Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Space Available for Lease Title is generated by Realmo AI

    7101 W North Ave, Oak Park, IL 60302

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Commercial property available for lease in Oak Park, Illinois.

    Type:Retail, Office
    Added:
    Oct 24, 2022
    Days on Market:
    1317
    Last Refresh:
    May 12 at 8:14 pm

    Property Features for 7101 W North Ave

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Spaces For Lease

    at 7101 W North Ave Contact us

    We can help!

    Listing Contact
    Westin Kane
    Westin Kane

    Listing agent Westin Kane License #IL

    Listing office Mid-America Real Estate

    Listing date Oct 24, 2022

    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 Mid-America Real Estate

    HighLights

    • For Lease

    Overview

    This commercial property, located at 7101 W North Ave in Oak Park, IL, is available for lease. The property is categorized as a specialty property, specifically within the 'other specialty properties' subcategory. It is suitable for commercial real estate purposes.
    Location Intelligence

    Current Use by Public Records

    KB'S SMOKE SHOP (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store 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
    -87.804932
    Latitude
    41.908563

    Nearby Similar for Lease

    • Sponsored
      $129-$4,480/Mo
      11-1,292 SF

      Oak Park

      1010 Lake St, Unit 200, Oak Park, IL 60301
      View Details
    • $18 SF/Yr
      9,148 SF

      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 SF/Yr
      8,600 SF

      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 SF/Yr
      9,000 SF

      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 SF/Yr
      6,700 SF

      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 SF/Yr
      6,000 SF

      Oak Park Office Suite

      1,862 SF office suite in downtown Oak Park.
      1053 Lake Street, Oak Park, IL 60301
      View Details
    • $28 SF/Yr
      1,000 SF

      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
      4,033 SF

      Downtown Oak Park Retail Space

      Prime retail space in downtown Oak Park with high foot traffic.
      1040 Lake St, Oak Park, IL 60301
      View Details
    • Contact for pricing
      2,556 SF

      Commercial Space for Lease

      Commercial property available for lease in Oak Park, Illinois.
      901 Lake St, Oak Park, IL 60301
      View Details
    • Contact for pricing

      Iconic Retail Building Oak Park

      Retail space in the thriving Oak Park retail market.
      104 North Oak Park Avenue | Oak Park, IL 60301
      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

      Oak Park Retail Space

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

    FAQs

    What type of property is this?
    Specialty property - Commercial property available for lease in Oak Park, Illinois.
    Where is this specialty property located?
    The property is located at 7101 W North Ave Oak Park, IL.
    What are key features of this property?
    This property features: For Lease
    (630) 954-7354 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Westin Kane
    Westin Kane
    Real Estate License ID: IL
    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
    7101 W North Ave, Oak Park, IL 60302
    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!