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    6957 North Ave Oak Park, IL 60302

    Sponsored
    For Sale
    $895,000

    15-Unit Office Building, 71% Occupied

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    405
    This three-story, 9,148 square foot office building in Oak Park, IL presents a compelling value-add investment opportunity. Located at 6957 W North Ave, this Class C property boasts 15 units within a multi-tenant setting, currently showing 71% occupancy. Built in 1962, the building sits on a 0.21-acre lot and features a desirable location with high visibility on North Avenue (33,500 vehicles per day). The property benefits from convenient access to major roadways including I-290 and I-294, as well as public transportation via the CTA Green Line and multiple bus routes, ensuring excellent connectivity to the broader Chicago metropolitan area. The building is zoned B and offers a mix of executive and traditional office spaces, many with open concepts. Ample street parking is available, and various small suites are currently available for lease. The asking price is $895,000, making this a potentially lucrative owner/user or investment opportunity in a thriving Oak Park location. The property's strong location, combined with its potential for increased occupancy and lease rates, makes it an attractive prospect for investors seeking value-add potential in a desirable suburban market. The property's triple net (NNN) lease structure further enhances its investment appeal.

    Property Features for 6957 North Ave

    General Information

    Property type
    Office Properties & Spaces
    Class
    C
    Lot Size
    9,148 SF

    Building Details

    Year Built
    1962
    Buildings
    1
    Stories
    3
    Units
    15

    We can help!

    Listing Contact
    Olivia Wirth
    Olivia Wirth

    Learn more

    Property Insight Report

    HighLights

    • 9,148 SF three‑story office building on a 0.21‑acre lot.
    • High visibility on North Avenue (33,500 vehicles per day).
    • Ample street parking, 15 units, open‑concept office spaces available.
    • Excellent access to CTA Green Line, bus routes, I‑290, and I‑294.
    • Available office spaces for lease.
    Property Profile Location Intelligence

    Current Use by Public Records

    Integrative Therapies Wellness Medical Center North Forest Medical ... Medical Center Tip Tax Solutions Accountant Chicago National BankCard Loan Agency Absolute Health Improvement ... Massage Therapist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.801164944752
    Latitude
    41.908925654582

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    FAQs

    What type of property is this?
    Office Property / Space - 15-Unit Office Building, 71% Occupied
    Where is this office property / space located?
    The property is located at 6957 North Ave Oak Park, IL.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: 9,148 SF three-story office building on a 0.21-acre lot.; High visibility on North Avenue (33,500 vehicles per day).; Ample street parking, 15 units, open-concept office spaces available.
    (312) 770-0119
    Request Owner's contact information
    6957 North Ave Oak Park, IL 60302
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    Oak Park, IL 60302
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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.

    More about this property
    6957 North Ave Oak Park, IL 60302
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    We can help!
    Listing Contact
    Olivia Wirth
    Olivia Wirth
    Real Estate License ID: 475.161032
    (312) 770-0119
    Learn more
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