Turnkey Restaurant in River
For Sale
Contact for pricing
8347 Grand Avenue, River Grove, IL 60171
Freestanding 2,850 SF restaurant property ready for immediate occupancy.
Property Size2,850 SF
Price / SF$215.79
Days on Market171
Property Features for 8347 Grand Avenue
General Information
Standard status
Active
Size
2,850 SF
Property subtype
Retail
Zoning
COMMR
Investment Type
Owner/User
Building Details
Year Built
1950
Year Renovated
2015
Buildings
1
Units
1
Listing Agency:
Brookline Real Estate
(630) 590-5910
Listed By:
Dominick Cannata · License #IL 00000
Source:
Crexi
Added: Mar 2
Changed: Aug 14
Last Checked: Aug 18 at 7:12AM
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 Brookline Real Estate
Investment Insights
Based on property information with market context.
This 2,850 SF freestanding building is fully built out for restaurant use and ready for immediate occupancy. It is located in the heart of River Grove's Grand Ave retail corridor, next to Starbucks and surrounded by established neighborhood businesses. The site benefits from strong daily traffic and a dense surrounding residential base. This property is suitable for restaurant operators, investors, or owner-users seeking a move-in-ready concept in a well-trafficked retail corridor.
Key Highlights
- Turnkey restaurant property ready for immediate occupancy.
- Prime location in the heart of River Grove's Grand Ave retail corridor.
- 2,850 SF freestanding building fully built out for restaurant use.
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
$47,709
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
7.76%
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%
$954,180
$954.2K
Cap Rate 7%
$681,557
$681.6K
Cap Rate 9%
$530,100
$530.1K
Market Conditions
NOI Build-Up for 2,850 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
$68.4K $24.00/SF
− Vacancy
−$4.8K −$1.68/SF
EGI
$63.6K $22.32/SF
− OpEx
−$15.9K −$5.58/SF
NOI
$47.7K $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%
$954,180
Cap Rate 7%
$681,557
Cap Rate 9%
$530,100
Alternative Uses
Best Use
Specialty Retail
$681.6K
$596.4K – $795.2K
NOI $47,709 @ 7.0% cap · market cap 7.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$984.0K
$861.0K – $1.15M
NOI $68,878 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
620
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
0.4 miles
Starbucks
Dining
16,281 visits/mo
0.1 miles
Binny's Beverage Depot
Groceries
15,017 visits/mo
0.5 miles
BP
Shops & Services
10,417 visits/mo
0.4 miles
dd's DISCOUNTS
Shops & Services
9,537 visits/mo
0.4 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding 2,850 SF restaurant property ready for immediate occupancy.
Where is this conventional restaurant located?
The property is located at 8347 Grand Avenue River Grove, IL.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Turnkey restaurant property ready for immediate occupancy.; Prime location in the heart of River Grove's Grand Ave retail corridor.; 2,850 SF freestanding building fully built out for restaurant use.
