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    Norridge 5-Unit Brick Building Title is generated by Realmo AI

    8121 West Lawrence Avenue, Norridge, IL 60706

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    For Sale
    $857,000

    Five-unit building in Norridge with income upside potential.

    Type:Multi Family 5+ / Corridor-Interior Entrance
    Property size:
    9,000 SF
    Price / SF:
    $95/SF
    Added:
    Mar 11, 2026
    Days on Market:
    86
    Last Refresh:
    Mar 17 at 12:55 am

    Property Features for 8121 West Lawrence Avenue

    General Information

    Standard status
    Active
    Size
    9,000 SF
    Property subtype
    Multi Family 5+ / Corridor-Interior Entrance

    Building Details

    Year Built
    1967

    We can help!

    Listing Contact
    Richard Dawidiuk

    Listing agent Richard Dawidiuk License #475134041

    Listing office RE/MAX Central Inc.

    Listing date Mar 11, 2026

    Source Compass

    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 RE/MAX Central Inc.

    HighLights

    • High income potential: Market rent could reach $80,868.
    • Prime Norridge location: Close to schools, shopping, restaurants, and transportation.
    • Five units: Four 1‑BR units and one larger unit with 2 BR's, office, LR, large kitchen & eating area.
    • New boiler (2023) and new HWH (2025).
    • Private parking with 10 spaces.
    • No association fees.

    Overview

    This is a five-unit brick building located in Norridge. The property features four one-bedroom units and one unit with two bedrooms, an office, a living room, and a large kitchen with an eating area. The building includes hardwood floors, thermopane windows, and enclosed porches. A laundry room is equipped with a washer and dryer. Private parking is available with 10 spaces. The location provides walking distance to schools, shopping, restaurants, and transportation, with quick access to the Blue Line, Kennedy Expressway, and O'Hare Airport. A new boiler was installed in 2023, and a new hot water heater is planned for 2025. The building has a shingled hip roof. The property size is 9000 square feet. The current low rents and long-time tenants present an upside potential, with a possible income of $80,868 based on market rent.
    Location Intelligence

    Current Use by Public Records

    Baseball Field Sports Field & Court

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.8304947
    Latitude
    41.9664653

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    FAQs

    What type of property is this?
    Apartment building - Five-unit building in Norridge with income upside potential.
    Where is this apartment building located?
    The property is located at 8121 West Lawrence Avenue Norridge, IL.
    What is the asking price?
    The asking price for this property is $857,000.
    What are key features of this property?
    This property features: High income potential: Market rent could reach $80,868.; Prime Norridge location: Close to schools, shopping, restaurants, and transportation.; Five units: Four 1‑BR units and one larger unit with 2 BR's, office, LR, large kitchen & eating area.
    (847) 650-4000
    We can help!
    Listing Contact
    Richard Dawidiuk
    Real Estate License ID: 475134041
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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