Nine-Unit Multifamily
7827 West North Avenue River Forest, IL 60305
7827 West North Avenue, River Forest, IL, 60305
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For Sale
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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 Market75
Property Features for 7827 West North Avenue
General Information
- Standard status
- Active
- Size
- 7,127 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1964
Listed by
Andrew Stassi · License #475.215206
Source
Crexi
Added: May 8 Updated: Jul 20 at 7:08PM Checked: Jul 20 at 7:08PM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $161.6k | $22.68 |
| − Vacancy | −$11.3k | −$1.59 |
| EGI | $150.3k | $21.09 |
| − OpEx | −$67.6k | −$9.49 |
| NOI | $82.7k | $11.60 |
7,127 SF · lease $22.68/SF/yr · vacancy 7.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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
