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    1053 Lake St Oak Park, IL 60301

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    For Sale
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    Downtown Oak Park, 5,586 SF, 100% Occupied

    Property size:
    5,586 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional three-story, 5,586-square-foot mixed-use building presents a compelling investment opportunity in the heart of Oak Park, Illinois. Built in 1913 and extensively renovated in 2016, the property boasts a prime location, offering high visibility and convenient access to major transportation arteries, including I-290, I-294, the CTA Green Line, and numerous bus routes. Currently 100% occupied by three diverse tenants, the building features a ground-floor restaurant with an outdoor patio, a fully equipped kitchen, and two restrooms. The second floor houses a music institute with six offices, lobby areas, and two restrooms, while the third floor accommodates a wellness group with a lobby, reception area, four offices, a kitchenette, and two restrooms. An elevator services all three floors. The building benefits from abundant natural light thanks to numerous windows. Situated on a 0.04-acre lot, this property is ideally positioned within a vibrant, upscale community, just nine miles west of Chicago's central business district. Oak Park's thriving retail and dining scene attracts both residents and tourists, ensuring a strong customer base for the existing tenants and future opportunities. The Cook County property (APN: 16-07-126-002-0000) offers a rare blend of established tenancy and significant upside potential in a highly desirable location.

    Property Features for 1053 Lake St

    General Information

    Property type
    Individual retail properties
    Square Feet
    5,586 SF
    Lot Size
    1,742 SF

    Building Details

    Year Built/Renovated
    1913/2016
    Buildings
    1
    Stories
    3

    HighLights

    • 5,586 SF three‑story mixed‑use building in Oak Park, IL.
    • 100% occupied with three full‑floor tenants.
    • Prime downtown Oak Park location with high visibility.
    • Blocks from CTA Green Line; convenient access to I‑290 & I‑294.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hecho en Oak ... Mexican Restaurant Higher Ground Wellness ... Mental Health Service Cappelli Institute of Music Music School Noah2 Corporate Office

    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
    -87.802118704697
    Latitude
    41.888627519568

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    FAQs

    What type of property is this?
    Individual retail property - Downtown Oak Park, 5,586 SF, 100% Occupied
    Where is this individual retail property located?
    The property is located at 1053 Lake St Oak Park, IL.
    What are key features of this property?
    This property features: 5,586 SF three-story mixed-use building in Oak Park, IL.; 100% occupied with three full-floor tenants.; Prime downtown Oak Park location with high visibility.
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    Realmo Value Estimation

    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.

    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
    1053 Lake St Oak Park, IL 60301
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