River Forest Retail and
For Sale
Contact for pricing
7777 Lake St, River Forest, IL 60305
24,516 SF retail and office building for sale.
Property Size12,000 SF
Lot Size0.45 Acres
Price / SF$229.17
Days on Market702
Property Features for 7777 Lake St
General Information
Standard status
Active
Size
12,000 SF
Class
C
Lot size
0.45 Acres
Property subtype
Office, Retail
Zoning
C3
Occupancy
55%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1940
Buildings
1
Stories
2
Units
20
Tenancy
Multi
Listing Agency:
SVN | Chicago Commercial
(312) 770-0119
Listed By:
Karen Kulczycki-CCIM, SIOR · License #IL #471-020279
Source:
Crexi
Added: Sep 18, 2024
Changed: Aug 8
Last Checked: Aug 19 at 9:42PM
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 SVN | Chicago Commercial
Investment Insights
Based on property information with market context.
Located in River Forest, Illinois, the property at 7777 Lake Street is a mixed-use building featuring both retail and office spaces. The building has a total area of approximately 24,516 square feet and is situated on a 0.45-acre lot. The property includes a full basement that can be used for storage. The building is 62.5% occupied and contains 20 units. Current retail tenants include Edward Jones Investments and River Forest Dry Cleaners & Tailoring, along with various office users. River Forest is located approximately 11 miles west of downtown Chicago and is near Oak Park. The location is one mile west of the downtown River Forest shopping district and directly across the street from Lincoln Elementary School. Transportation options include proximity to the Harlem/Lake Green Line "el" station, the River Forest Metra station, and the Oak Park Metra station, with access to I-290, I-294, Illinois Route 43, and Illinois Route 64.
Key Highlights
- Value‑add opportunity with 62.5% occupancy and 20 total units.
- Located in River Forest, just 11 miles west of downtown Chicago, near Oak Park.
- Proximity to transportation: Harlem/Lake Green Line 'el' station, River Forest Metra, Oak Park Metra, I‑290, I‑294, Illinois Route 43, and Illinois Route 64.
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
$202,500
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
7.36%
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%
$4,050,000
$4.1M
Cap Rate 7%
$2,892,857
$2.9M
Cap Rate 9%
$2,250,000
$2.3M
Market Conditions
NOI Build-Up for 12,000 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
$360.0K $30.00/SF
− Vacancy
−$36.0K −$3.00/SF
EGI
$324.0K $27.00/SF
− OpEx
−$121.5K −$10.13/SF
NOI
$202.5K $16.88/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$4,050,000
Cap Rate 7%
$2,892,857
Cap Rate 9%
$2,250,000
Alternative Uses
Best Use
Mixed Use
$2.89M
$2.53M – $3.38M
NOI $202,500 @ 7.0% cap · market cap 7.36%
Second Best
Retail
$2.38M
$2.08M – $2.78M
NOI $166,562 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$4.14M
$3.63M – $4.83M
NOI $290,014 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
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?
Mixed-use property - 24,516 SF retail and office building for sale.
Where is this mixed-use property located?
The property is located at 7777 Lake St River Forest, IL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Value‑add opportunity with 62.5% occupancy and 20 total units.; Located in River Forest, just 11 miles west of downtown Chicago, near Oak Park.; Proximity to transportation: Harlem/Lake Green Line 'el' station, River Forest Metra, Oak Park Metra, I‑290, I‑294, Illinois Route 43, and Illinois Route 64.
