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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.

Property Details of 720 Lake Street

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Listed by Thomas Wagner of Compass

Based on information submitted to MRED  as of August 3, 2026 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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