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    7349 Madison Street Forest Park, IL 60130

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    For Sale
    $595,000

    COMMERCIAL - Forest Park, IL

    Type:Retail
    Property size:
    4,580 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $129/SF
    Added:
    May 6, 2026
    Days on Market:
    2
    Last Refresh:
    May 7 at 7:06 pm

    Property Features for 7349 Madison Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    RTAIL
    Standard status
    Active
    APN
    15124330501007
    Size
    4,580 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    7277

    Utilities

    Utilities
    Water Available
    Cooling system
    Zoned, Central Air

    Building Details

    Year built
    1915
    Floors in Building
    3
    Flooring type
    Wood, Concrete
    Building materials
    Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Oscar Estrada

    Listing agent Oscar Estrada

    Listing office eXp Realty 939 W. North Ave., Chicago, IL

    Listing date May 6, 2026

    MLS# 12640279

    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

    • Prime location in a downtown business district on Madison Street.
    • Large 4580 sqft store front with finished basement.
    • Zoned heating and cooling.
    • Ample street and village parking.
    • Close proximity to dining, shopping, entertainment, expressway, public transportation, and train.
    • Ground level features hardwood floors, bathroom, kitchen, high ceilings, and lots of storage.

    Overview

    Retail Storefront on Madison Street

    This 4580-square-foot storefront property is located on Madison Street in a downtown business district. Currently used as a retail store, the property includes a finished basement area. The ground level features hardwood floors, a bathroom, a kitchen, high ceilings, and storage space. The lower level also has a bathroom, a utility room, and additional storage. The property benefits from ample street and village parking and is surrounded by a variety of dining, shopping, and entertainment options. It also offers easy access to the expressway, public transportation, and the train. The property has separately zoned heating and cooling and is situated on a lot of approximately 0.0717 acres. The property has great curb appeal and many possibilities await.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Fairy Godmothers — 501 Hannah Ave, Forest Park, IL 60130
    • Good Earth Greenhouse LLC — 7900 Madison St, River Forest, IL 60305
    • Sun Perennials — 7900 Madison St, River Forest, IL 60305
    • EcoWilde Flower Co. — 410 Elgin Ave Suite F, Forest Park, IL 60130
    • Beautiful Flowerz, Inc. — 1010 Lake St, Oak Park, IL 60301

    Location Insight

    • Map
    • Local Demand
    City
    Forest Park
    County
    Will
    State
    Illinois
    Longitude
    -88.1351928
    Latitude
    41.5362364

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    FAQs

    What type of property is this?
    Storefront property - Retail storefront in downtown business district with finished basement.
    Where is this storefront property located?
    The property is located at 7349 Madison Street Forest Park, IL.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: Prime location in a downtown business district on Madison Street.; Large 4580 sqft store front with finished basement.; Zoned heating and cooling.
    (888) 574-9405
    We can help!
    Listing Contact
    Oscar Estrada
    Learn More
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    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.

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