Grand Avenue Commercial
For Sale
$799,000
8044 Grand Avenue, River Grove, IL 60171
Three contiguous parcels in River Grove for package sale.
Property Size3,150 SF
Lot Size0.42 Acres
Days on Market101
Property Features for 8044 Grand Avenue
General Information
Standard status
Active
Size
3,150 SF
Lot size
0.42 Acres
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$19,119
Building Details
Building Size
3,150 SF
Year Built
1931
Stories
1
Units
3
Listing Agency:
Vitell Realty
(708) 642-9566
Listed By:
Jeremy Vitell · License #475164056
(708) 642-9566
Source:
Exit2newbeginningz
Added: May 18
Changed: Aug 23
Last Checked: Aug 25 at 8:13AM
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 Vitell Realty
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire a commercial portfolio on Grand Avenue. Offered as a package sale only, this assemblage includes three contiguous, separately deeded parcels totaling approximately 18,500 square feet with nearly 150 feet of frontage along Grand Avenue in River Grove. The portfolio, encompassing 8044, 8050, and 8056 Grand Avenue, features two improved commercial properties plus one vacant parcel with private parking and rear alley access. The current uses include a mix of retail, office, general commercial, mixed-use, and residential tenants, with a combination of long-term and newer tenants in place. The location offers excellent visibility and strong traffic exposure. The flexible zoning allows for a wide variety of commercial, automotive, retail, service, redevelopment, or owner-user opportunities. This is an ideal assemblage for investors, developers, or businesses seeking long-term upside in a high-demand commercial corridor. The properties are conveniently located near Metra, major transportation routes, O'Hare access, and surrounding residential density.
Key Highlights
- Package sale of three contiguous parcels totaling approximately 18,500 SF with nearly 150 feet of frontage on Grand Ave.
- Prime C3 Heavy Commercial zoning allows for a wide variety of uses.
- Mix of existing tenants provides immediate income potential.
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
$53,156
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
6.65%
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%
$1,063,120
$1.1M
Cap Rate 7%
$759,371
$759.4K
Cap Rate 9%
$590,622
$590.6K
Market Conditions
NOI Build-Up for 3,150 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
$94.5K $30.00/SF
− Vacancy
−$9.5K −$3.00/SF
EGI
$85.1K $27.00/SF
− OpEx
−$31.9K −$10.13/SF
NOI
$53.2K $16.88/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,063,120
Cap Rate 7%
$759,371
Cap Rate 9%
$590,622
Alternative Uses
Best Use
Mixed Use
$759.4K
$664.5K – $885.9K
NOI $53,156 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$951.6K – $1.27M
NOI $76,129 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three contiguous parcels in River Grove for package sale.
Where is this mixed-use property located?
The property is located at 8044 Grand Avenue River Grove, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Package sale of three contiguous parcels totaling approximately 18,500 SF with nearly 150 feet of frontage on Grand Ave.; Prime C3 Heavy Commercial zoning allows for a wide variety of uses.; Mix of existing tenants provides immediate income potential.
