Brick 6-Unit Apartment
New
For Sale
$1,050,000
8038 Grand Avenue, River Grove, IL 60171
Commercial Sale, River Grove, IL
Property Size4,200 SF
Lot Size0.14 Acres
Price / SF$250
Days on Market1
Property Features for 8038 Grand Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MULTI
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 11, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 9, Bedroom 8, Bedroom 2, Bathroom 4, Bathroom 1, Basement, Bedroom 5, Bedroom 7, Bathroom 5, Bedroom 6, Bathroom 6, Bedroom 10, Bedroom 1
Basement
Partially Finished
Directions
Cumberland to Grand east 5 blocks
Subdivision
River Grove
Standard status
Active
APN
12264070160000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
22447
Utilities
Cooling system
Window Unit(s)
Amenities
on-site laundry
Building Details
Year built
1968
Floors in Building
3
Number of units
6
Building materials
Brick
Roof type
Composition
Listing Agency:
Re/Max Cityview · RE/MAX International
(773) 631-8260
Listed By:
Ryan Rahim
(773) 631-8260
Added: Aug 25
Last Checked: Aug 25 at 4:06AM
MLS# 12741653
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1968 brick apartment building contains six units within approximately 4,200 SF 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 includes a range and refrigerator, while the property also provides on-site laundry, hot-water heat, and window A/C. Electricity is separately metered, with tenants responsible for electric service.
The property includes 10 rear parking spaces, municipal water, public sewer, a composition roof, and a partially finished basement used for utility and storage space. It is located near shopping, restaurants, transportation, and major roadways at 8038 Grand Avenue in River Grove, Illinois. The reported 6.51% cap rate provides an additional operating metric for review.
The property includes 10 rear parking spaces, municipal water, public sewer, a composition roof, and a partially finished basement used for utility and storage space. It is located near shopping, restaurants, transportation, and major roadways at 8038 Grand Avenue in River Grove, Illinois. The reported 6.51% cap rate provides an additional operating metric for review.
Key Highlights
- Six‑unit apartment building with 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 and an interior corridor layout
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 - Six apartments offer separately metered electric service, on-site laundry, rear parking, 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‑unit apartment building with 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 and an interior corridor layout
