720 Lake Street, Oak Park, IL 60301

• 5,600 sqft

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.

Listing Status:

Active

Data Last Updated:

August 24, 2026 at 7:19PM

Listing Office:

Compass : 847-638-2659

Listing Agent:

Thomas Wagner : 847-638-2659

MLS ID:

12721002

Interior

• A/C: Central Air

Construction

• Roofing: Reflective CoatingOther
• General: Concrete Perimeter

Location

• Road/Access: City Street
• Originating MLS: mred
• County: Cook

Lot

• Zoning: COMMR16072180070000
• Current Use: Commercial

Utilities

• Utilities: Electric to SiteNatural Gas AvailableCable AvailableCircuit Breakers
• Water: Municipal Water

Financial

• Source: mred