7321 Madison Street, Forest Park, IL 60130 | MLS #12591220 | Berkshire Hathaway HomeServices Chicago
 
Listing provided courtesy of Berkshire Hathaway HomeServices ChicagoMREDas Distributed by MLSGrid- MLS# 12591220MLS Provider

7321 Madison StreetForest Park, IL 60130

Commercial · 21,000 Sq. ft.
$2,999,000 Active

7321 Madison Street Overview

Time on Site:
104 days
Visits:
19

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.

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7321 Madison Street Facts & Features

  • Type Commercial
  • Sq. ft. 21,000
  • Price/Sq.ft. $143

Details

General

Association/HOA

  • Association Fee Frequency: Not Applicable

Income/Expenses

  • Existing Lease Type: Modified Gross
  • Net Operating Income: 235110

Building Information

  • Year Built: 1926

Business Information

  • Current Use: Commercial

Location/Region

  • County Or Parish: Cook
  • MLS Area Major: Forest Park

Rent/Lease Information

  • Tenant Pays: All Utilities

Tax Information

  • Tax Annual Amount: $148,543.00
  • Tax Year: 2024

General Information

  • Parcel Number: 15124340531004
  • Property Sub Type: Restaurant
  • Property Type: Commercial Sale

Interior

Building Interior

  • Building Area Total: 21000

General Information

  • Cooling: Central Air
  • Electric: Separate Meters
  • Flooring: Wood
  • Leasable Area: 6800
  • Stories: 3

Unit Information

  • Unit SqFt.: 6800

Exterior

Lot Information

  • Additional Parcels: Yes
  • Frontage Type: City Street
  • Lot Size Dimensions: 118X86
  • Lot Size Square Feet: 10198

Building Exterior/Construction

  • Construction Materials: Brick, Wood

General Information

  • Number Of Units Total: 1

7321 Madison Street Neighborhood

Community

60130 (Forest Park) Demographics

40
Median Age
4,986
Population Density (per sq. mile)
61%
College Educated
$70,670
Estimated Median Income
3,299
Estimated Total Home Owners
3,396
Estimated Total Renters
49% / 51%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

7321 Madison Street Monthly Cost

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$
$
* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

7321 Madison Street Market Data

Based on the last 30 days in this zip code

$354,719
Average List Price
$280
Average Price per Square Foot
15
Properties Sold
50
Average Days on Market
56
Properties for Sale
Calculations provided by Reliance Network

7321 Madison Street History

Date Event Value Agent
3/22/2026Source: MRED Status Change
Active
Ariel Marini
Listing Agent
3/17/2026Source: MRED Added to Database
March 17, 2026
Ariel Marini
Listing Agent