Norridge Mixed-Use Investment
7757 W Lawrence Ave, Norridge, IL 60706
Three-building portfolio with residential and retail units, value-add potential.
Type:Mixed Use, Multifamily, Retail
Property size:
47,792 SFPrice / SF:
$102/SF- Added:
- May 25, 2023
- Days on Market:
- 1094
- Last Refresh:
- Mar 17 at 1:24 pm
Property Features for 7757 W Lawrence Ave
General Information
- Standard status
- Active
- Size
- 47,792 SF
- Property subtype
- Mixed Use, Multifamily, Retail
Building Details
- Year Built
- 1961
Listing agent Jason Bitton License #IL475170841
Listing office RE/MAX Suburban
Listing date May 25, 2023
Source Crexi
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 Suburban
HighLights
- Significant Value‑Add Potential: Increase residential rents by $146,700 annually and fill vacant retail space projected to generate $78,000 annually.
- Strong Cash Flow: Current NOI of $381,073 with a Pro Forma NOI of $605,773.
- Prime Location: Situated in the high‑demand suburban‑Chicago Village of Norridge, IL, offering strong demand and development potential.
- Mixed‑Use Portfolio: Features 16 residential apartments (8 two‑bedroom, 8 one‑bedroom) and 8 retail units, providing diversified income streams.
- Anchored by a 21,000 SF Free‑Standing Retail Building: Provides portfolio stability with a strong commercial tenant mix and long‑term residential renters.
- Below Market Residential Rents: No major renovations required to achieve market level rents.
Overview
This portfolio features a mix of residential and retail tenants, offering cash flow and value-add potential in Norridge, IL. The property consists of three contiguous parcels. The portfolio includes 16 apartments, with 8 two-bedroom and 8 one-bedroom units, along with 8 ground-floor retail units. A 21,000 square foot free-standing retail building is also included, featuring 15,000 square feet on the main floor and a 6,000 square foot basement with racking-height ceilings. Ample on-site parking is available. One retail space is currently available, with projected income of $6,500 per month, or $78,000 annually. Residential rents are currently below market rates, with the potential to increase by $146,700 annually. The current gross income is $584,830, with a pro forma gross income of $809,530. Main operating expenses for 2024 total $203,757, including $129,298 in taxes, $30,190 for insurance, $29,844 for utilities, and $14,425 for snow removal, garbage, pest control, and maintenance. The current net operating income is $381,073, with a pro forma net operating income of $605,773. Current apartment income is $155,220 per year, with a pro forma apartment income of $302,400 per year, assuming market rents of $1,500 per month for one-bedroom units and $1,650 per month for two-bedroom units. One retail unit is currently under construction, with confirmed tenant interest at $6,500 per month. The property is located in a suburban-Chicago location with demand and development potential.
Location Intelligence
Current Use by Public Records
Automatic Appliance Parts
Big Box & Wholesale Store
Location Insight
- Map
- Local Demand
- City
- Norridge
- County
- Cook
- State
- Illinois
- Longitude
- -87.8216669
- Latitude
- 41.9667305
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Three-building portfolio with residential and retail units, value-add potential.
Where is this mixed-use property located?
The property is located at 7757 W Lawrence Ave Norridge, IL.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Significant Value‑Add Potential: Increase residential rents by $146,700 annually and fill vacant retail space projected to generate $78,000 annually.; Strong Cash Flow: Current NOI of $381,073 with a Pro Forma NOI of $605,773.; Prime Location: Situated in the high‑demand suburban‑Chicago Village of Norridge, IL, offering strong demand and development potential.
