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$1,200,000
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Property Description
Unique Value add property available for sale. The building is composed of ground floor space, a lower level, as well as a second floor with a dedicated elevator. The sale comes with the plans to convert the second floor into a massive luxury apartment overlooking uptown. The first floor and lower level are ready to be leased. Recently signed a new lease to a national retailer for a portion of the ground floor, immediately adding value to the property. Buildout construction to begin on newly leased space. Please contact for any information on rental income and spaces available.
Full Property Details
Full Property Details for 116 S Prospect Ave
General
- Sold For: $1,200,000
- Taxes: $35,922 (2022)
- Status: Closed
- Type: Commercial
- Source: MRED
- MLS ID: 12032146
- Added to Site: 677 day(s) ago
Additional Information
- Security/Safety: Other
Location
- Area: Park Ridge
- County: Cook
- Driving Directions: Head south towards Uptown Park Ridge on Prospect Avenue. You'll find 116 S Prospect Ave right across from City Hall.
- Location Details: Northwest Suburban
Heating & Cooling
- Cooling Type: Central Individual
- Heating Type: Central Heat/Individual Controls
Structural Information
- Construction: Brick
- Exterior Const.: Brick
- Foundation: Concrete Perimeter
- Roof: Rubber
- Stories/Levels: 3
- Square Feet: 8,330
- Current Bldg. Use: Commercial
- # of Stores: 1
- Year Built: 1938
- Built Before 1978: Yes
Unit Information
- # Tenants: 1
Lot Features
- Lot Size (Sq. Ft.): 7,000
- Lot Dimensions: .26
- Frontage: City Street
- Drainage: Other
- Zoning: COMMR
Financial Considerations
- Lease Price: $29
- Security Deposit: Other
- Assessment Year: 1938
- Tax Amount: $35,922
- Tax Year: 2022
- Tenant Pays: Taxes, Insurance, Repairs
Disclosures and Reports
- Property ID: 9352030230000
Listed by Troy Realty Ltd
Sold by Non Member
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Schools
Schools serving 116 S Prospect Ave
School Districts:Park Ridge Consolidated Community School District 64, Maine Township High School District 207
| Name | Grades | Distance |
|---|---|---|
Theodore Roosevelt Elementary School 1001 South Fairview Avenue, Park Ridge, IL 60068 | K-5 | 0.7 mi |
Lincoln Middle School, Park Ridge, IL 200 South Lincoln Avenue, Park Ridge, IL 60068 | 6-8 | 0.6 mi |
Maine South High School 1111 South Dee Road, Park Ridge, IL 60068 | 9-12 | 1.2 mi |
Disclaimer:
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 116 S Prospect Ave
Date
Details
Price
Change
Source
2/24/2025
Sold
$1,200,000
-40%
MLS
7/23/2024
Price Increased
$2,000,050
53.97%
MLS
4/17/2024
Listed
$1,299,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
116 S Prospect Avenue, Park Ridge, IL 60068 (MLS# 12032146) is a Commercial property that was sold at $1,200,000 on February 24, 2025. Want to learn more about 116 S Prospect Avenue? Do you have questions about finding other Commercial real estate for sale in Park Ridge? You can browse all Park Ridge real estate or contact a Coldwell Banker agent to request more information.

