Last Sold Price
116 S Prospect Ave, Park Ridge, IL 60068

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...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.
LISTING CLOSED: 02/24/2025 12:00 AM

  1. Listed by Alexis Ramirez • Troy Realty Ltd
    P: (708) 967-2788 alex@troyrealtyltd.com
  2. Listed by Stephen Cioromski • Troy Realty Ltd
    P: (847) 612-8716 stephen@troyrealtyltd.com

Property Details for 116 South Prospect Avenue

Status
MLS #
12032146
Days on Market
304
Taxes
$35,922 / year
HOA Fees
-
Condo/Co-op Fees
-
Property Type
Mixed Use
MLS Type
Commercial Sale
Year Built
1938
Lot Size
0.16 AC / 7,000 SF
Area
Park Ridge
Air Conditioning Type
Central Individual
Zoning
COMMR

Recent comparable sales

Median sold price

$700,000

Avg days on market

32

Sale-to-list ratio

116.5%

Park Ridge, IL

9 comparable properties found

a front view of a building with retail shops
1/12
1

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Sold 05/07/26

Unavailable
Bedrooms
Unavailable
Bathrooms
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Square Feet
0.11
Acres
2

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Sold 01/07/26

Unavailable
Bedrooms
Unavailable
Bathrooms
Unavailable
Square Feet
0.17
Acres
$700,000 | 804 South Prospect Avenue, Park Ridge, IL 60068
1/12
3

$700,000

Sold 08/12/26

Unavailable
Bedrooms
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Bathrooms
Unavailable
Square Feet
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Acres
4

$750,000

Sold 02/24/25

Unavailable
Bedrooms
Unavailable
Bathrooms
Unavailable
Square Feet
0.35
Acres
a front view of a house with a yard
1/5
5

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Sold 04/15/26

Unavailable
Bedrooms
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Square Feet
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Acres
$395,000 | 445 North Northwest Highway, Park Ridge, IL 60068
1/5
6

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Sold 03/21/26

Unavailable
Bedrooms
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Bathrooms
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Square Feet
0.27
Acres
7

$975,000

Sold 09/13/24

Unavailable
Bedrooms
Unavailable
Bathrooms
Unavailable
Square Feet
Unavailable
Acres
a view of a green field
1/2
8

$101,000

Sold 01/10/25

Unavailable
Bedrooms
Unavailable
Bathrooms
Unavailable
Square Feet
0.14
Acres
9

$90,000

Sold 07/14/26

Unavailable
Bedrooms
Unavailable
Bathrooms
Unavailable
Square Feet
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Acres

Location

Add your commute

Building Information for 116 South Prospect Avenue

Stories3Residences3Year Built1938Building Size-Lot Size0.16 AC / 7,000 SF

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$9,093 per month

30 year fixed, 6.55% Interest

Principal and Interest

$6,099

Property Taxes

$2,994

HOA Dues

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Property Information for 116 South Prospect Avenue

General Information
Addtl Parking Information
  • Outdoor Parking: 1-5 Spaces
Location and General Information
  • Frontage Type: City Street
  • Geographic Locale: Northwest Suburban
  • Information: None
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: Central Individual
  • Electric: Separate Meters
  • Heat/Ventilation: Central Heat/Indiv Controls
  • Num of Baths: 0.0
Exterior Features
  • # Of Apts: 1
  • Water Drainage: Other
Property/Lot Information
  • Owners Association: No
  • Tenant Pays: Taxes, Insurance, Repairs
  • Built Before 1978: Yes
  • Approximate Age: New Rehab
  • Lot Dimensions: .26
  • Lot Size Square Feet: 7000.0
  • Stories: 3
  • Exterior Building Type: Brick
  • Construction: Brick
  • Roof Type: Rubber
  • Fire Protection: Other
  • Roof Structure: Flat
  • Foundation Details: Concrete Perimeter
  • Building Area Total: 8330
  • # Of Offices: 1
  • # Of Stores: 1
  • Property Sub Type: Mixed Use
Property and Assessments
  • Docks: None
  • Public Document Count: 0
  • Photos Count: 5
Miscellaneous
  • Current Use: Commercial
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 3
Income & Expenses
  • Electric Expense: $.00
  • Fuel Expense: $.00
  • Gross Income: $.00
  • Gross Scheduled Income: $.00
  • Insurance Expense: $.00
  • Total Monthly Income: 0
  • Other Expense: $.00
  • Trash Expense: $.00
  • Water Sewer Expense: $.00

Property History for 116 South Prospect Avenue

DateEvent & SourcePriceAppreciation
Feb 24, 2025

Sold (Public Record)

Public Record #1552827646

$1,200,000
Feb 24, 2025

Sold

MRED #12032146

$1,200,000
Feb 14, 2025

Pending

MRED #12032146

DateEvent & SourcePrice
02/24/2025

Sold (Public Record)

Public Record #1552827646

$1,200,000
02/24/2025

Sold

MRED #12032146

$1,200,000
02/14/2025

Pending

MRED #12032146

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 116 South Prospect Avenue

Taxable ValueLand$33,600Additions$104,528Total$138,128
Tax Record2023$37,489 ($3,124 / month)
Home Facts
Lot Size7,000 SqFtStyleSchoolYear Built1935CountyCOOKAPN09-35-203-023

Schools near 116 South Prospect Avenue

This home is within Maine Township Hsd 207 School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Theodore Roosevelt Elementary School
PublicK to 5

Lincoln Middle School
Public6 to 8

Maine South High School
Public9 to 12

Ralph J Frost Academy
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Neighborhood Map and Transit

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Nearby home values

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Troy Realty Ltd

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 04/10/2025 09:33 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.