Freestanding Restaurant With
For Sale
$725,000
8166 Grand Avenue, River Grove, IL 60171
Restaurant property with a complete kitchen, bar setup, furnishings, and dedicated customer parking.
Property Size1,787 SF
Price / SF$405.71
Days on Market32
Property Features for 8166 Grand Avenue
General Information
Standard status
Active
Size
1,787 SF
Total Parking Spaces
20
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Furnished
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$26,868
Building Details
Building Size
1,787 SF
Year Built
1996
Stories
1
Listing Agency:
Exit Grace Realty
(773) 972-6879
Listed By:
Paola Cedano
(773) 972-6879
Source:
Gia-sells
Added: Aug 1
Changed: Aug 31
Last Checked: Aug 4 at 8:50AM
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 Exit Grace Realty
Investment Insights
Based on property information with market context.
This freestanding conventional restaurant contains 1,787 square feet and was built in 1996. The sale includes a complete operating package with commercial kitchen equipment, bar equipment, tables, chairs, and fixtures. On-site parking includes 20 spaces arranged at the front and rear, along with an additional parking lot of approximately 9,150 square feet.
Situated on Grand Avenue in River Grove, the property offers prominent corridor exposure and access to major highways. It previously operated with a liquor license; any future licensing or eligibility requirements should be confirmed with the Village of River Grove. The existing improvements support continued restaurant use or another food-and-beverage concept, subject to applicable approvals.
Situated on Grand Avenue in River Grove, the property offers prominent corridor exposure and access to major highways. It previously operated with a liquor license; any future licensing or eligibility requirements should be confirmed with the Village of River Grove. The existing improvements support continued restaurant use or another food-and-beverage concept, subject to applicable approvals.
Key Highlights
- 1,787‑square‑foot freestanding restaurant built in 1996
- Complete commercial kitchen and bar equipment package included
- Tables, chairs, and restaurant fixtures included in the sale
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
$29,914
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
4.13%
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%
$598,280
$598.3K
Cap Rate 7%
$427,343
$427.3K
Cap Rate 9%
$332,378
$332.4K
Market Conditions
NOI Build-Up for 1,787 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
$42.9K $24.00/SF
− Vacancy
−$3.0K −$1.68/SF
EGI
$39.9K $22.32/SF
− OpEx
−$10.0K −$5.58/SF
NOI
$29.9K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$598,280
Cap Rate 7%
$427,343
Cap Rate 9%
$332,378
Alternative Uses
Best Use
Specialty Retail
$427.3K
$373.9K – $498.6K
NOI $29,914 @ 7.0% cap · market cap 4.13%
Second Best
Industrial
$109.9K
$96.2K – $128.2K
NOI $7,692 @ 7.0% cap · market cap 1.06%
Theoretical Best
Office A
$617.0K
$539.9K – $719.8K
NOI $43,188 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
83k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 34%
Apparel 29%
Dining 20%
Groceries 18%
Ross Dress for Less
Apparel
23,729 visits/mo
0.5 miles
Starbucks
Dining
16,281 visits/mo
0.2 miles
Binny's Beverage Depot
Groceries
15,017 visits/mo
0.5 miles
BP
Shops & Services
10,417 visits/mo
0.3 miles
dd's DISCOUNTS
Shops & Services
9,537 visits/mo
0.5 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?
Conventional restaurant - Restaurant property with a complete kitchen, bar setup, furnishings, and dedicated customer parking.
Where is this conventional restaurant located?
The property is located at 8166 Grand Avenue River Grove, IL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 1,787‑square‑foot freestanding restaurant built in 1996; Complete commercial kitchen and bar equipment package included; Tables, chairs, and restaurant fixtures included in the sale
