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    7777 Lake St River Forest, IL 60305

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    Sponsored
    Source: https://svn.com
    For Sale
    $2,750,000

    River Forest Retail/Office Suites For Sale

    Property size:
    12,000 SF

    Property Features for 7777 Lake St

    General Information

    Property type
    Office buildings
    Square Feet
    12,000 SF
    Price / Square Foot
    $229
    Elevators
    N/A

    Building Details

    Year Built
    1940
    Buildings
    1
    Stories
    1

    Overview

    River Forest Retail/Office Suites

    Located in River Forest, Illinois, the property at 7777 Lake Street is a retail and office building encompassing approximately 24,516 square feet on 0.45 acres. The building includes a full basement for storage and features 20 total units, with a current occupancy of 62.5%, presenting a value-add opportunity. Current retail tenants include Edward Jones Investments and River Forest Dry Cleaners & Tailoring, along with various office users. The property benefits from a surface parking lot and abundant street parking. The location is adjacent to two land parcels being offered for sale by the village of River Forest. Situated approximately 11 miles west of downtown Chicago, River Forest is home to Dominican and Concordia Universities. The property is located one mile west of the downtown River Forest shopping district and directly across the street from Lincoln Elementary School. Transportation options are readily accessible, including the Harlem/Lake Green Line 'el' station, the River Forest Metra station, and the Oak Park Metra station, as well as convenient access to I-290, I-294, Illinois Route 43, and Illinois Route 64.

    We can help!

    Listing Contact
    Karen Kulczycki, Ccim

    Learn more

    Property Insight Report

    HighLights

    • Retail and Office Building on 0.45 AC High Visibility | Value‑add | 62.5% Occupied On‑site surface parking lot & abundant street parking Adjacent to two land parcels being offered for sale by the village of River Forest Close proximity to the Harlem/Lake Green Line "EL" station, the River Forest Metra station, and the Oak Park Metra station Easy access to I‑290, I‑294, Illinois Route 43, and Illinois Route 64
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Icap Social Service Agency Soppet Stephen E ... Dental Office Lee Clara w ... Dental Office BEactive bodyTherapies Alternative Medicine Practice Frank Aievoli American ... Insurance Agency

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    River Forest
    State
    Illinois
    Longitude
    -87.8055
    Latitude
    41.8885732

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    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Office building - River Forest Retail/Office Suites For Sale
    Where is this office building located?
    The property is located at 7777 Lake St River Forest, IL.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: Retail and Office Building on 0.45 AC High Visibility | Value-add | 62.5% Occupied On-site surface parking lot & abundant street parking Adjacent to two land parcels being offered for sale by the village of River Forest Close proximity to the Harlem/Lake Green Line "EL" station, the River Forest Metra station, and the Oak Park Metra station Easy access to I-290, I-294, Illinois Route 43, and Illinois Route 64
    (630) 330-3352
    Request Owner's contact information
    7777 Lake St River Forest, IL 60305
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    River Forest, IL 60305
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    7777 Lake St River Forest, IL 60305
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    We can help!
    Listing Contact
    Karen Kulczycki, Ccim
    (630) 330-3352
    Learn more
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