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 Market3
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
Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 8, Bedroom 11, Bedroom 2, Bedroom 6, Bedroom 10, Bathroom 6, Bedroom 9, Bathroom 2, Basement, Bedroom 4, Bedroom 7, Bathroom 4, Bedroom 3, Bathroom 5, Bedroom 5
Basement
Partially Finished
Directions
Cumberland to Grand east 5 blocks
Subdivision
River Grove
Standard status
Active
APN
12264070160000
Lot size
0.14 Acres
Additional Details
Individually Metered Utilities
electricity
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
22447
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Amenities
on-site laundry
ranges
refrigerators
hot-water heat
window A/C
Building Details
Year built
1968
Floors in Building
3
Number of units
6
Building materials
Brick
Roof type
Composition
Buildings
1
Listing Agency:
Re/Max Cityview · RE/MAX International
Listed By:
Ryan Rahim
(773) 631-8260
Added: Oct 23
Changed: Oct 24
Last Checked: Oct 25 at 12:06AM
MLS# 12792914
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.
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Investment Insights
Based on property information with market context.
Built in 1968, this brick apartment property contains six residences across approximately 4,200 SF. Five units have two bedrooms and one bath; the remaining apartment has three rooms and one bath. An interior corridor serves the units, and the partially finished basement offers storage and utility space. On-site laundry, six ranges, six refrigerators, hot-water heat, and window air conditioning are included. The property uses municipal water and public sewer, with a composition roof and MULTI zoning.
The 6,000 SF lot includes 10 parking spaces at the rear. The address is 8038 Grand Avenue in River Grove, Illinois. Electricity is separately metered, and tenants pay for their electric service.
The 6,000 SF lot includes 10 parking spaces at the rear. The address is 8038 Grand Avenue in River Grove, Illinois. Electricity is separately metered, and tenants pay for their electric service.
Key Highlights
- Six apartments: five two‑bedroom, one‑bath units and one three‑room, one‑bath unit
- Approximately 4,200 SF of building area on a 6,000 SF lot
- 10 rear parking spaces and an interior corridor layout
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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Open Analytics
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartments are separately metered for electricity, with tenants responsible for their electric service.
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 two‑bedroom, one‑bath units and one three‑room, one‑bath unit; Approximately 4,200 SF of building area on a 6,000 SF lot; 10 rear parking spaces and an interior corridor layout
