Downtown Retail Storefront
For Sale
Contact for pricing
7349 Madison St Unit G, Forest Park, IL 60130
Ground-level retail with finished basement, separate HVAC, and convenient parking in Forest Park’s downtown district.
Property Size4,580 SF
Price / SF$129.91
Days on Market66
Property Features for 7349 Madison St Unit G
General Information
Standard status
Active
Size
4,580 SF
Class
B
Property subtype
Retail, Office, Mixed Use
Zoning
DBD
Occupancy
100%
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
1915
Year Renovated
2025
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
eXp Realty
(630) 514-4306
Listed By:
Oscar Estrada · License #NRDS 377512759
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 9 at 1:29PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Offered for sale is a centralized retail storefront property on Madison Street in Forest Park’s downtown business district. The building provides approximately 4,580 square feet of storefront area currently operated as a retail store, including a finished basement level. Interior features include ground-level hardwood flooring, a bathroom and kitchen, high ceilings, and substantial storage. The lower level adds an additional bathroom, a utility room, and additional storage space. Separate zoned heating and cooling are in place to support different comfort needs across levels.
The property is positioned in a mixed-use, pedestrian-oriented Downtown Business District (DBD). The remarks note ample street and village parking nearby, with the surrounding area including dining, shopping, and entertainment options. Easy access to the expressway and public transportation, including train service, is also highlighted.
This configuration can be a practical fit for an operator seeking a street-facing retail presence with dedicated basement space and multiple restrooms, while retaining the advantage of separate zoned HVAC. The DBD permitted mix of retail, restaurants, bars, cafés, upper-floor residential, office use, boutique commercial, and mixed-use buildings may align with a range of small-format and multi-level concepts, subject to final confirmation of requirements.
The property is positioned in a mixed-use, pedestrian-oriented Downtown Business District (DBD). The remarks note ample street and village parking nearby, with the surrounding area including dining, shopping, and entertainment options. Easy access to the expressway and public transportation, including train service, is also highlighted.
This configuration can be a practical fit for an operator seeking a street-facing retail presence with dedicated basement space and multiple restrooms, while retaining the advantage of separate zoned HVAC. The DBD permitted mix of retail, restaurants, bars, cafés, upper-floor residential, office use, boutique commercial, and mixed-use buildings may align with a range of small-format and multi-level concepts, subject to final confirmation of requirements.
Key Highlights
- 1915‑built ground‑level retail property with 4,580 SF of storefront and a finished basement area
- Mixed‑use Downtown Business District (DBD) location with allowed uses including retail, restaurants, bars, cafes, offices, and upper‑floor residential
- Separate zoned heating and cooling systems for the ground level and basement
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
284k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 58%
Dining 23%
Shops & Services 17%
Apparel 1%
Walmart
Superstores
165,840 visits/mo
0.4 miles
Portillo's
Dining
54,946 visits/mo
0.2 miles
Dollar Tree
Shops & Services
25,090 visits/mo
0.1 miles
Taco Bell
Dining
11,393 visits/mo
0.2 miles
7-Eleven
Shops & Services
7,328 visits/mo
0.2 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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Ground-level retail with finished basement, separate HVAC, and convenient parking in Forest Park’s downtown district.
Where is this storefront property located?
The property is located at 7349 Madison St Unit G 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: 1915‑built ground‑level retail property with 4,580 SF of storefront and a finished basement area; Mixed‑use Downtown Business District (DBD) location with allowed uses including retail, restaurants, bars, cafes, offices, and upper‑floor residential; Separate zoned heating and cooling systems for the ground level and basement
