Norridge Mixed-Use Investment
For Sale
Contact for pricing
7757 W Lawrence Ave, Norridge, IL 60706
Three-building portfolio with residential and retail units, value-add potential.
Property Size47,792 SF
Price / SF$102.53
Days on Market1185
Property Features for 7757 W Lawrence Ave
General Information
Standard status
Active
Size
47,792 SF
Property subtype
Mixed Use, Multifamily, Retail
Zoning
B-2
Occupancy
92%
Investment Type
Owner/User
Net Operating Income
$357,073
Building Details
Year Built
1961
Buildings
3
Stories
2
Units
25
Listing Agency:
RE/MAX Suburban
(847) 367-8686
Listed By:
Jason Bitton · License #IL475170841
Source:
Crexi
Added: May 25, 2023
Changed: Aug 15
Last Checked: Aug 20 at 2:01PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 60706, IL
24,327
Population
9,720
Households
2.5
Avg Household Size
45
Median Age
30%
College-Educated
87%
High-School Grad
3.1 sq mi
ZIP Area
7,847
Density / Sq Mi
$85,000
Median Household Income
$48,602
Median Earnings
$1,242
Median Rent
$347,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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.
