Mixed-Use Property
For Sale
$799,000
Pending
8056 Grand Avenue, River Grove, IL 60171
Contiguous commercial parcels combine improved buildings, a vacant lot, private parking, and rear alley access.
Property Size2,654 SF
Days on Market35
Property Features for 8056 Grand Avenue
General Information
Standard status
Pending
Size
2,654 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$7,169
Building Details
Building Size
2,654 SF
Year Built
1918
Stories
2
Units
3
Listing Agency:
Vitell Realty
Listed By:
Jeremy Vitell · License #475164056
(708) 642-9566
Source:
Jjillrealtygroup
Added: Aug 1
Changed: Aug 30
Last Checked: Aug 30 at 6:14PM
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.
Offered only as a package, this mixed-use assemblage brings together three contiguous, separately deeded parcels totaling approximately 18,500 SF. The portfolio includes two improved commercial properties and one vacant parcel, with private parking and access from a rear alley. Existing occupancy spans retail, office, general commercial, mixed-use, and residential uses.
The properties provide nearly 150 feet of frontage along Grand Ave in River Grove, with exposure to surrounding commercial activity and nearby residential density. The assemblage is also positioned near Metra, major transportation routes, and O'Hare access. The parcels are not available for separate sale.
The properties provide nearly 150 feet of frontage along Grand Ave in River Grove, with exposure to surrounding commercial activity and nearby residential density. The assemblage is also positioned near Metra, major transportation routes, and O'Hare access. The parcels are not available for separate sale.
Key Highlights
- Three contiguous, separately deeded parcels totaling approximately 18,500 SF
- Nearly 150 feet of frontage along Grand Ave in River Grove
- Portfolio includes two improved commercial properties and one vacant parcel
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
$44,786
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
5.61%
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%
$895,720
$895.7K
Cap Rate 7%
$639,800
$639.8K
Cap Rate 9%
$497,622
$497.6K
Market Conditions
NOI Build-Up for 2,654 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
$79.6K $30.00/SF
− Vacancy
−$8.0K −$3.00/SF
EGI
$71.7K $27.00/SF
− OpEx
−$26.9K −$10.13/SF
NOI
$44.8K $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%
$895,720
Cap Rate 7%
$639,800
Cap Rate 9%
$497,622
Alternative Uses
Best Use
Mixed Use
$639.8K
$559.8K – $746.4K
NOI $44,786 @ 7.0% cap · market cap 5.61%
Second Best
Retail
$526.3K
$460.5K – $614.0K
NOI $36,838 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$916.3K
$801.8K – $1.07M
NOI $64,141 @ 7.0% cap · market cap 8.03%
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
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Contiguous commercial parcels combine improved buildings, a vacant lot, private parking, and rear alley access.
Where is this mixed-use property located?
The property is located at 8056 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 contiguous, separately deeded parcels totaling approximately 18,500 SF; Nearly 150 feet of frontage along Grand Ave in River Grove; Portfolio includes two improved commercial properties and one vacant parcel
