Renovated Two-Unit Storefront
For Sale
$600,000
7361 North Ave, River Forest, IL 60305
Single-story commercial building with two adjoining leased storefronts and on-site parking.
Property Size3,200 SF
Lot Size0.14 Acres
Price / SF$187.50
Days on Market41
Property Features for 7361 North Ave
General Information
Standard status
Active
Size
3,200 SF
Total Parking Spaces
8
Lot size
0.14 Acres
Zoning
R1
Additional Details
Traffic Count
30,000 vehicles/day
Building Details
Year Built
1953
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Parkvue Realty Corporation
(312) 788-4040
Listed By:
Anthony Disano · License #471010606
Source:
Realtopiare
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 5:51AM
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 Parkvue Realty Corporation
Investment Insights
Based on property information with market context.
This single-story storefront property combines two renovated adjoining commercial units totaling approximately 3,200 square feet. The approximately 2,200-square-foot space at 7361 North Ave is occupied by a chiropractor, while the approximately 1,000-square-foot space at 7363 serves as a fitness studio. Both suites are leased to long-term tenants, providing an established commercial configuration for continued occupancy.
The property sits on a 5,900-square-foot lot measuring 50 by 118 feet and includes an 8-car parking lot. Its North Avenue position, identified as IL-64, provides exposure to a roadway carrying roughly 30,000 vehicles per day. The building was constructed in 1953 and is zoned R1. The source information also identifies potential continued use for retail, service, office, or owner-operator purposes.
The property sits on a 5,900-square-foot lot measuring 50 by 118 feet and includes an 8-car parking lot. Its North Avenue position, identified as IL-64, provides exposure to a roadway carrying roughly 30,000 vehicles per day. The building was constructed in 1953 and is zoned R1. The source information also identifies potential continued use for retail, service, office, or owner-operator purposes.
Key Highlights
- Two renovated adjoining storefronts totaling approximately 3,200 SF
- Leased to long‑term chiropractor and fitness studio tenants
- Approximately 2,200 SF at 7361 North Ave and 1,000 SF at 7363
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
$44,417
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
7.40%
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%
$888,340
$888.3K
Cap Rate 7%
$634,529
$634.5K
Cap Rate 9%
$493,522
$493.5K
Market Conditions
NOI Build-Up for 3,200 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
$69.1K $21.60/SF
− Vacancy
−$5.7K −$1.77/SF
EGI
$63.5K $19.83/SF
− OpEx
−$19.0K −$5.95/SF
NOI
$44.4K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$888,340
Cap Rate 7%
$634,529
Cap Rate 9%
$493,522
Alternative Uses
Best Use
Retail
$634.5K
$555.2K – $740.3K
NOI $44,417 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$966.7K – $1.29M
NOI $77,337 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,467
Businesses Nearby
164k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Dining 29%
Groceries 26%
Home Improvements & Furnishings 1%
Binny's Beverage Depot
Groceries
26,723 visits/mo
0.1 miles
Shell
Shops & Services
22,349 visits/mo
0.2 miles
Fresh Thyme Market
Groceries
15,930 visits/mo
0.2 miles
BP
Shops & Services
15,773 visits/mo
0.4 miles
Starbucks
Dining
13,420 visits/mo
0.3 miles
Demographics for 60305, IL
11,710
Population
4,494
Households
2.6
Avg Household Size
40
Median Age
73%
College-Educated
97%
High-School Grad
2.5 sq mi
ZIP Area
4,684
Density / Sq Mi
$148,711
Median Household Income
$83,347
Median Earnings
$1,411
Median Rent
$676,900
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 - Single-story commercial building with two adjoining leased storefronts and on-site parking.
Where is this storefront property located?
The property is located at 7361 North Ave River Forest, IL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two renovated adjoining storefronts totaling approximately 3,200 SF; Leased to long‑term chiropractor and fitness studio tenants; Approximately 2,200 SF at 7361 North Ave and 1,000 SF at 7363
