Storefront Retail Building with
For Sale
Under Contract
$595,000
7349 Madison Street, Forest Park, IL 60130
Commercial Sale, Forest Park, IL
Property Size4,580 SF
Lot Size0.07 Acres
Price / SF$129.91
Days on Market142
Property Features for 7349 Madison Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
RTAIL
Directions
3 blocks west of Harlem on Madison Street
Subdivision
Forest Park
Standard status
Active Under Contract
APN
15124330501007
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7277
Utilities
Utilities
Water Available
Cooling system
Central Air, Zoned
Amenities
hardwood floors
bathroom
kitchen
high ceilings
storage
utility room
separately zoned heating and cooling
Building Details
Year built
1915
Floors in Building
3
Flooring type
Concrete, Wood
Building materials
Brick
Roof type
Rubber
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Oscar Estrada · License #475195906
(312) 785-1757
Added: May 6
Changed: Sep 13
Last Checked: Sep 24 at 9:06AM
MLS# 12640279
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,580-square-foot storefront retail property includes a finished lower level and a ground-floor layout with hardwood flooring, high ceilings, a kitchen, bathroom, and substantial storage. The lower level adds a second bathroom, utility room, concrete flooring, and additional storage. Heating and cooling are separately zoned. Brick construction, a rubber roof, and a 1915 construction date further define the building.
Located on Madison Street in Forest Park’s downtown business district, the property is within a mixed-use, pedestrian-oriented commercial area supporting retail, restaurants, bars, cafes, offices, boutique commercial uses, upper-floor residential, and mixed-use buildings. Street and village parking are available, with access to the expressway, public transportation, and the train. Dining, shopping, and entertainment venues surround the property. Zoning is listed as RTAIL, and water is available.
Located on Madison Street in Forest Park’s downtown business district, the property is within a mixed-use, pedestrian-oriented commercial area supporting retail, restaurants, bars, cafes, offices, boutique commercial uses, upper-floor residential, and mixed-use buildings. Street and village parking are available, with access to the expressway, public transportation, and the train. Dining, shopping, and entertainment venues surround the property. Zoning is listed as RTAIL, and water is available.
Key Highlights
- 4,580‑square‑foot storefront with a finished basement
- Ground floor includes hardwood floors, kitchen, bathroom, high ceilings, and storage
- Lower level provides a second bathroom, utility room, concrete floors, and additional storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,483
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$889,660
$889.7K
Cap Rate 7%
$635,471
$635.5K
Cap Rate 9%
$494,256
$494.3K
Market Conditions
NOI Build-Up for 4,580 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.7K $15.00/SF
− Vacancy
−$5.2K −$1.13/SF
EGI
$63.5K $13.88/SF
− OpEx
−$19.1K −$4.16/SF
NOI
$44.5K $9.71/SF
Area
Joliet, IL
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$889,660
Cap Rate 7%
$635,471
Cap Rate 9%
$494,256
Alternative Uses
Best Use
Retail
$635.5K
$556.0K – $741.4K
NOI $44,483 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,531 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
826
Businesses Nearby
12k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
AutoZone
Shops & Services
6,838 visits/mo
0.5 miles
Family Dollar
Shops & Services
5,500 visits/mo
0.5 miles
Demographics for 60130, IL
14,346
Population
7,777
Households
1.8
Avg Household Size
42
Median Age
50%
College-Educated
95%
High-School Grad
2.8 sq mi
ZIP Area
5,124
Density / Sq Mi
$81,323
Median Household Income
$61,518
Median Earnings
$1,352
Median Rent
$293,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-level commercial space with kitchen, bathrooms, storage, and separate heating and cooling zones.
Where is this storefront property located?
The property is located at 7349 Madison Street Forest Park, IL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 4,580‑square‑foot storefront with a finished basement; Ground floor includes hardwood floors, kitchen, bathroom, high ceilings, and storage; Lower level provides a second bathroom, utility room, concrete floors, and additional storage
