26 Madison StOak Park, IL 60302

Property Details for 26 Madison St

Year built

1917

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.07 AC

Property size (Sq ft)

4,350 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

16-08-323-017

APU

1608323017

Description

This exceptional 4,350-square-foot mixed-use building in Oak Park, Illinois, presents a unique investment opportunity. Located at 26 Madison St, 60302, this two-story property boasts a completely renovated ground floor, ideal for a variety of retail uses. Features include new flooring, lighting, an ADA-accessible washroom, and new glass storefront. The upper level offers a fully renovated one-bedroom, one-bathroom apartment, complete with new appliances, HVAC ductwork, skylight, plumbing, and a tankless water heater – perfect for live/work scenarios. The building sits on a 3,125-square-foot lot and benefits from high visibility on Madison Street, enhanced by prominent signage. Its prime location offers easy access to I-290, public transportation (including the "L" and Metra), and enjoys high vehicular and foot traffic. The 200-amp electrical service ensures ample power. The property is zoned MS - Madison Street Zoning District. This location combines the conveniences of both city and suburban life, with proximity to Chicago. The seller is open to considering owner financing proposals. This is a rare opportunity to acquire a fully renovated, high-visibility property in a thriving Oak Park location. The building was renovated in 2021.

• CAP approach

  CAP return

  Valuation

  6%

  $1,623,683

  6.5%

  $1,498,784

  7%

  $1,391,728

• Comparable approach

  Method

  Valuation

  Relative Method

  $878,211

  Geo Method

  $878,211

• Alternative Use

  Use

  Valuation

  Residential

  $1,498,784

  Hospitality

  $1,372,878

  Educational

  $1,142,219

  Medical

  $1,181,501

  Retail

  $1,776,785

Location Insight

City

Oak Park

County

Cook

State

Illinois

Latitude

41.8804

Longitude

-87.7759

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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