SQUARE FEET5,600
MLS#12721002
STATUSActive
PROPERTY TYPECommercial - Retail
Property Description
Presenting a strong cash flowing multi-tenant investment opportunity with immediate value-add potential in downtown Oak Park. The property is situated along the highly trafficked Lake St commercial corridor near Oak Park Ave and is surrounded by numerous restaurants, shops, small businesses, and a dense residential population. The building's current tenants operate in the well-insulated legal and medical services industries and have been in place for an average of 5 years. Both leases have 3% annual rent increases throughout the remaining term as well as any option periods providing a steady growing income stream. The building is professionally managed and recent capital improvements include work to the parking lot (2020) and plumbing (2019). The property is zoned DT-2, which allows for a myriad of commercial uses as well as residential uses above the ground floor. With two 2nd floor suites currently available, this advantageous zoning lends the property flexibility to future commercial tenants as well as the ability to adapt the 2nd floor to a residential use if so desired. Simply put, this offering represents a well maintained and professionally managed building that provides an insulated and growing income stream with value-add potential in a highly desirable area of Oak Park.
Property Features
Property Type: Commercial - Retail
Cooling: Central Air
Lot Size: 0.13 Acres
Roof Type: Reflective Coating, Other
Stories: 2.0
Taxes: $34,311
Year Built: 1929
Feature Descriptions
Current Use: Commercial
Drains: Fire Escape
Electric: Circuit Breakers
Exterior: Brick
Fire Protection: Fire Extinguisher/s, Smoke or Fire Protectors
Foundation: Concrete Perimeter
Frontage Type: City Street
HVAC: Central Heat/Indiv Controls, Forced Air, Gas
Lot Dimensions: 37.5 X 147.29
Miscellaneous Indoor: Elevator/s Freight, Multi-Tenant, Private Restroom/s, Storage Inside, Basement
Miscellaneous Outdoor: Fire Escape
Number of Tenant(s): 2
Parcel#: 16072180070000
Parking: 6-12 Spaces
Potential Use: Commercial, Condominium, Office, Retail
Tenant Pays: Common Area Maintenance, Electricity, Heat, Janitorial Service, Taxes, Insurance, Repairs, Scavenger
Units: 5
Utilities: Electric to Site, Natural Gas Available, Cable Available
Listed By / Shown By
Listed By
Agency Name: Compass
Agency Phone: 847-906-1872
Shown By
Agent Name: Pat Bellinghiere
Agent Phone: (815) 871-1745
Agency Title: Gambino Realtors
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720 Lake Street | MLS# 12721002
This commercial property located at 720 Lake Street, Oak Park, IL 60301 is currently listed for sale with an asking price of $775,000. Search Oak Park real estate on pbellinghiere.gogambino.com today.