320 Lake St
Oak Park, IL 60302
Oak Park Multi-Use Building · Office Property For Sale

Oak Park Multi-Use Building (the Property) is a 15,789 SF two-story apartment over retail building located at 316-324 Lake Street in Oak Park, Illinois approximately 10 miles due west of downtown Chicago. Originally built in 1905, Oak Park Multi-Use Building consists of 4,699 SF multi-family apartments over 11,090 SF of commercial space and is positioned on a ±0.37 acre site. The ten apartments have hardwood floors, refrigerator and stove. The apartment rent includes heat, water and cooking gas. The three commercial units are occupied by long term tenants with an established commitment to the building and location. Recent CapEx includes over $250,000 in improvements to Children’s Clinic in 2017. Oak Park is a village adjacent to the west side of Chicago, Illinois and home to beautiful Frank Lloyd Wright architecture, Ernest Hemingway’s boyhood home, top-notch schools, diverse community, a robust housing market and a vibrant local economy. Two blocks away from the Property is Oak Park and River Forest High School, a nationally recognized school that has been listed six times in Newsweek's top 1500 American public schools. The Property is located just east of S Ridgeland Ave on Lake Street, one of Chicagoland’s primary east-west thoroughfares with direct access to the Chicago CBD and Lake Michigan. Combined vehicles per day for Ridgeland Ave and Lake St is 21,750 VPD. The Property is in a dense corridor with numerous retail and residential drivers and in 2018 has approximately 315,327 people living within a three-mile radius and average household income of ±$74,719. The offering is an excellent cash flowing investment that is located in the heart of a retail corridor with both strong local schools and demographics.