Renovated Mixed-Use
For Sale
$1,250,000
6600-04 W Roosevelt Road W, Oak Park, IL 60304
Renovated mixed-use property with separately metered units and one available commercial space.
Property Size8,277 SF
Days on Market33
Property Features for 6600-04 W Roosevelt Road W
General Information
Standard status
Active
Size
8,277 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
COMMR
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$34,186
Building Details
Building Size
8,277 SF
Year Built
1909
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Charles Rutenberg Realty
(773) 306-5626
Listed By:
Peter Liu · License #475143953
Source:
Jjillrealtygroup
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 25 at 9:21AM
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 Charles Rutenberg Realty
Investment Insights
Based on property information with market context.
This mixed-use building contains six units arranged as three ground-floor retail spaces and three second-floor apartments. Each unit has independent heating, air conditioning, and utility service. Renovation work has been completed since 2016. Five units are occupied, while one commercial space is available for lease.
The property occupies the northwest corner of Roosevelt Road and South East Avenue in Oak Park. Site improvements include four paved rear parking spaces and a two-car brick garage. Access to I-290, Harlem, and North Riverside Mall is nearby, with parks, businesses, and retail uses in the surrounding area. Built in 1909, the property combines retail and residential components within a single commercial building.
The property occupies the northwest corner of Roosevelt Road and South East Avenue in Oak Park. Site improvements include four paved rear parking spaces and a two-car brick garage. Access to I-290, Harlem, and North Riverside Mall is nearby, with parks, businesses, and retail uses in the surrounding area. Built in 1909, the property combines retail and residential components within a single commercial building.
Key Highlights
- Six units: 3 retail stores and 3 second‑floor apartments
- Five units occupied; one commercial unit available for lease
- All units renovated since 2016
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
$114,886
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
9.19%
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%
$2,297,720
$2.3M
Cap Rate 7%
$1,641,229
$1.6M
Cap Rate 9%
$1,276,511
$1.3M
Market Conditions
NOI Build-Up for 8,277 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
$178.8K $21.60/SF
− Vacancy
−$14.7K −$1.77/SF
EGI
$164.1K $19.83/SF
− OpEx
−$49.2K −$5.95/SF
NOI
$114.9K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,297,720
Cap Rate 7%
$1,641,229
Cap Rate 9%
$1,276,511
Alternative Uses
Best Use
Mixed Use
$2.00M
$1.75M – $2.33M
NOI $139,674 @ 7.0% cap · market cap 11.17%
Second Best
Retail
$1.64M
$1.44M – $1.91M
NOI $114,886 @ 7.0% cap · market cap 9.19%
Theoretical Best
Office A
$2.86M
$2.50M – $3.33M
NOI $200,037 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,282
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use property with separately metered units and one available commercial space.
Where is this mixed-use property located?
The property is located at 6600-04 W Roosevelt Road W Oak Park, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Six units: 3 retail stores and 3 second‑floor apartments; Five units occupied; one commercial unit available for lease; All units renovated since 2016
