4.83M
    $4.23M – $5.64M (±1% cap)
    NOI $338,349 @ 7.0% cap · market cap 12.30%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare 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
    -87.7979
    Latitude
    41.8881

    Nearby Similar for Sale

    • $599,500

      Oak Park Two-Unit Property

      Two-unit property in Oak Park with income potential.
      526 N Lombard Avenue, Oak Park, IL 60302
      View Details
    • $825,000

      Fully Leased Oak Park Investment

      Multi-tenant commercial building in downtown Oak Park, fully leased.
      720 Lake Street, Oak Park, IL 60301
      View Details
    • $159,000

      Oak Park Commercial Opportunity

      Commercial property in Oak Park with high visibility and recent upgrades.
      6039 North Avenue, Oak Park, IL 60302
      View Details
    • $1,150,000
      8,600 SF

      Retail Strip Center For Sale

      8-unit retail strip center in Oak Park, 90% occupied.
      6912-6926 W Roosevelt Road, Oak Park, IL 60304
      View Details
    • $723,000

      Victorian Three-Flat in Oak Park

      Charming Victorian three-flat in Oak Park's historic district.
      227 N MARION Street, Oak Park, IL 60302
      View Details
    • $449,000

      Oak Park Multifamily Opportunity

      Multifamily property for sale in Oak Park, Illinois.
      515 N Humphrey Avenue, Oak Park, IL 60302
      View Details
    • $1,150,000
      10,423 SF

      Oak Park Multi-Tenant Commercial Property

      Fully leased commercial property near Ridgeland 'L' Station in Oak Park.
      433 South Boulevard, Oak Park, IL 60302
      View Details
    • $599,000

      Oak Park Multi-Family Property

      Two-flat with garage, extra parking, and multiple entrances.
      715 N Taylor Avenue N, Oak Park, IL 60302
      View Details
    • $761,538

      Oak Park 7-Eleven For Sale

      Single tenant 7-Eleven in Oak Park, Illinois.
      240 Chicago Ave, Oak Park, IL 60302
      View Details
    • $2,200,000

      Oak Park Commercial Opportunity

      Commercial property for sale in Oak Park, Illinois.
      401 Harrison Street, Oak Park, IL 60304
      View Details
    • $2,350,000
      9,737 SF

      Oak Park Retail and Office

      Value-add investment opportunity in downtown Oak Park with high visibility.
      113-115 N. Marion Street, Oak Park, IL 60301
      View Details
    • $3,352,000
      13,081 SF

      Walgreens Ground Lease Opportunity

      Walgreens ground lease in densely populated Oak Park, Illinois.
      6412 Roosevelt Road | Oak Park, IL 60304
      View Details

    FAQs

    What type of property is this?
    Retail space - 14,000 SF renovated retail building in prime Oak Park location.
    Where is this retail space located?
    The property is located at 6209 W N Ave Oak Park, IL.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: Prime location in Oak Park, IL; 14,000 SF free standing building; Benefit from 41 car on‑site parking
    (847) 421-1066 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Albert M. Lindeman
    Albert M. Lindeman
    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

    Thank You for Inquiry
    6209 W N Ave, Oak Park, IL
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!