Nine-Unit Multifamily
For Sale
Contact for pricing
7827 West North Avenue, River Forest, IL 60305
Nine-unit apartment building with seven one-bedroom units and two two-bedroom units, plus heated two-car garage and 10 exterior parking spaces.
Property Size7,127 SF
Price / SF$224.50
Days on Market121
Property Features for 7827 West North Avenue
General Information
Standard status
Active
Size
7,127 SF
Total Parking Spaces
10
Property subtype
Multifamily
Investment Type
Stabilized
Additional Details
Multifamily Units
9
Building Details
Year Built
1964
Units
9
Tenancy
Multi
Listed By:
Andrew Stassi · License #475.215206
Source:
Crexi
Added: May 8
Changed: Sep 3
Last Checked: Sep 4 at 10:17AM
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 Andrew Stassi
Investment Insights
Based on property information with market context.
This well-maintained nine-unit multifamily property includes seven one-bedroom, one-bath units and two two-bedroom, 1.5-bath units. The building also offers a heated two-car garage and exterior parking for 10 vehicles, supporting on-site convenience for residents and guests.
Located on North Avenue in River Forest, the property is steps from CTA bus service and about 1.4 miles from the Elmwood Park Metra Station, providing accessible transit options. The area includes retail and dining along North Avenue and at River Forest Town Center, with multiple nearby schools including Willard Elementary, Trinity High, Fenwick High School, Dominican University, and Concordia University.
Recent capital improvements reported by the current ownership include a new boiler and hot water tank, new electric breakers, and plumbing updates as needed.
Located on North Avenue in River Forest, the property is steps from CTA bus service and about 1.4 miles from the Elmwood Park Metra Station, providing accessible transit options. The area includes retail and dining along North Avenue and at River Forest Town Center, with multiple nearby schools including Willard Elementary, Trinity High, Fenwick High School, Dominican University, and Concordia University.
Recent capital improvements reported by the current ownership include a new boiler and hot water tank, new electric breakers, and plumbing updates as needed.
Key Highlights
- 9‑unit apartment building (built 1964): seven 1 bed/1 bath units and two 2 bed/1.5 bath units
- Heated two‑car garage plus 10 exterior parking spaces
- Capital improvements include new boiler and hot water tank, new electric breakers, and updated plumbing as needed
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
$82,679
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
5.17%
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%
$1,653,580
$1.7M
Cap Rate 7%
$1,181,129
$1.2M
Cap Rate 9%
$918,656
$918.7K
Market Conditions
NOI Build-Up for 7,127 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
$161.6K $22.68/SF
− Vacancy
−$11.3K −$1.59/SF
EGI
$150.3K $21.09/SF
− OpEx
−$67.6K −$9.49/SF
NOI
$82.7K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
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%
$1,653,580
Cap Rate 7%
$1,181,129
Cap Rate 9%
$918,656
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,679 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,244 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
522
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit apartment building with seven one-bedroom units and two two-bedroom units, plus heated two-car garage and 10 exterior parking spaces.
Where is this apartment building located?
The property is located at 7827 West North Avenue River Forest, IL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 9‑unit apartment building (built 1964): seven 1 bed/1 bath units and two 2 bed/1.5 bath units; Heated two‑car garage plus 10 exterior parking spaces; Capital improvements include new boiler and hot water tank, new electric breakers, and updated plumbing as needed
