Former Bank with Off-Street
For Sale
$790,000
379 South River Road, Des Plaines, IL 60016
Former bank location with off-street parking in high-traffic area.
Property Size2,500 SF
Days on Market168
Property Features for 379 South River Road
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Retail
Building Details
Building Size
2,500 SF
Listing Agency:
DarwinPW Realty/CORFAC International
(708) 805-1181
Listed By:
Jerry Sullivan
(708) 805-1181
Source:
Corfac
Added: Mar 5
Changed: Aug 11
Last Checked: Aug 20 at 4:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of DarwinPW Realty/CORFAC International
Investment Insights
Based on property information with market context.
This former bank location features off-street parking, a valuable amenity in an area where many businesses rely on public transportation. The property is situated in a high-traffic commercial zone near O'Hare Airport and I-294. The area is characterized by national retail chains and significant daily vehicle counts. The property is located at the intersection of River Road and Rand Road on a corner lot at a signalized intersection. The property is well-maintained. It is located near two separate rail stops, the Heritage Corridor (3.2 miles) and the Southwest service (5.5 miles). Traffic counts are 17,800 vehicles per day on River Road and 25,500 vehicles per day on Rand Road, making it a busy, accessible, and established suburban business district. The location may attract multiple types of users to the building.
Key Highlights
- High‑traffic location near O'Hare Airport and I‑294.
- Off‑street parking in an area reliant on public transportation.
- High‑profile corner lot at a signalized intersection of River Road and Rand Road.**
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
$41,850
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
5.30%
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%
$837,000
$837.0K
Cap Rate 7%
$597,857
$597.9K
Cap Rate 9%
$465,000
$465.0K
Market Conditions
NOI Build-Up for 2,500 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
$60.0K $24.00/SF
− Vacancy
−$4.2K −$1.68/SF
EGI
$55.8K $22.32/SF
− OpEx
−$14.0K −$5.58/SF
NOI
$41.9K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$837,000
Cap Rate 7%
$597,857
Cap Rate 9%
$465,000
Alternative Uses
Best Use
Specialty Retail
$597.9K
$523.1K – $697.5K
NOI $41,850 @ 7.0% cap · market cap 5.30%
Second Best
Retail
$495.7K
$433.8K – $578.3K
NOI $34,700 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$863.1K
$755.3K – $1.01M
NOI $60,420 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,557
Businesses Nearby
Explore this area
Business Placement
Demographics for 60016, IL
61,888
Population
25,613
Households
2.4
Avg Household Size
42
Median Age
43%
College-Educated
89%
High-School Grad
12.1 sq mi
ZIP Area
5,115
Density / Sq Mi
$84,044
Median Household Income
$50,180
Median Earnings
$1,406
Median Rent
$300,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Former bank location with off-street parking in high-traffic area.
Where is this bank located?
The property is located at 379 South River Road Des Plaines, IL.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: High‑traffic location near O'Hare Airport and I‑294.; Off‑street parking in an area reliant on public transportation.; High‑profile corner lot at a signalized intersection of River Road and Rand Road.**
