6-Unit Apartment
New
For Sale
$1,050,000
8038 Grand Avenue, River Grove, IL 60171
Apartments include on-site laundry, separate electric meters, and rear parking.
Property Size4,200 SF
Lot Size0.14 Acres
Price / SF$250
Days on Market7
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
Individually Metered Utilities
electricity
Additional Details
Utilities to Site
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$22,447
Amenities
on-site laundry
Building Details
Building Size
4,200 SF
Year Built
1968
Buildings
1
Construction
brick
Listing Agency:
Re/Max Cityview
Listed By:
Ryan Rahim
(773) 631-8260
Source:
Dawnmckennagroup
Added: Oct 23
Changed: Oct 27
Last Checked: Oct 28 at 5:03PM
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
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Investment Insights
Based on property information with market context.
This 1968 all-brick apartment building contains six units arranged along an interior corridor. Five apartments have two bedrooms and one bathroom; the sixth has three rooms and one bathroom. The property comprises approximately 4,200 SF on a 6,000 SF lot, with 10 parking spaces at the rear.
On-site laundry, six ranges, and six refrigerators serve the apartments. Heat is provided by hot water, and the units have window A/C. Electricity is separately metered, while water and sewer service are municipal and public, respectively. A partially finished basement adds storage and utility space.
On-site laundry, six ranges, and six refrigerators serve the apartments. Heat is provided by hot water, and the units have window A/C. Electricity is separately metered, while water and sewer service are municipal and public, respectively. A partially finished basement adds storage and utility space.
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
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Frequently Asked Questions
What type of property is this?
Apartment building - Apartments include on-site laundry, separate electric meters, and rear parking.
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
