Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    715 Lk St Oak Park, IL 60301-1422

    • Office buildings
    • 0.12 lot acres
    OFF-MARKET
    Last Sale
    Jun 08, 2022
    $4,800,000
    Value Estimations
    $5,065,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1557426
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • J & T Building Management / Construction Company
    • Oak Park Music Therapy / VS Music Services / Counselor / Musician
    • Mitchell Renee M MD / Physician / Medical Clinic
    • Valerie Franklin Law Office / Law Firm / Child Welfare Organization
    • Jacob Fine Art, Inc. / Consultant / Appraiser

    Property Details for 715 Lk St

    Year built
    1928
    Lot size
    0.12 lot acres
    Property type
    Office buildings
    APN
    16-07-224-003
    APU
    1607224003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,345,000
      ML approach
      $5,310,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.7936
    Latitude
    41.8884
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $214,605
    $32,100
    $526,770
    $558,870
    -
    $128,400
    $2,107,080
    $2,235,480

    Comparable in this City

    • Value Estimation by Request
      0.74 Acres

      137 Oak Park Ave

      OFFICE BUILDING (MULTI-STORY) • 0.74 Acres
      137 Oak Park Ave, Oak Park, IL 60301-1344
      View Details
    • Value Estimation by Request
      0.23 Acres

      1001 Lk St

      OFFICE BUILDING (MULTI-STORY) • 0.23 Acres
      1001 Lk St, Oak Park, IL 60301-1101
      View Details
    • Value Estimation by Request
      0.38 Acres

      129 Frst Ave

      OFFICE BUILDING (MULTI-STORY) • 0.38 Acres
      129 Frst Ave, Oak Park, IL 60301
      View Details
    • Value Estimation by Request
      0.44 Acres

      1140 Lk St

      OFFICE BUILDING (MULTI-STORY) • 0.44 Acres
      1140 Lk St, Oak Park, IL 60301-1049
      View Details
    • Value Estimation by Request
      0.22 Acres

      1144 Lk St

      OFFICE BUILDING (MULTI-STORY) • 0.22 Acres
      1144 Lk St, Oak Park, IL 60301-6705
      View Details
    • Value Estimation by Request
      0.33 Acres

      178 Frst Ave

      OFFICE BUILDING • 0.33 Acres
      178 Frst Ave, Oak Park, IL 60301
      View Details

    Similar Nearby for Sale

    • $825,000
      0.13 Acres

      Fully Leased Oak Park Investment

      Multi-tenant commercial building in downtown Oak Park, fully leased.
      720 Lake St, Oak Park, IL 60301
      View Details
    • $2,350,000
      9,737 SF

      Oak Park Retail and Office

      9,737 SF retail and office building in downtown Oak Park.
      113-115 N Marion St, Oak Park, IL 60301
      View Details
    • Contact for pricing
      9,737 SF

      Downtown Oak Park Mixed-Use Building

      17 Units, 9,737 SF, Value-Add Opportunity
      113 Marion St, Oak Park, IL 60301
      View Details
    • Contact for pricing
      5,586 SF

      Oak Park Mixed-Use Investment

      Downtown Oak Park, 5,586 SF, 100% Occupied
      1053 Lake St, Oak Park, IL 60301
      View Details
    • $825,000
      7,135 SF

      Historic Oak Park Commercial Property

      Versatile commercial property in downtown Oak Park, ideal for various uses.
      818 North Blvd, Oak Park, IL 60301
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      9,739 SF

      Downtown Oak Park Commercial Space

      Prime Retail & Office, Oak Park
      113 Marion St, Oak Park, IL 60301
      View Details
    • $36 SF/Yr
      6,596 SF

      Downtown Creative Office Space

      Historic building, modern office, 2,600 sq ft available.
      193 Marion St, Oak Park, IL 60301
      View Details
    • $20 SF/Yr
      6,000 SF

      Oak Park Office Suite

      1,862 SF office suite in downtown Oak Park.
      1053 Lake St, Oak Park, IL 60301
      View Details
    • Contact for pricing
      2,178 SF

      Oak Park Prime Office Space

      Versatile office space with spacious basement in a sought-after location.
      193 N Marion St, Oak Park, IL 60301
      View Details
    • $20 SF/Yr
      5,586 SF

      Oak Park Office Suite, 1862 SF

      Downtown Oak Park office space, high-end finishes.
      1053 Lake St, Oak Park, IL 60301
      View Details
    • Sponsored
      Contact for pricing

      Oak Park

      Flexible workspace in Las Colinas MacArthur
      1010 Lake St, Oak Park, IL 60301
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    715 Lk St
    Oak Park, IL 60301-1422
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!