Mixed-Use Property
For Sale
$799,000
8044 Grand Avenue, River Grove, IL 60171
Three contiguous parcels include two improved commercial properties, a vacant lot, private parking, and rear alley access.
Property Size3,150 SF
Lot Size0.42 Acres
Price / SF$253.65
Days on Market161
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
Site & Location
Road Access
Yes
Public Transit
Yes
Mixed-Use Components
retail, office, general commercial, residential
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$19,119
Building Details
Building Size
3,150 SF
Year Built
1931
Buildings
2
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Vitell Realty
Listed By:
Jeremy Vitell · License #471023016
(708) 642-9566
Source:
Fishmangroup
Added: May 18
Changed: Oct 23
Last Checked: Oct 23 at 1:23PM
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
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Investment Insights
Based on property information with market context.
At 8044, 8050, and 8056 Grand Avenue, this package brings together three separately deeded parcels totaling approximately 18,500 SF. Two parcels contain commercial improvements; the third is vacant. Private parking and rear alley access serve the assemblage. Existing occupants span retail, office, general commercial, mixed-use, and residential categories, with both established and newer tenants represented.
The properties have nearly 150 feet of frontage on Grand Avenue in River Grove. The offering includes all three parcels together; individual properties are not being sold separately. Nearby context includes Metra, major transportation routes, O’Hare access, and surrounding residential density.
The properties have nearly 150 feet of frontage on Grand Avenue in River Grove. The offering includes all three parcels together; individual properties are not being sold separately. Nearby context includes Metra, major transportation routes, O’Hare access, and surrounding residential density.
Key Highlights
- Three separately deeded parcels totaling approximately 18,500 SF
- Nearly 150 feet of frontage along Grand Avenue
- Two improved commercial properties plus one vacant parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,156
Cap Rate
6.65%
Suggested Prices Based on Cap Rates
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
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 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
Retail
$624.6K
$546.5K – $728.7K
NOI $43,723 @ 7.0% cap · market cap 5.47%
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.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
36k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 55%
Dining 45%
Starbucks
Dining
16,281 visits/mo
0.4 miles
BP
Shops & Services
10,417 visits/mo
0.1 miles
Shell
Shops & Services
7,928 visits/mo
0.4 miles
Enterprise Rent-A-Car
Shops & Services
1,396 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three contiguous parcels include two improved commercial properties, a vacant lot, private parking, and rear alley access.
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: Three separately deeded parcels totaling approximately 18,500 SF; Nearly 150 feet of frontage along Grand Avenue; Two improved commercial properties plus one vacant parcel
