Buildings for sale! Buildings for sale!

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By Timothy Inklebarger

Staff Reporter

We were surprised to learn last week that Oak Park's tallest high-rise, the 21-story Vantage apartment building at Lake and Forest, was on the market less than a year after residents began moving in.

But maybe it's less of a surprise to learn that another downtown building is on the market. The 63-unit apartment building at 855 Lake Street also is now on the market.

"This asset offers an investor the opportunity to creatively use the existing structure and unit mix to deliver high-end micro units to a market that has limited-to-no competition for similar product," the listing notes. "With room to maximize building amenities, coupled with the availability of parking, this property is perfectly situated to capitalize on the rents that micro-units can offer in a highly desirable location like Oak Park."

The building is listed on www.cbredealflow.com.

Contact:
Email: tim@oakpark.com

Reader Comments

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Bruce Kline  

Posted: July 8th, 2017 7:31 PM

Alice: Bigger and better at Vantage or Emerson? Bigger yes. Better? I don't know about that ... not according to what Jenna Brown Russell describes. Right now we are all speculating on the economic viability and attractiveness of these micro units. I guess when they are built, we will then find out who is right.

Jenna Brown Russell  

Posted: July 8th, 2017 6:50 PM

I visiting some mini-units with a friend in Seattle. They general offer significant and attractive shared amenities. One included a spectacular roof garden with barbecues and fireplaces, meeting rooms, huge kitchen equipped party rooms, private office spaces, onsite dog park, and many concierge services that made them attractive and worth the money to the largely childless tenants.

Alice Wellington  

Posted: July 8th, 2017 6:40 PM

Bruce Kline - but somebody would have to rent these overpriced micro apartments, and who would that be? Luxury seekers can get bigger and better units at Vantage or Emerson, and budget-minded renters have a decent selection of cheaper studios elsewhere in Oak Park.

Bruce Kline  

Posted: July 8th, 2017 3:09 PM

Alice: I think you just clarified the whole point. You might not understand the point of these micro spaces, but I bet our "city fathers" and predatory developers do.

Alice Wellington  

Posted: July 8th, 2017 2:12 PM

Here's some info about NYC Carmel Place micro-apartments linked below. I don't understand the point of building these tiny super-expensive units in Oak Park. Our rental market is, thankfully, not as crazy as NYC, so why not build the reasonably priced units instead? "According to CityRealty, there are seven micro-studios available ranging from 265 to 360 square feet. Though the units are nearly half the size of typical studio apartments, monthly rents are not analogously micro with current asking prices ranging from $2,570 to $2,920 per month. That's an average of $110 per square foot, significantly more than $83 per square foot median studio price in Murray Hill and $60 per square foot in Gramercy."

Mike Hanline  

Posted: July 7th, 2017 9:15 AM

I think Bruce's link is the idea that they're pushing, as the article says "high-end micro-units." Could be a viable idea since many millennials and recent college grads won't be able to afford the luxury rentals and condos already going in downtown, so these would fill the gap.

Bruce Kline  

Posted: July 6th, 2017 5:16 PM

Micro units? It could be total BS, like real estate speak for SRO or it could be like this in NYC: https://ny.curbed.com/2016/9/22/13019200/nyc-studio-apartment-carmel-place-house-calls

Kevin Peppard from Oak Park  

Posted: July 6th, 2017 1:51 PM

Check these links to learn about the history of that building: https://www.yelp.com/biz/olander-property-management-co-oak-park AND http://www.oakpark.com/News/Articles/11-15-2011/What's-wrong-at-855-Lake%3F/

Marty Bracco from Oak Park   

Posted: July 6th, 2017 1:00 PM

It was The Oak Hotel many years ago. I'm curious if there is a market for a higher end hotel in town & if this might be upgraded as such.

Kline Maureen  

Posted: July 6th, 2017 12:20 PM

or maybe even closer to SRO (single room occupancy) without a full kitchen

Mike Hanline  

Posted: July 6th, 2017 10:00 AM

I believe they're what used to be called "efficiency" apartments or studios. I live on the block behind this building--it's run-down and several years ago there was an argument that ended with a foot chase down the back stairs and shots fired in the parking lot (library/park is right across the street). Any kind of upgrade would be welcome.

Ada Johnson Tikkanen  

Posted: July 6th, 2017 12:50 AM

Tim - what's a micro unit? Sounds like a great idea.

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