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    Oak Park Office Building Title is generated by Realmo AI

    6955 W North Ave, Oak Park, IL 60302

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    Two-story office building in Oak Park with suites available.

    Type:Retail, Office
    Property size:
    6,700 SF
    Added:
    Sep 9, 2024
    Days on Market:
    634
    Last Refresh:
    May 12 at 8:35 pm

    Property Features for 6955 W North Ave

    General Information

    Standard status
    Active
    Size
    6,700 SF
    Property subtype
    Retail, Office

    Building Details

    Year Built
    1962

    Spaces For Lease

    at 6955 W North Ave Contact us

    Suite 101 $16/Mo

    Size
    560 SF
    Type
    Office
    2 private offices, open area, private restroom.
    Contact us

    Suite 202 $16/Mo

    Size
    500 SF
    Type
    Office
    2 private offices, open area, private restroom. Windowline facing North Avenue.
    Contact us

    Suite 203 $16/Mo

    Size
    510 SF
    Type
    Office
    2 private offices, open area, private restroom. Windows facing South.
    Contact us

    Suite 201 $16/Mo

    Size
    510 SF
    Type
    Retail, Office
    2 private offices, open area, private restroom, storage closet.
    Contact us

    Suite G4 & 5 $16/Mo

    Size
    1,000 SF
    Type
    Retail
    Former Salon | Open Concept
    Contact us
    Show more

    We can help!

    Listing Contact
    Karen Kulczycki-CCIM, SIOR

    Listing agent Karen Kulczycki-CCIM, SIOR License #IL #471-020279

    Listing office SVN | Chicago Commercial

    Listing date Sep 9, 2024

    Source Crexi

    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 SVN | Chicago Commercial

    HighLights

    • Prime location in Oak Park, an upscale community just 9 miles west of Chicago's Business District.
    • High traffic frontage on North Avenue (33,500 VPD).
    • Excellent accessibility to major transportation routes including I‑290, I‑294, CTA Green Line, and multiple bus routes.
    • Two‑story office building with garden level totaling ±6,700 SF.
    • Located in Oak Park, a shopping and dining destination.
    • 12 Units with various small suites available.

    Overview

    The property at 6955 West North Avenue is a two-story office building with a garden level, encompassing approximately 6,700 square feet. Located in Oak Park, Illinois, the building features 12 units and has a 17% occupancy rate. Various small suites are available. The property benefits from frontage on North Avenue, which sees a traffic volume of 33,500 vehicles per day, and is situated just east of Harlem Avenue. Its location provides convenient access to I-290, I-294, the CTA Green Line, and multiple bus routes, facilitating connections to the broader Chicago metropolitan area. Oak Park is described as an upscale community located 9 miles west of the Chicago Business District, serving as a shopping and dining destination for both tourists and local residents. The property's accessibility supports customer traffic and offers convenient commuting options for employees, making it suitable for retail businesses seeking strategic connectivity.
    Property Profile Location Intelligence

    Current Use by Public Records

    Attorney Joseph P. ... Law Firm BB&B Development LLC Construction Company Power of Credit Financial Advisor Reuben Inocencia SC: ... Physician The Healing Massage Studio Alternative Medicine Practice

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.800913
    Latitude
    41.908629

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    FAQs

    What type of property is this?
    Office building - Two-story office building in Oak Park with suites available.
    Where is this office building located?
    The property is located at 6955 W North Ave Oak Park, IL.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Prime location in Oak Park, an upscale community just 9 miles west of Chicago's Business District.; High traffic frontage on North Avenue (33,500 VPD).; Excellent accessibility to major transportation routes including I‑290, I‑294, CTA Green Line, and multiple bus routes.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Karen Kulczycki-CCIM, SIOR
    Real Estate License ID: IL #471-020279
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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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