Oak Park Re-Development / Development Site

505 N. Ridgeland Ave. Oak Park, IL 60302

505 N. Ridgeland Ave., Oak Park, IL, 60302
505 N. Ridgeland Ave., Oak Park, IL, 60302
Property Type:
Free Standing Building
Last Verified:
2020-07-13 14:40:14 UTC


  • Oak Park Re-Development / Development Site
  • NWC Ridgeland/Chicago
  • Hard Corner
  • Lighted Intersection
  • 26,000 vpd Total
  • Ridgeland - 15,000 vpd
  • Chicago - 11,000 vpd
  • 17,561 SF of Land
  • Chicago Frontage - 172'
  • Ridgeland Frontage - 101.95'
  • Zoned NC - Neighborhood Commercial
  • 2019 Taxes - $48,673
  • PINs - 16-06-424-023; -024; -026
  • Existing Medical Building - Approx. 6,500 SF
  • 27 Car Parking Lot


SVN Chicago Commercial is pleased to offer 505 N. Ridgeland FOR SALE. Located in the Village of Oak Park, the Subject consists of three parcels that total 17,561 SF of land and measure 172' (Chicago) by 101.95' (Ridgeland). Its location at the NWC of Ridgeland and Chicago offers tremendous exposure with 26,000 VPD at the intersection. The zoning is NC, Neighborhood Commercial. Existing improvements include an approximately 6,500 SF single-story medical building with a 27 car parking lot. 2019 Real Estate Taxes are $48,673. Contact Listing Agents for survey and further details.

The Village of Oak Park is immediately west of Chicago and just 7.5 miles from Chicago’s Loop. Oak Park was settled beginning in the 1830’s, with rapid growth later in the 19th century and early 20th century. It incorporated in 1902, breaking off from Cicero. Development was spurred by railroads and street cars connecting the village to jobs in Chicago. The Village has strong historic roots with three historic home districts: Ridgeland, Frank Lloyd Wright, and Seward Gunderson, reflecting the focus on historic preservation. The Frank Lloyd Wright Home and Studio as well as the birthplace and childhood home of Ernest Hemingway are also located in Oak Park.

Year Built: 1911
Building Size: 6500.0sq ft
Lot Size: 0.4 acres

Map of 505 N. Ridgeland Ave., Oak Park, IL, 60302

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.