34-Room Motel with
For Sale
$2,200,000
7621 S Cottage Grove Ave, Chicago, IL 60619
Three-story property includes a separate restaurant building and main-level parking.
Property Size18,000 SF
Price / SF$122.22
Days on Market270
Property Features for 7621 S Cottage Grove Ave
General Information
Standard status
Active
Size
18,000 SF
Property subtype
Commercial
Property Condition
Severity
Repairs Needed
Evidence
compelling rehab
Additional Details
Highway Access
Yes
Listing Agency:
Century 21 Circle
Listed By:
Mark Ahmad · License #471007186
(773) 983-1553
Source:
Illianahomesource
Added: Jan 16
Changed: Oct 1
Last Checked: Oct 11 at 6:40AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
The property is a 34-room motel with a three-story California-style exterior-corridor design, constructed in 1974. A separate restaurant building sits at the front, while parking is located on the main level. The improvements total 18,000 square feet on 13,392 square feet of land, and the property operates under a non-franchise motel license.
Located at 7621 S Cottage Grove Ave in Chicago’s Chatham neighborhood, the property is within walking distance of retail, services, and neighborhood amenities. It is approximately 1 mile east of the Dan Ryan Expressway and about 3 miles from the Obama Presidential Library. The site is also within the Greater Chatham Initiative’s 87th Street Corridor Improvement Zone. City of Chicago grant and TIF programs are identified for facade improvements and full building renovation.
Located at 7621 S Cottage Grove Ave in Chicago’s Chatham neighborhood, the property is within walking distance of retail, services, and neighborhood amenities. It is approximately 1 mile east of the Dan Ryan Expressway and about 3 miles from the Obama Presidential Library. The site is also within the Greater Chatham Initiative’s 87th Street Corridor Improvement Zone. City of Chicago grant and TIF programs are identified for facade improvements and full building renovation.
Key Highlights
- 34‑room motel with a separate restaurant building
- 18,000 square feet of total building area on 13,392 square feet of land
- Three‑story California‑style exterior‑corridor design, built in 1974
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$135,432
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,708,640
$2.7M
Cap Rate 7%
$1,934,743
$1.9M
Cap Rate 9%
$1,504,800
$1.5M
Market Conditions
NOI Build-Up for 18,000 SF
Gross rent
$324.0K $18.00/SF
− Vacancy
−$38.9K −$2.16/SF
EGI
$285.1K $15.84/SF
− OpEx
−$149.7K −$8.32/SF
NOI
$135.4K $7.52/SF
Area
Chicago, IL
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,708,640
Cap Rate 7%
$1,934,743
Cap Rate 9%
$1,504,800
Alternative Uses
Best Use
Specialty Retail
$4.79M
$4.19M – $5.58M
NOI $335,016 @ 7.0% cap · market cap 15.23%
Second Best
Hotel Hospitality
$1.93M
$1.69M – $2.26M
NOI $135,432 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$8.49M
$7.43M – $9.90M
NOI $594,086 @ 7.0% cap · market cap 27.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,163
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60619, IL
63,303
Population
33,547
Households
1.9
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
6.1 sq mi
ZIP Area
10,378
Density / Sq Mi
$43,403
Median Household Income
$35,672
Median Earnings
$1,054
Median Rent
$213,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Mommie-o — 8222 s calumet ave, chicago, il 60619
- East of the Ryan — 914 E 79th St, Chicago, IL 60619
- The Woodlawn — 1200 E 79th St, Chicago, IL 60619
- Empire Motel — 7621 S Cottage Grove Ave, Chicago, IL 60619
- Barbara Ann's Motel — 7621 S Cottage Grove Ave, Chicago, IL 60619
Frequently Asked Questions
What type of property is this?
Motel - Three-story property includes a separate restaurant building and main-level parking.
Where is this motel located?
The property is located at 7621 S Cottage Grove Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 34‑room motel with a separate restaurant building; 18,000 square feet of total building area on 13,392 square feet of land; Three‑story California‑style exterior‑corridor design, built in 1974
