Renovated Two-Storefront
For Sale
$600,000
7361 North Avenue, River Forest, IL 60305
Single-story commercial building occupied by a chiropractic practice and fitness studio.
Property Size3,200 SF
Lot Size0.14 Acres
Price / SF$187.50
Days on Market166
Property Features for 7361 North Avenue
General Information
Standard status
Active
Size
3,200 SF
Total Parking Spaces
8
Lot size
0.14 Acres
Property subtype
Commercial
Zoning
RTAIL
Occupancy
100%
Additional Details
Traffic Count
30,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$25,218
Building Details
Building Size
3,200 SF
Year Built
1953
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Parkvue Realty Corporation
(312) 788-4040
Listed By:
Anthony Disano · License #471010606
(312) 788-4040
Source:
Perillorealestategroup
Added: Feb 24
Changed: Aug 2
Last Checked: Aug 9 at 1:13PM
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 commercial property combines two renovated, adjoining storefront spaces at 7361 and 7363 North Avenue. The approximately 2,200 SF and 1,000 SF units are each leased to an established chiropractor and fitness studio, respectively. The building was constructed in 1953 and sits on a 5,900 SF lot measuring 50' by 118'. An eight-car parking area serves the property.
The storefronts face North Avenue, also designated IL-64, with reported traffic of roughly 30,000 vehicles per day. The River Forest location borders Elmwood Park and is positioned in an immediate western Chicago suburb. Existing occupancy and the separate storefront configuration support continued retail, service, office, or owner-operator use.
The storefronts face North Avenue, also designated IL-64, with reported traffic of roughly 30,000 vehicles per day. The River Forest location borders Elmwood Park and is positioned in an immediate western Chicago suburb. Existing occupancy and the separate storefront configuration support continued retail, service, office, or owner-operator use.
Key Highlights
- Two renovated adjoining storefronts at 7361 and 7363 North Avenue
- Approximately 2,200 SF and 1,000 SF units
- Each space is leased to a chiropractor or fitness studio
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
Office B
$630.3K
$551.5K – $735.4K
NOI $44,123 @ 7.0% cap · market cap 7.35%
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
Current Use
Lease Details
30,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,467
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office 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 occupied by a chiropractic practice and fitness studio.
Where is this storefront property located?
The property is located at 7361 North Avenue 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 at 7361 and 7363 North Avenue; Approximately 2,200 SF and 1,000 SF units; Each space is leased to a chiropractor or fitness studio
