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Property Description
Positioned on a prime corner along Forest Park's highly active Madison Street corridor, 7321 Madison Street presents a rare opportunity to acquire a 21,000 square foot mixed-use commercial asset with exceptional visibility, scale, and infrastructure. The property features distinctive brick construction with frontage on both Madison Street and Circle Avenue, offering strong identity and accessibility. The building supports a mix of restaurant, entertainment, retail, and office uses, while also providing flexibility for repositioning or adaptive reuse depending on ownership strategy. Approximately 6,800 square feet is currently available, presenting a compelling opportunity for an owner-user to occupy a significant portion of the building while benefiting from in-place income, or for an investor to lease up the vacancy and increase overall cash flow and value. A defining feature of the asset is its robust electrical infrastructure, delivering in excess of 1,200 amps of electrical service capacity. This level of service significantly expands the universe of viable users and positions the property for power-intensive operations that are typically difficult to accommodate in comparable suburban assets. This infrastructure, combined with the building's size and layout, makes the property suitable for a wide range of commercial applications, including entertainment and event venues, restaurant and hospitality concepts, medical and healthcare uses such as outpatient clinics, physical therapy, imaging, and specialty practices, fitness and wellness facilities, technology and data-oriented users, production and light industrial-style uses, creative office or showroom concepts, educational or training facilities, and specialty retail or experiential concepts. Located just west of Harlem Avenue, the property sits in the core of Forest Park's dining and entertainment district, surrounded by established restaurants, bars, and neighborhood retail. The area continues to benefit from strong consumer traffic, ongoing reinvestment, and excellent regional connectivity via CTA Blue and Green Lines, Metra, Pace, and immediate access to I-290. This is a unique opportunity to acquire a scalable, infrastructure-rich asset in a supply-constrained suburban downtown with multiple pathways for value creation. Owner/ Listing Broker holds a Real Estate License in IL.
Full Property Details
Full Property Details for 7321 Madison St
General
- Price: $2,999,000
- Taxes: $148,543 (2024)
- Status: Active
- Type: Commercial Service
- Source: MRED
- MLS ID: 12591220
- Updated: 3/17/2026
- Added to Site: 1 day(s) ago
Interior
- Flooring: Wood
Additional Information
- Security/Safety: Other
Location
- Area: Forest Park
- County: Cook
- Driving Directions: 290 to Harlem Ave North, West on Madison St
- Location Details: Central Business District, Corner
Heating & Cooling
- Cooling Type: Central Air Conditioning
- Heating Type: Other
Structural Information
- Construction: Brick, Wood
- Exterior Const.: Brick, Wood
- Ceiling Height: 16
- Sub-Flooring: Wood
- Stories/Levels: 3
- Square Feet: 21,000
- Current Bldg. Use: Commercial
- Year Built: 1926
Unit Information
- # Tenants: 1
- Extra Storage Avail: Yes
Lot Features
- Lot Size (Sq. Ft.): 10,198
- Lot Dimensions: 118 x 86
- Frontage: City Street
Financial Considerations
- Lease Price: $25
- For Sale/Rent/Lease: For Sale or Rent
- Security Deposit: Other
- Assessment Year: 1926
- Tax Amount: $148,543
- Tax Year: 2024
- Tenant Pays: All Utilities
Disclosures and Reports
- Property ID: 15124340531004
Listed by Berkshire Hathaway HomeServices Chicago
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Schools
Schools serving 7321 Madison St
School Districts:Forest Park School District 91, Proviso Township High School District 209
| Name | Grades | Distance |
|---|---|---|
Garfield Elementary School, Forest Park, IL 543 Hannah Avenue, Forest Park, IL 60130 | PK-2 | 0.3 mi |
Grant-White Elementary School 147 Circle Avenue, Forest Park, IL 60130 | 3-5 | 0.3 mi |
Forest Park Middle School, Forest Park, IL 925 Beloit Avenue, Forest Park, IL 60130 | 6-8 | 0.7 mi |
Proviso East High School 807 South 1st Avenue, Maywood, IL 60153 | 9-12 | 1.3 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 7321 Madison St
Date
Details
Price
Change
Source
3/17/2026
Listed
$2,999,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 7321 Madison St
Year
Property Taxes
Change
Tax Assessment
Change
2023
$5,913
22%
$19,686
45%
2022
$4,865
3%
$13,575
-2%
2021
$4,735
18%
$13,907
15%
2020
$4,017
14%
$12,108
21%
2019
$3,534
2%
$10,036
—
2018
$3,461
2%
$10,036
—
2017
$3,385
-2%
$10,036
4%
2016
$3,469
2%
$9,680
—
2015
$3,415
2%
$9,680
—
2014
$3,350
-8%
$9,680
-14%
2013
$3,626
3%
$11,210
—
2012
$3,516
—
$11,210
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 7321 Madison St
7321 Madison Street, Forest Park, IL 60130 (MLS# 12591220) is a Commercial Service property. 7321 Madison Street is currently listed for $2,999,000 and was received on March 17, 2026. Want to learn more about 7321 Madison Street? Do you have questions about finding other Commercial Service real estate for sale in Forest Park? You can browse all Forest Park real estate or contact a Coldwell Banker agent to request more information.

