Two Renovated Adjoining
For Sale
$600,000
7361 North Avenue, River Forest, IL 60305
Commercial Sale, River Forest, IL
Property Size3,200 SF
Lot Size0.14 Acres
Price / SF$187.50
Days on Market177
Property Features for 7361 North Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
RTAIL
Directions
Eisenhower Exit Harlem Ave North. Turn left on North ave going west and just a few blocks down on south side of the street. River Forest side, the north side is E.P.
Subdivision
River Forest
Standard status
Active
APN
15012030080000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
25218
Utilities
Cooling system
Central Air
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Listing Agency:
Parkvue Realty Corporation
(312) 788-4040
Listed By:
Anthony Disano · License #471010606
(312) 788-4040
Added: Feb 24
Changed: Aug 20
Last Checked: Aug 20 at 2:06PM
MLS# 12531607
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property includes two renovated adjoining storefronts leased to long-term tenants: a Chiropractor and a Fitness Studio. The building is a single-story retail/commercial structure with approximately two distinct spaces at 7361 and 7363 North Avenue. It offers central air and a construction year of 1953.
Each storefront can be evaluated as part of the combined asset: the +/-2,200 SF unit at 7361 and the +/-1,000 SF space at 7363. The property sits on a 50' x 118' lot totaling approximately 5,900 SF, with a 8-car parking lot. Zoning is listed as R1.
For traffic exposure, the property has visibility along busy North Avenue (IL-64), which carries roughly 30,000 vehicles per day. The site is located in the western Chicago suburb of River Forest, bordering Elmwood Park.
Each storefront can be evaluated as part of the combined asset: the +/-2,200 SF unit at 7361 and the +/-1,000 SF space at 7363. The property sits on a 50' x 118' lot totaling approximately 5,900 SF, with a 8-car parking lot. Zoning is listed as R1.
For traffic exposure, the property has visibility along busy North Avenue (IL-64), which carries roughly 30,000 vehicles per day. The site is located in the western Chicago suburb of River Forest, bordering Elmwood Park.
Key Highlights
- Two renovated adjoining storefronts leased long‑term to a Chiropractor and Fitness Studio
- +/-2,200 SF unit (7361) and +/-1,000 SF space (7363) in one single‑story structure
- Central air and year built 1953
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
Property Profile
Current Use
Lease Details
2
Office units
30,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
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 - Two renovated adjoining storefronts with central air, leased long-term to a chiropractor 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 leased long‑term to a Chiropractor and Fitness Studio; +/-2,200 SF unit (7361) and +/-1,000 SF space (7363) in one single‑story structure; Central air and year built 1953
