6-Unit Brick Apartment
For Sale
$989,900
8609 W Grand Avenue, River Grove, IL 60171
Fully occupied multifamily property with individually metered electric and laundry facilities on site.
Property Size5,773 SF
Lot Size0.14 Acres
Price / SF$171.47
Days on Market46
Property Features for 8609 W Grand Avenue
General Information
Standard status
Active
Size
5,773 SF
Total Parking Spaces
6
Lot size
0.14 Acres
Property subtype
Commercial
Zoning
MULTI
Occupancy
100%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Individually Metered Utilities
electric
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$22,683
Amenities
on-site laundry room
dedicated storage
Building Details
Building Size
5,773 SF
Year Built
1960
Buildings
1
Stories
3
Units
6
Construction
brick
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
Listed By:
Lynn Bjorvik
(773) 631-8300
Source:
Fishmangroup
Added: Sep 10
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This 6-unit brick apartment building contains approximately 5,773 square feet on a 50' x 124' lot. The unit mix consists of six 2-bedroom, 1-bath apartments. Each residence has a range, refrigerator, hot water baseboard heat with an individual thermostat, and a window A/C unit. Electric is separately metered for each apartment, with tenants responsible for their usage.
Shared amenities include a laundry room with two coin-operated washers and two coin-operated dryers, dedicated storage for every unit, and six rear parking spaces. The property is fully occupied and zoned MULTI. Built in 1960, it will convey up to code per the Village of River Grove pre-sale inspection.
Shared amenities include a laundry room with two coin-operated washers and two coin-operated dryers, dedicated storage for every unit, and six rear parking spaces. The property is fully occupied and zoned MULTI. Built in 1960, it will convey up to code per the Village of River Grove pre-sale inspection.
Key Highlights
- Six 2‑bedroom, 1‑bath units in approximately 5,773 square feet
- Fully occupied apartment building
- 50' x 124' lot with six rear parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,972
Cap Rate
6.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,339,440
$1.3M
Cap Rate 7%
$956,743
$956.7K
Cap Rate 9%
$744,133
$744.1K
Market Conditions
NOI Build-Up for 5,773 SF
Gross rent
$130.9K $22.68/SF
− Vacancy
−$9.2K −$1.59/SF
EGI
$121.8K $21.09/SF
− OpEx
−$54.8K −$9.49/SF
NOI
$67.0K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,339,440
Cap Rate 7%
$956,743
Cap Rate 9%
$744,133
Alternative Uses
Best Use
Apartment 5plus
$956.7K
$837.2K – $1.12M
NOI $66,972 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.33M
NOI $139,521 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with individually metered electric and laundry facilities on site.
Where is this apartment building located?
The property is located at 8609 W Grand Avenue River Grove, IL.
What is the asking price?
The asking price for this property is $989,900.
What are key features of this property?
This property features: Six 2‑bedroom, 1‑bath units in approximately 5,773 square feet; Fully occupied apartment building; 50' x 124' lot with six rear parking spaces
