6-Unit Apartment
For Sale
$1,050,000
Pending
8038 Grand Ave, 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
Days on Market78
Property Features for 8038 Grand Ave
General Information
Standard status
Pending
Size
4,200 SF
Total Parking Spaces
10
Lot size
0.14 Acres
Property subtype
Commercial
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
Amenities
on-site laundry
Building Details
Year Built
1968
Construction
brick
Listing Agency:
Re/Max Cityview
Listed By:
Ryan Rahim
(773) 343-2160
Source:
Illianahomesource
Added: Jul 29
Changed: Oct 1
Last Checked: Oct 12 at 8:40PM
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 / Yr
$48,723
Cap Rate
4.64%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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 Ave 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
