High-Visibility Storefront Retail
For Sale
$360,000
7441 Madison Street, Forest Park, IL 60130
COMMERCIAL - Forest Park, IL
Property Size3,000 SF
Lot Size0.07 Acres
Price / SF$120
Days on Market352
Property Features for 7441 Madison Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Madison St, between Harlem Ave and Des Plaines Ave.
Subdivision
Forest Park
Standard status
Active
APN
15124310400000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
22030
Utilities
Cooling system
Central Air
Building Details
Year built
1931
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
Beaulieu Real Estate
(773) 282-7979
Listed By:
Sonia Briseno · License #475211817
(773) 282-7979
Added: Aug 23, 2025
Changed: Aug 7
Last Checked: Aug 9 at 11:06PM
MLS# 12711247
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.
This high-visibility storefront retail space is a brick building featuring central air and a fully built-out interior layout. The space includes a front dining or retail area, a central section suitable for office use, and a rear area that can support storage, a small workshop, or additional service or retail use. The property includes a designated private parking space and convenient rear delivery access, and it is being sold in as-is condition.
Set on a 0.0689-acre lot on Madison Street in Forest Park, the property is positioned for street exposure with expansive storefront windows and foot-traffic accessibility. The flexible COMMR zoning supports restaurants, retail, or mixed commercial use.
Built in 1931, the building offers approximately 3,000 sq. ft. of highly visible, adaptable commercial space for an owner-operator or a tenant seeking a prominent storefront location.
Set on a 0.0689-acre lot on Madison Street in Forest Park, the property is positioned for street exposure with expansive storefront windows and foot-traffic accessibility. The flexible COMMR zoning supports restaurants, retail, or mixed commercial use.
Built in 1931, the building offers approximately 3,000 sq. ft. of highly visible, adaptable commercial space for an owner-operator or a tenant seeking a prominent storefront location.
Key Highlights
- Approximately 3,000 sq. ft. of built‑out storefront space with front retail area, central office section, and rear storage/workshop area
- 0.0689‑acre lot with expansive storefront windows for street exposure
- Brick building built in 1931 with central air
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
$29,137
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
8.09%
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%
$582,740
$582.7K
Cap Rate 7%
$416,243
$416.2K
Cap Rate 9%
$323,744
$323.7K
Market Conditions
NOI Build-Up for 3,000 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
$45.0K $15.00/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$41.6K $13.88/SF
− OpEx
−$12.5K −$4.16/SF
NOI
$29.1K $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%
$582,740
Cap Rate 7%
$416,243
Cap Rate 9%
$323,744
Alternative Uses
Best Use
Office B
$648.0K
$567.0K – $756.0K
NOI $45,360 @ 7.0% cap · market cap 12.60%
Second Best
Retail
$416.2K
$364.2K – $485.6K
NOI $29,137 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$884.6K
$774.0K – $1.03M
NOI $61,920 @ 7.0% cap · market cap 17.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,378
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick storefront with COMMR zoning, central air, private parking, and rear delivery access in Forest Park
Where is this storefront property located?
The property is located at 7441 Madison Street Forest Park, IL.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Approximately 3,000 sq. ft. of built‑out storefront space with front retail area, central office section, and rear storage/workshop area; 0.0689‑acre lot with expansive storefront windows for street exposure; Brick building built in 1931 with central air
