Otto Nobis
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- Sell
https://www.ruhlmortgage.com/GregCotton.html
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 Highlights
Property Type: Commercial - Retail
Building Description: 2.0 stories
Year Built: 1929
General Information
County: Cook
Listed By:
Compass
847-906-1872
MRED MLS
MLS ID: 12721002
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720 Lake Street, Oak Park, IL 60301.
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| Loan Type | 30 Year Fixed | FHA 30 Year Fixed | 15 Year Fixed |
| Purchase Price | $775,000 | $775,000 | $775,000 |
| Down Payment | $155,000 | $27,125 | $193,750 |
| Monthly Mortgage Amount | $4,177 | $5,127 | $5,103 |
| Taxes | $1079 | $1079 | $1079 |
| Insurance | $100 | $100 | $100 |
| HOA/Dues/Fees | $0 | $0 | $0 |
| Monthly Mortage Insurance | $0 | $341 | $0 |
| Monthly Estimated Total | $5,482 | $6,773 | $6,408 |
Otto Nobis
REALTOR®
Cell: (563) 340-9782
Licensed in IA & IL
Davenport Office
4545 Welcome Way
Davenport, IA 52806
(563) 441-5100
Davenport, IA 52806
(563) 441-5100
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