Oak Park, Illinois
Commercial Acquisition + Potential Mixed-Use Redevelopment
40 Chicago Avenue
Conceptual rendering only. Architecture, unit mix, commercial uses and site fit are subject to review and approvals. Retail signage illustrates potential uses, not committed tenants.
Property Facts
- Approximately 15,350 SF of land per property packet; reconcile with updated survey and title.
- Vacant, one-story former dry-cleaning/service building with paved parking.
- NC Neighborhood Commercial zoning identified in the packet; applicable requirements remain subject to verification.
- Development study exploring up to 20 residences and approximately 6,000 rentable SF of ground-floor commercial space.
- Final design, site fit and development approvals remain pending.
Property Overview
A corner commercial property offering opportunities for reuse, repositioning or further study of a mixed-use redevelopment concept. The illustrated vision combines neighborhood-serving commercial space with residences above, creating a more active relationship between the property and its surrounding streetscape.
The Development Vision
The conceptual study explores a neighborhood-serving ground-floor commercial use — such as a grocery, café or similar retail — beneath residential space above. The concept is intended to illustrate one possible direction for the site and does not imply committed tenants, approved plans or a specific development program.
Illustrative Development Scenarios
Projected Value After Completion and Stabilization
| Scenario | Projected Stabilized Value | Total Development Cost | Assumed Cap Rate |
|---|---|---|---|
| Conservative | $6.56M | $12.25M | 6.5% |
| Base | $8.80M | $10.42M | 6.0% |
| Target Upside | $11.31M | $9.90M | 5.5% |
These are alternative underwriting scenarios, not appraised values or guaranteed returns. Conservative and base scenarios indicate costs above projected value. The target upside depends on stronger rents and lower construction costs. The packet's development budgets assume a $900,000 land acquisition plus $30,000 closing costs; acquisition at the full $930,000 asking price would change the budget.
Property information reflects supplied materials and is subject to verification and change. Projected values depend on stated development, leasing, expense and capitalization assumptions. Renderings do not establish approved development rights.
Property Review
The former dry-cleaning use requires environmental investigation prior to any redevelopment. An updated survey and title review, architectural planning, construction pricing and municipal review are also needed before any development program can be finalized.
Location
40 Chicago Avenue sits at a corner in Oak Park, Illinois, within a neighborhood-commercial corridor surrounded by established residential blocks. The setting reflects the mixed character common to Oak Park's commercial edges — retail and service uses at street level with residential density nearby. The property's corner position provides visibility and frontage on two streets.
Let's Explore the Opportunity.
Contact Talia Ramos for available property materials, questions or a conversation about next steps.
Talia Ramos
Real Estate Broker + Investor
RE/MAX Properties Northwest
Illinois Broker License: 475.210136