Multi-Tenant Office
New
For Sale
$775,000
720 Lake Street, Oak Park, IL 60301
Professionally managed office property with two available second-floor suites and established legal and medical service tenants.
Property Size5,600 SF
Days on Market4
Property Features for 720 Lake Street
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$34,311
Building Details
Building Size
5,600 SF
Year Built
1929
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Compass
(847) 906-1872
Listed By:
Thomas Wagner · License #475176488
(847) 906-1872
Source:
Perillorealestategroup
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 12:19PM
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.
Built in 1929, this multi-tenant office building includes established legal and medical service occupants, with tenants averaging 5 years in place. Two second-floor suites are currently available, adding flexibility within the existing office configuration. The property is professionally managed and has received parking lot improvements in 2020 and plumbing work in 2019.
The building fronts Lake Street in downtown Oak Park, near Oak Park Avenue, along a commercial corridor surrounded by restaurants, shops, small businesses, and dense residential development. Existing leases include 3% annual rent increases during the remaining term and option periods, providing a defined contractual growth structure.
The building fronts Lake Street in downtown Oak Park, near Oak Park Avenue, along a commercial corridor surrounded by restaurants, shops, small businesses, and dense residential development. Existing leases include 3% annual rent increases during the remaining term and option periods, providing a defined contractual growth structure.
Key Highlights
- Established legal and medical service tenants with an average 5 years in place
- Two second‑floor suites currently available
- 3% annual rent increases during remaining lease terms and option periods
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,043
Businesses Nearby
Explore this area
Business Placement
Demographics for 60301, IL
3,043
Population
2,129
Households
1.4
Avg Household Size
37
Median Age
79%
College-Educated
99%
High-School Grad
0.2 sq mi
ZIP Area
15,215
Density / Sq Mi
$103,448
Median Household Income
$77,900
Median Earnings
$2,295
Median Rent
$230,300
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 - Professionally managed office property with two available second-floor suites and established legal and medical service tenants.
Where is this office building located?
The property is located at 720 Lake Street Oak Park, IL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Established legal and medical service tenants with an average 5 years in place; Two second‑floor suites currently available; 3% annual rent increases during remaining lease terms and option periods
