Scoville Square

The Village of Oak Park is a historic Illinois community favorably located just nine miles west of downtown Chicago. Originally settled in the 1830s, the neighborhood makes up the 29th largest municipality in Illinois according to the US Census. Today, Oak Park provides a desirable residence for commuters looking to live and work right outside city limits. The community is located in close proximity to the I-90/94 expressways and the Blue and Green CTA train service lines, providing easy access to Chicago’s city center. The area is best known for its historical significance & architecture, vibrant downtown culture, and strong school & park districts. Oak Park has a vibrant downtown scene exhibited by the various shops, galleries, restaurants and other local businesses.Essex Realty Group, Inc. is pleased to exclusively offer for sale Scoville Square, a 72,000SF retail and office building located in the heart of Oak Park’s Hemingway District. Listed on the National Register of Historic Places since 1982, Scoville Square consists of roughly 14,000 NRSF of street-level retail and 43,000 NRSF of office space. Built in 1905 by the Scoville Family, a founding family of Oak Park, and designed by E. E. Roberts, Scoville Square is one of the few commercial buildings to feature Prairie-Style architectural defined by open floor concepts, horizontal lines, and handmade craftmanship, made most famous by Frank Lloyd Wright. Scoville Square is currently 86% occupied and yields a current cap rate of 7.47% at list price. Extensively renovated in 1980, the property contains all copper plumbing, updated electric service and wiring, sprinkler system, and newer elevator. Additionally, several updates have been made to the windows, roof, and heating systems. Please see enclosed Building Fact Sheet for more information. The Subject Property provides a unique opportunity to acquire an historic building in an irreplaceable location. Significant upside can be realized by increasing occupancy and current rents to market. As the enclosed rent comparables demonstrate, a new owner may realize a 10-15% increase in rents over the current average, resulting in an approximate 10% increase in Effective Gross Income and a nearly 150 basis point increase to cap rate.