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    26 Madison St Oak Park, IL 60302

    Sponsored
    For Sale
    $525,000

    Renovated 4,350 SF, High Traffic

    Property size:
    4,350 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    406
    This exceptional two-story, 4,350-square-foot mixed-use building in Oak Park, Illinois, presents a compelling investment opportunity. Completely renovated in 2021, and boasting further upgrades in 2022 including a new roof, HVAC system, and ductwork, this property offers 2,175 square feet of ground-floor retail/office space, perfectly suited for a variety of uses such as retail, medical office, or a spa. The upper level features a renovated one-bedroom, one-bathroom apartment, ideal for live/work arrangements. The building benefits from a highly visible location on Madison Street in the MS - Madison Street Zoning District, with a daily traffic count of 16,096 vehicles. Ample street parking is available, and the property enjoys proximity to major roadways (I-290 Expressway), public transportation (Metra rail, train, and bus lines), and numerous amenities including McDonald's, US Bank, Dunkin', Subway, Oak Park Village Hall, and the Oak Park Park District Headquarters. The lot size is 3,125 square feet. The building features new electric wiring (200 amps), a new water heater, updated plumbing, and new lighting. The asking price is $525,000, and the 2021 property taxes were $12,193.19. The seller is open to considering owner financing offers. This property combines prime location, modern updates, and versatile space, making it an attractive investment for discerning buyers.

    Property Features for 26 Madison St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    4,350 SF

    Building Details

    Year Renovated
    2021
    Stories
    2

    We can help!

    Listing Contact
    Daniel Hyman
    Daniel Hyman

    Learn more

    Property Insight Report

    HighLights

    • $525,000 asking price for a 4,350 sq ft mixed‑use building in Oak Park, IL.
    • Completely renovated in 2021, featuring 2,175 sq ft of ground‑floor retail/office space and a 1‑bedroom, 1‑bathroom apartment.
    • New roof, HVAC, and ductwork (2022); new electrical wiring (200 amps), water heater, plumbing, and lighting.
    • Excellent location on Madison Street with ample street parking, high daily traffic counts (16,096 vehicles), and proximity to I‑290, Metra, and bus lines.
    • Zoned MS - Madison Street Zoning District; 3,125 sq ft lot; 2021 taxes: $12,193.19.
    Property Profile Location Intelligence

    Current Use by Public Records

    Beauty Plug Beauty Salon Oak Park Wireless Cell Phone Store JTiaraLuxe Hair Salon

    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
    -87.7759297
    Latitude
    41.8804105

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    FAQs

    What type of property is this?
    Mixed-use property - Renovated 4,350 SF, High Traffic
    Where is this mixed-use property located?
    The property is located at 26 Madison St Oak Park, IL.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: $525,000 asking price for a 4,350 sq ft mixed-use building in Oak Park, IL.; Completely renovated in 2021, featuring 2,175 sq ft of ground-floor retail/office space and a 1-bedroom, 1-bathroom apartment.; New roof, HVAC, and ductwork (2022); new electrical wiring (200 amps), water heater, plumbing, and lighting.
    Request Owner's contact information
    26 Madison St 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
    26 Madison St Oak Park, IL 60302
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    We can help!
    Listing Contact
    Daniel Hyman
    Daniel Hyman
    Real Estate License ID: IL 471.013658x
    Learn more
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