Fully Leased Oak Park
720 Lake Street, Oak Park, IL 60301
- Added:
- Nov 17, 2025
- Days on Market:
- 178
- Last Refresh:
- May 14 at 8:06 am
Property Features for 720 Lake Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- COMMR
- Standard status
- Active Under Contract
- APN
- 16072180070000
- Lot size
- 0.13 Acres
Taxes and HOA fees
- Tax Year
- 2023
- Tax Annual Amount
- 32885
Utilities
- Utilities
- Cable Available
- Cooling system
- Central Air
Building Details
- Year built
- 1929
- Floors in Building
- 2
- Number of units
- 5
- Building materials
- Brick
Listing agent Stephen Northey License #475141378
Listing office Compass 1643 N Milwaukee Ave, IL (773) 466-7150
Listing date Nov 17, 2025
MLS# 12518349
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Fully leased multi‑tenant investment property in downtown Oak Park.
- Located on high‑traffic Lake St near Oak Park Ave, surrounded by amenities and a dense residential population.
- Well‑insulated tenant mix with long‑term leases (6‑year average) in medical and professional services.
- Three of four leases include annual rent increases of 3‑5 percent.
- Professionally managed with recent capital improvements to parking lot (2020) and plumbing (2019).
- DT‑2 zoning allows for diverse commercial uses and potential residential conversion on the 2nd floor.
Overview
This fully leased multi-tenant building is located in downtown Oak Park along the highly trafficked Lake St commercial corridor near Oak Park Ave. The surrounding area includes numerous restaurants, shops, small businesses, and a dense residential population. The tenant mix is well-insulated and includes tenants in the medical and professional services industries, who have been in place for an average of 6 years. Three of the four leases have an annual rent increase of 3-5 percent throughout the remaining term as well as any option periods. The building is professionally managed, and recent capital improvements include work to the parking lot in 2020 and plumbing in 2019. The property is zoned DT-2, which allows for a myriad of commercial uses as well as residential uses above the ground floor. This zoning lends the property flexibility to future commercial tenants as well as the ability to adapt the 2nd floor to a residential use if so desired. The lot size is 0.1286 acres. This property represents a professionally managed building providing a diversified and growing income stream in a highly desirable area of Oak Park.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Manno Law Group
Law Firm
Patricia Huth, PHD
Physician
Amy E. Stearns, ...
Physician
Christian & Manno
Law Firm
Total Wellness Center
Physician
Location Insight
- Map
- Local Demand
- City
- Oak Park
- County
- Cook
- State
- Illinois
- Longitude
- -87.7937032
- Latitude
- 41.8887724
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Multi-tenant commercial building in downtown Oak Park, fully leased.
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 $825,000.
What are key features of this property?
This property features: Fully leased multi‑tenant investment property in downtown Oak Park.; Located on high‑traffic Lake St near Oak Park Ave, surrounded by amenities and a dense residential population.; Well‑insulated tenant mix with long‑term leases (6‑year average) in medical and professional services.
