Multi-Unit Restaurant
For Sale
$550,000
7-11 N Elmwood Drive N, Aurora, IL 60506
Brick restaurant property with kitchen infrastructure, multiple operating spaces, and dedicated off-street parking.
Property Size3,072 SF
Days on Market32
Property Features for 7-11 N Elmwood Drive N
General Information
Standard status
Active
Size
3,072 SF
Total Parking Spaces
11
Property subtype
Commercial
Zoning
COMMR
Property Condition
Severity
Repairs Needed
Evidence
parking lot improvements and roof attention
Restaurant
Grease Trap
Yes
Equipment Included
Yes
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$6,912
Building Details
Building Size
3,072 SF
Year Built
1964
Buildings
1
Stories
1
Units
2
Construction
brick
Tenancy
Multi
Listing Agency:
Keller Williams Innovate
(630) 369-9000
Listed By:
Ray Garcia
Source:
Jjillrealtygroup
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 25 at 9:20AM
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 Keller Williams Innovate
Investment Insights
Based on property information with market context.
Built in 1964, this 3,072-square-foot brick restaurant property is configured with multiple commercial spaces. The primary area is arranged for a pizza operation, while a second unit is currently leased to an ice cream shop; an adjacent space is used by a taco business. The property includes most existing kitchen equipment, an installed grease trap, extensive dry storage, walk-in coolers, freezer/coolers, prep tables, an oven, scullery sinks, and an overhead delivery door.
The building is located immediately north of the intersection of North Elmwood and West Galena Boulevard in Aurora, just blocks from West Aurora High School and Aurora University. Eleven dedicated off-street parking spaces serve the property, with surrounding residential and university uses contributing to the nearby customer base for restaurant operations, delivery, and takeout.
The building is located immediately north of the intersection of North Elmwood and West Galena Boulevard in Aurora, just blocks from West Aurora High School and Aurora University. Eleven dedicated off-street parking spaces serve the property, with surrounding residential and university uses contributing to the nearby customer base for restaurant operations, delivery, and takeout.
Key Highlights
- 3,072 SF brick restaurant building constructed in 1964
- Multi‑unit layout with a pizza‑focused primary space, leased ice cream unit, and adjacent taco business
- Existing grease trap and majority of current kitchen equipment included
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
$38,984
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
7.09%
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%
$779,680
$779.7K
Cap Rate 7%
$556,914
$556.9K
Cap Rate 9%
$433,156
$433.2K
Market Conditions
NOI Build-Up for 3,072 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
$55.3K $18.00/SF
− Vacancy
−$3.3K −$1.08/SF
EGI
$52.0K $16.92/SF
− OpEx
−$13.0K −$4.23/SF
NOI
$39.0K $12.69/SF
Area
Aurora, IL
Vacancy
6.00%
Lease Rate
$18.00 /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%
$779,680
Cap Rate 7%
$556,914
Cap Rate 9%
$433,156
Alternative Uses
Best Use
Specialty Retail
$556.9K
$487.3K – $649.7K
NOI $38,984 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$879.5K
$769.5K – $1.03M
NOI $61,563 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
536
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60506, IL
52,011
Population
18,204
Households
2.9
Avg Household Size
36
Median Age
29%
College-Educated
84%
High-School Grad
21.2 sq mi
ZIP Area
2,453
Density / Sq Mi
$76,105
Median Household Income
$38,341
Median Earnings
$1,305
Median Rent
$246,700
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?
Conventional restaurant - Brick restaurant property with kitchen infrastructure, multiple operating spaces, and dedicated off-street parking.
Where is this conventional restaurant located?
The property is located at 7-11 N Elmwood Drive N Aurora, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 3,072 SF brick restaurant building constructed in 1964; Multi‑unit layout with a pizza‑focused primary space, leased ice cream unit, and adjacent taco business; Existing grease trap and majority of current kitchen equipment included
