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    Property profile & analytics

    8827 Grand Ave River Grove, IL 60171-1388

    • Retail space
    OFF-MARKET
    Last Sale
    May 14, 2025
    $800,000
    Value Estimations
    $880,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-4777264
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • S J Chody Jr Ltd / Accountant

    Property Details for 8827 Grand Ave

    Property type
    Retail space
    APN
    12-27-406-071
    APU
    1227406071

    Description

    This exceptional mixed-use property, located at 8827 W Grand Ave in River Grove, IL, presents a compelling investment opportunity. The 6,150 square foot building, constructed in 1964 and extensively renovated in 2023, comprises seven units: five two-bedroom, one-and-a-half-bathroom apartments and two retail spaces currently occupied by local businesses. The apartments boast updated kitchens with shaker or cherry cabinets and granite or formica countertops, along with vinyl flooring and renovated bathrooms. Heating is a mix of individual boilers and radiant heat, with tenants responsible for their own utilities. Recent capital improvements include a new roof, replacement windows, a new water heater, and porch repairs. The property offers eleven parking spaces (five on-site, six city parking), on-site laundry facilities, and storage lockers. Its prime location on Grand Avenue, a major thoroughfare, ensures high visibility and convenient access to Route 171, Route 64, and public transportation, including the River Grove Metra Station and PACE bus routes. Nearby amenities include River Grove Library, River Front Park, Triton College, Indian Boundary Golf Course, and various shopping centers. The property's current NOI is $48,421, with a pro-forma NOI of $63,452, representing a 5.38% cap rate and a pro-forma cap rate of 7.05%. The asking price is $900,000. This turnkey property offers significant potential for increased cash flow through market rent adjustments and paid parking. The property is zoned 2-12. This is a value-add/turnkey opportunity in a desirable location, approximately 15 miles from the Chicago Loop and six miles from O'Hare International Airport.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $880,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    River Grove
    County
    Cook
    State
    Illinois
    Longitude
    -87.847
    Latitude
    41.9292
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $16,655
    $5,783
    $44,822
    $50,605
    -
    $23,132
    $179,288
    $202,420

    Comparable in this City

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      8166 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.14 Acres
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      View Details
    • Value Estimation
      $265,000
      0.07 Acres

      8901 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      8901 Grand Ave, River Grove, IL 60171-1322
      View Details
    • Value Estimation
      $465,000
      0.25 Acres

      8383 Belmont Ave

      STORE, RETAIL OUTLET • 0.25 Acres
      8383 Belmont Ave, River Grove, IL 60171-1000
      View Details
    • Value Estimation
      $245,000
      0.06 Acres

      8978 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      8978 Grand Ave, River Grove, IL 60171-1341
      View Details
    • Value Estimation
      $255,000
      0.21 Acres

      8515 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.21 Acres
      8515 Grand Ave, River Grove, IL 60171-1406
      View Details
    • Value Estimation
      $185,000
      1.04 Acres

      1908 5th Ave

      RETAIL STORES (PERSONAL SERVICES) • 1.04 Acres
      1908 5th Ave, River Grove, IL 60171-1906
      View Details

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    8827 Grand Ave
    River Grove, IL 60171-1388
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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
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