400 Lake Street

ABOUT THE VILLAGE The Village of Oak Park is a historic Illinois community favorably located just nine miles west of downtown Chicago. Originally settled in the 1830s, the neighborhood makes up the 29th largest municipality in Illinois according to the US Census. Today, Oak Park provides a desirable residence for commuters looking to live right outside city limits. The community is located in close proximity to the I-90/94 expressways and the Blue and Green CTA train service lines, providing easy access to Chicago’s city center. The area is best known for its historical significance & architecture, vibrant downtown culture, and strong school & park districts. Oak Park has a vibrant downtown scene exhibited by the various shops, galleries, restaurants and other local businesses. Lake and Marion Streets provide residents with a variety of bar and restaurant options. Clusters of international influenced eateries such as Katy’s Dumpling House and La Notte Ristorante intersect with art galleries, live-music venues and locally owned boutiques. Downtown Oak Park also offers a range of hotels, fitness centers, grocery stores, and more. As a result of the Village's vibrancy, Oak Park's population increased by more than 5.2% from 2010 to 2020. THRIVING PARK & SCHOOL DISTRICTS The Village of Oak Park is home to a longstanding park district and strong school district including eight elementary schools, two middle schools, and Oak Park & River Forest High School, which is ranked 39th of 724 high schools in Illinois. The park district, first created in 1912, is made up of thirteen parks, the Oak Park Conservatory, two outdoor pools, ice rinks, and a historic house used for local events and gatherings. In addition to the park district, Oak Park also has a thriving local library that overlooks Scoville Park at Oak Park Avenue and Lake Street. These districts and organizations provide residents with a rich sense of community and local pride.Essex Realty Group, Inc. is pleased to exclusively market for sale 400 Lake Street, in Oak Park IL. This mixed-use property features three (3) ground-floor retail storefronts, six (6) second-floor office spaces, and one (1) three-bedroom, one-bathroom apartment. Located just one block from both the Metra and CTA Green Line stations and near Downtown Oak Park, this property offers tenants excellent accessibility to transportation and amenities. There is significant potential to increase income through leasing efforts and adjusting rents to market levels. The property currently has five (5) vacant office spaces and one (1) vacant retail storefront, presenting a value-add opportunity for investors. The strong retail and office market in Oak Park, along with the area’s robust residential demand, positions this asset for steady income growth. 400 Lake St. is surrounded by a variety of restaurants, shops, and services, offering a highly accessible and convenient location. This mixed-use property provides an opportunity to invest in a well-located value-add asset.