Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    7401 Madison St, Unit 2 Forest Park, IL 60130

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $22 SF/Yr

    Second-floor office space in Forest Park's Central Business District.

    Property Features for 7401 Madison St

    General Information

    Standard status
    Active

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Arrick Pelton
    Source: Corcoran

    Listing Agency: @PROPERTIES CHRISTIE'S INTERNATIONAL REAL ESTATE Listing Agent: Arrick Pelton

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Forest Park Office Space Available

    Located in the Central Business District of Forest Park, this second-floor office space is available for rent. Situated on Madison Street, the property benefits from on-street parking and village parking lots. Its location provides convenient access to shopping, restaurants, the I-290 Expressway, and the Blue Line. This is the second largest of four available units. The office suite includes a conference or waiting room, accompanied by two smaller rooms suitable for offices or storage. Two bathrooms are available on the second floor for common use.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

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

    Location Insight

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

    Nearby Similar for Lease

    • Contact for pricing

      Prime Commercial Space on Madison

      Commercial space for rent on Madison Street in Forest Park.
      7512 Madison St, Forest Park, IL 60130
      View Details
    • Contact for pricing
      3,049 SF

      Renovated Retail/Office Space Available

      Recently renovated retail/office space with high traffic and natural light.
      7624 Madison St, Forest Park, IL 60130
      View Details
    • New
      Contact for pricing

      Retail Space on Madison Street

      Retail space for rent on busy Madison Street.
      7439 W Madison St, Forest Park, IL 60130
      View Details
    • Contact for pricing
      12,000 SF

      Industrial Property Near Rail Line

      Industrial property for rent near I-290 and rail access.
      7459 Franklin St, Forest Park, IL 60130
      View Details
    • $22 SF/Yr

      Retail Strip Center For Rent

      Retail strip center near Forest Park Blue Line station.
      7736-48 Madison St, Forest Park, IL 60130
      View Details
    • $22 SF/Yr

      Forest Park Office Space Available

      Second-floor office space in Forest Park's Central Business District.
      7401 Madison St, Forest Park, IL 60130
      View Details
    • $22 SF/Yr

      Forest Park Office Space Available

      Second-floor office space in Forest Park's Central Business District.
      7401 Madison St, Forest Park, IL 60130
      View Details
    • $22 SF/Yr

      Forest Park Office Space Available

      Second-floor office space in Forest Park's Central Business District.
      7401 Madison St, Forest Park, IL 60130
      View Details
    • $2.00 SF/Yr

      Retail Space on Madison Avenue

      1,144 SF retail space in Forest Park, Illinois.
      7512 Madison St, Forest Park, IL 60130
      View Details
    • Contact for pricing
      6,000 SF

      Retail Space Available For Lease

      Retail space available near I-290 and signalized intersection.
      7600 Roosevelt Rd, Forest Park, IL
      View Details
    • $30 SF/Yr

      Prime Retail Space on Madison

      High-visibility retail space in vibrant Forest Park location.
      7405 Madison St, Forest Park, IL 60130
      View Details
    • Contact for pricing
      1,100 SF

      Retail Space in Forest Park

      Inline retail space available in a busy Forest Park center.
      1215 Harlem Ave, Forest Park, IL
      View Details

    FAQs

    What type of property is this?
    Office units - Second-floor office space in Forest Park's Central Business District.
    Where is this office units located?
    The property is located at 7401 Madison St, Unit 2 Forest Park, IL.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: - Prime location in the Central Business District of Forest Park on Madison Street; - Close proximity to shopping, restaurants, I-290 Expressway, and the Blue Line; - Unique unit with a conference/waiting room and two additional smaller rooms
    (708) 246-0500
    Request Owner's contact information
    7401 Madison St, Unit 2 Forest Park, IL 60130
    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.
    7401 Madison St, Unit 2
    Forest Park, IL 60130
    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
    7401 Madison St, Unit 2 Forest Park, IL 60130
    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

    We can help!
    Listing Contact
    Arrick Pelton
    (708) 246-0500
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!