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    7101 North Ave Oak Park, IL 60302

    Sponsored
    For Lease
    Contact for pricing

    Oak Park retail center, 3,013 sq ft available.

    Lot size:
    100,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    North Harlem Plaza, located at 7101 W North Ave in Oak Park, Illinois (zip code 60302), presents a prime retail opportunity within a multi-tenant shopping center. This Cook County property boasts a total of 100,000 square feet and offers two available spaces, ideal for a variety of retail businesses. Each space is divisible to a minimum of 1,413 square feet, with a maximum contiguous space of 1,600 square feet. Currently, there is a combined 3,013 square feet of vacant space ready for immediate occupancy. The center enjoys a highly visible location at the heavily trafficked intersection of North and Harlem Avenues, experiencing a daily vehicle count of 66,000. This high-traffic area ensures significant exposure for your business, attracting a large customer base. The property's convenient location in Oak Park, Illinois offers easy access for both local residents and commuters. This is an exceptional opportunity to establish or expand your retail presence in a thriving commercial area. Contact us today to learn more about leasing options and to schedule a viewing.

    Property Features for 7101 North Ave

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    100,000 SF

    Unit(s) available at that property

    Space
    Suite 7
    Size
    1,600 SF
    Space
    Available 8
    Size
    1,413 SF

    HighLights

    • Multi‑tenant retail center at the heavily trafficked intersection of North & Harlem Avenues (66,000 VPD).
    • 100,000 square foot retail development anchored by medical tenants.
    • Excellent pylon signage opportunities.
    • Inline spaces available, divisible to 1,413 square feet minimum, with a maximum of 1,600 contiguous square feet; 3,013 square feet currently available.
    • Multiple full access points along North and Harlem Avenues.
    Property Profile Location Intelligence

    Current Use by Public Records

    KB'S SMOKE SHOP Smoke Shop

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8044383
    Latitude
    41.9085164

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    FAQs

    What type of property is this?
    Retail property - Oak Park retail center, 3,013 sq ft available.
    Where is this retail property located?
    The property is located at 7101 North Ave Oak Park, IL.
    What are key features of this property?
    This property features: Multi-tenant retail center at the heavily trafficked intersection of North & Harlem Avenues (66,000 VPD).; 100,000 square foot retail development anchored by medical tenants.; Excellent pylon signage opportunities.
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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.

    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
    7101 North Ave Oak Park, IL 60302
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