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    7757 Lawrence Ave Norridge, IL 60706

    Sponsored
    For Sale
    $4,900,000

    High-yield, fully occupied multifamily & retail

    Property size:
    47,792 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional investment opportunity presents a fully occupied, mixed-use property in Norridge, IL. The property comprises three contiguous buildings totaling 47,792 square feet on a 1.94-acre lot, featuring 16 apartment units and 8 commercial retail units, plus a 21,000 square foot free-standing retail building. Currently boasting 100% occupancy, the property generates a substantial net operating income (NOI) of $352,497, with a current cap rate of 7.19% and a pro-forma cap rate of 9.58%. The asking price is $4,900,000, translating to $102.53 per square foot. Built in 1961, the two-story buildings are zoned B-2. Financial records indicate a gross income of $538,080 and total expenses of $185,582.51, including taxes ($142,261.55), insurance ($21,528.14), utilities ($16,310), and legal/accounting fees ($5,482.82). The property's strategic location near O'Hare Airport and I-90 Expressway, combined with its strong tenant base and high occupancy rate, makes it an attractive investment for owner-users seeking a stable and profitable income stream. The property includes ample parking. The Cook County Assessor's Parcel Numbers (APN) are 12131150190000, 12131150180000, and 12131150170000.

    Property Features for 7757 Lawrence Ave

    General Information

    Property type
    Lifestyle centers
    Square Feet
    47,792 SF

    Building Details

    Year Built
    1961
    Buildings
    3
    Stories
    2
    Units
    25

    We can help!

    Listing Contact
    Jason Bitton
    Jason Bitton

    Learn more

    HighLights

    • Three contiguous buildings totaling 47,792 square feet on a 1.94‑acre lot, including 16 apartment units and 8 retail units, plus a 21,000 SF free‑standing retail building. Currently 100% occupied, offering a 7.19% cap rate.
    • Fully leased 16 apartment units and 8 retail units provide stable income.
    • Prime location in a vibrant commercial area with high foot traffic.
    • Impressive 21,000 square foot free‑standing retail building.
    • Ample parking.
    • 100% occupancy ensures consistent income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Automatic Appliance Parts Appliance Parts Supplier

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.8215847
    Latitude
    41.966686

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      7701-7757 Lawrence Ave, Norridge, IL 60706

      Commercial real estate • 47,792 SF
      7701-7757 Lawrence Ave, Norridge, IL 60706
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    FAQs

    What type of property is this?
    Lifestyle center - High-yield, fully occupied multifamily & retail
    Where is this lifestyle center located?
    The property is located at 7757 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: Three contiguous buildings totaling 47,792 square feet on a 1.94-acre lot, including 16 apartment units and 8 retail units, plus a 21,000 SF free-standing retail building. Currently 100% occupied, offering a 7.19% cap rate.; Fully leased 16 apartment units and 8 retail units provide stable income.; Prime location in a vibrant commercial area with high foot traffic.
    Request Owner's contact information
    7757 Lawrence Ave Norridge, IL 60706
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    Norridge, IL 60706
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    7757 Lawrence Ave Norridge, IL 60706
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    We can help!
    Listing Contact
    Jason Bitton
    Jason Bitton
    Real Estate License ID: IL475170841
    Learn more
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