6-Unit Apartment
New
For Sale
$1,050,000
8038 Grand Avenue, River Grove, IL 60171
Brick multifamily asset with separately metered apartments, interior access, laundry, and a partially finished basement.
Property Size4,200 SF
Lot Size0.14 Acres
Price / SF$250
Days on Market6
Property Features for 8038 Grand Avenue
General Information
Standard status
Active
Size
4,200 SF
Total Parking Spaces
10
Lot size
0.14 Acres
Property subtype
MULTI_FAMILY
Net Operating Income
$68,334
Financials
Asking Price
$1,050,000
Cap Rate
6.51%
Gross Income
$111,060
Units
Unit Mix
5 x 2BR/1BA, 1 x 3-room/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$22,447
Amenities
on-site laundry
Building Details
Building Size
4,200 SF
Year Built
1968
Construction
brick
Listing Agency:
Re/Max Cityview
(773) 343-2160
Listed By:
Ryan Rahim
Source:
Dawnmckennagroup
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 1:52PM
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 Re/Max Cityview
Investment Insights
Based on property information with market context.
This 1968 masonry apartment property contains six residences within approximately 4,200 SF of building area on a 6,000 SF lot. The unit mix includes five two-bedroom, one-bath apartments and one three-room, one-bath apartment, arranged along an interior corridor. Each residence has separate electric metering, while building amenities include on-site laundry, six ranges, six refrigerators, hot-water heat, and window A/C. A partially finished basement adds utility and storage space.
The property includes 10 rear parking spaces and is served by municipal water and public sewer. Located at 8038 Grand Avenue in River Grove, the building is near shopping, restaurants, transportation, and major roadways. The stated 6.51 cap rate provides an additional operating metric for evaluating the asset.
The property includes 10 rear parking spaces and is served by municipal water and public sewer. Located at 8038 Grand Avenue in River Grove, the building is near shopping, restaurants, transportation, and major roadways. The stated 6.51 cap rate provides an additional operating metric for evaluating the asset.
Key Highlights
- Six apartments: five 2‑bedroom, 1‑bath units and one 3‑room, 1‑bath unit
- Approximately 4,200 SF building on a 6,000 SF lot
- 10 rear parking spaces with interior corridor access
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
$48,723
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
4.64%
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%
$974,460
$974.5K
Cap Rate 7%
$696,043
$696.0K
Cap Rate 9%
$541,367
$541.4K
Market Conditions
NOI Build-Up for 4,200 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
$95.3K $22.68/SF
− Vacancy
−$6.7K −$1.59/SF
EGI
$88.6K $21.09/SF
− OpEx
−$39.9K −$9.49/SF
NOI
$48.7K $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%
$974,460
Cap Rate 7%
$696,043
Cap Rate 9%
$541,367
Alternative Uses
Best Use
Apartment 5plus
$696.0K
$609.0K – $812.1K
NOI $48,723 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,505 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
Explore this area
Business Placement
Demographics for 60171, IL
10,612
Population
4,456
Households
2.4
Avg Household Size
40
Median Age
26%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
4,614
Density / Sq Mi
$74,793
Median Household Income
$43,696
Median Earnings
$1,230
Median Rent
$244,700
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 - Brick multifamily asset with separately metered apartments, interior access, laundry, and a partially finished basement.
Where is this apartment building located?
The property is located at 8038 Grand Avenue River Grove, IL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Six apartments: five 2‑bedroom, 1‑bath units and one 3‑room, 1‑bath unit; Approximately 4,200 SF building on a 6,000 SF lot; 10 rear parking spaces with interior corridor access
