400-402 Lake St
5,500 SF 100% Leased Retail Building Oak Park, IL 60302 £739,038 (£134/SF)
Investment Highlights
- Prime Location: One Block from the Metra and CTA Green Line Stations, Offering Convenient Access to Downtown Oak Park and the Greater Chicago Area
- Value-Add Opportunity: Significant Upside Potential Through Leasing and Market Rent Adjustments
- Excellent Accessibility: Surrounded by a Variety of Restaurants, Shops, and Services, with Quick Access to Major Transportation Options
- High-Demand Market: Located in a Sought-After Submarket with Strong Potential for Long-Term Appreciation
Executive Summary
Essex Realty Group, LLC is pleased to exclusively market for sale 400 Lake Street, in Oak Park IL. This mixed-use property features three (3) ground-floor retail storefronts, six (6) second-floor office spaces, and one (1) three-bedroom, one bathroom apartment. Located just one block from both the Metra and CTA Green Line stations and near Downtown Oak Park, this property offers tenants excellent accessibility to transportation and amenities.
There is significant potential to increase income through leasing efforts and adjusting rents to market levels. The property currently has five (5) vacant office spaces and one (1) vacant retail storefront, presenting a value-add opportunity for investors. The strong retail and office market in Oak Park, along with the area’s robust residential demand, positions this asset for steady income growth.
400 Lake St. is surrounded by a variety of restaurants, shops, and services, offering a highly accessible and convenient location. This mixed-use property provides an opportunity to invest in a well-located value-add asset.
There is significant potential to increase income through leasing efforts and adjusting rents to market levels. The property currently has five (5) vacant office spaces and one (1) vacant retail storefront, presenting a value-add opportunity for investors. The strong retail and office market in Oak Park, along with the area’s robust residential demand, positions this asset for steady income growth.
400 Lake St. is surrounded by a variety of restaurants, shops, and services, offering a highly accessible and convenient location. This mixed-use property provides an opportunity to invest in a well-located value-add asset.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
5,500 SF
Building Class
C
Year Built
1918
Price
£739,038
Price Per SF
£134
Percent Leased
100%
Tenancy
Multiple
Number of Floors
2
Building FAR
1.15
Lot Size
0.11 AC
Frontage
Amenities
- Signalised Intersection
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- 1st Floor
- 700-1,500 SF
- Retail
- -
- 30 Days
Space | Size | Space Use | Position | Available |
1st Floor | 700-1,500 SF | Retail | - | 30 Days |
1st Floor
Size |
700-1,500 SF |
Space Use |
Retail |
Position |
- |
Available |
30 Days |
Walk Score®
Very Walkable (85)
Nearby Major Retailers
PROPERTY TAXES
Parcel Number | 16-07-223-022-0000 | Improvements Assessment | £66,550 |
Land Assessment | £4,890 | Total Assessment | £71,440 |