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0 Beds
5,600 sqft

$775,000

720 Lake Street, Oak Park IL, 60301

Price per sqft$138.39
Built in1929
Property size5,600 sqft
Property typeOther
Listed by Thomas Wagner with Compass 847-906-1872

Overview

Active

Listed Jul 31, 2026

Updated 3 weeks ago

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.

$5,156/mo

Est. mortgage payment based on a $775,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
12721002

Interior Features

Bedrooms
0
Cooling
Yes
Basement
No

Exterior Features

Lot Size
0.13 Acres

Other Property Details

Taxes
$34,311
Tax Frequency
Annually
MLS provider logo

Listed by Thomas Wagner with Compass 847-906-1872

The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than The Tamara OConnor Team are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.

Based on information submitted to the  MLS GRID for MRED 9/19/2026. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX information is provided exclusively for consumers’ personal non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end-user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time. Properties displayed may be listed or sold by various participants in the MLS. Properties displayed may be listed or sold by various participants in the MLS.

©2026 Listings Courtesy of MRED as distributed by MLS GRID. All rights reserved.

Data is refreshed every 3 hours. Listing last updated 5:07 AM UTC on 9/19/2026. 

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