Park Ridge Office Investment Opportunity

For Sale

422 N Northwest Hwy, Park Ridge, IL 60068

This Park Ridge property for sale is located at 422 N Northwest Hwy. The general use of Park Ridge Office Investment Opportunity is office and it incorporates 24,470 square feet of class B office space. The current listed sale price for Park Ridge Office Investment Opportunity is $2,595,000. Park Ridge Office Investment Opportunity is situated on a lot that is 1.21 acre in size.

Contacts

broker
James Conrad

McLennan Companies

Property Details

  • Property Type Office - General Office
  • Property Size 24,470 SF
  • Units 24
  • Lot Size 1.21 Acre
  • Parking Spaces Avail. 89
  • Parking Ratio 3.80 / 1,000 SF
  • Property Tenancy Multi-Tenant
  • Building Class B
  • Year Built 1967
  • Year Renovated 2024
  • Date Updated Mar 5, 2025
Just a short drive from the heart of Chicago, Park Ridge offers an excellent location for office investment. The property is walking distance to Uptown: Metra station, local shopping and dining options. O'Hare International Airport terminals is within a convenient 20 minute drive. This prestigious area is home to top-rated schools and high income demographics. With its proximity to major highways and public transportation, the location provides seamless connectivity throughout the Chicagoland area and beyond.Introducing an exceptional investment opportunity in the heart of Chicagoland. Very stable returns over recent history (even through COVID-19). 5-year average cap rate of 8.61%, while the 2023 NOI yields a 9.19% cap. Buy at the floor of the office market and enjoy the rebound with a generational asset under your ownership. Professional management in-place with true armchair investment potential. 97.2% occupied :: increase value with full lease-up and increasing rental rates as the RTO trend takes off.
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Highlights

  • - 24,470 SF (23,745 RSF) building with 24 units
  • - Built in 1967, renovated in 2024
  • - 9.19% cap rate *based on 2023 NOI
  • - Significant capital investment: HVAC, electrical, fire alarm, elevator, windows, parking lot
  • - Professional management in place
  • - Zoned O-Office for versatile professional services
  • - Smaller footprint spaces remain in demand
  • - Impressive 97.2% occupancy rate
  • - Strong historical and potential rental income
  • - Proximity to major transportation hubs

Attachments

Getting around

  • 78/100

    Walk Score ®

  • 41/100

    Transit Score ®

  • 58/100

    Bike Score ®

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Location

  • City Park Ridge, IL
  • Zip Code 60068
  • Market Chicago

Points of Interest

  • Park Ridge

    0.50 miles

  • Edison Park

    1.38 miles

  • Rosemont Blue Line Station

    2.48 miles

  • O'Hare Transfer

    2.63 miles

  • Norwood Park

    2.63 miles

  • Morton Grove

    3.00 miles

  • Des Plaines

    3.06 miles

  • Rosemont

    3.36 miles

  • Terminal 5

    3.92 miles

  • Schiller Park

    4.07 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker
broker
James Conrad

McLennan Companies

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