Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    7723 Lawrence Ave Norridge, IL 60706

    Sponsored
    For Lease
    $22 SF/Yr

    3,726 SF Retail/Office, High Visibility

    Lot size:
    3,726 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional retail or office space, located at 7723 W Lawrence Ave in Norridge, IL (zip code 60706), offers a unique opportunity in Cook County. The 3,726 square foot ground floor unit boasts expansive storefront windows along the entire frontage, maximizing natural light and visibility for optimal customer attraction. A significant advantage is the inclusion of a large, 2,800 square foot basement, providing a total of 6,526 square feet of usable space, ideal for storage, additional operations, or expansion. This single-tenant property is situated within a busy strip center, benefiting from the high density of the surrounding residential area. The property's versatile layout is suitable for a wide range of retail or professional service businesses. Its prime location and high visibility create an exceptional environment for business growth and success. This is a rare opportunity to establish a thriving business in a highly desirable area of Norridge, Illinois. The property is categorized as retail and office, suitable for retail sales and professional services.

    Property Features for 7723 Lawrence Ave

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    3,726 SF

    Unit(s) available at that property

    Space
    Size
    3,726 SF
    Rate per SF
    $22

    HighLights

    • High‑traffic retail/office space totaling 6,526 square feet (3,726 SF ground floor + 2,800 SF basement) at 7723 W Lawrence Ave, Norridge, IL 60706.
    • Large storefront windows maximize natural light and visibility.
    • Located in a busy Norridge strip center with high residential density.
    • Versatile layout suitable for various retail or professional service businesses.
    • Single‑tenant occupancy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Coral Reef Pet ... Pet Store

    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
    -87.819926895103
    Latitude
    41.966744234142

    Nearby Comparable

    • Contact for pricing
      38,000 SF

      Harwood Heights Commercial Property Available

      38,000 sqft commercial space with ample parking.
      7447 W Lawrence Ave, Harwood Heights, IL 60640
      View Details
    • Contact for pricing
      46,000 SF

      Harwood Heights Warehouse Space Available

      46,000 SF warehouse with ample parking in Harwood Heights.
      7401 W Wilson Ave, Harwood Heights, IL 60640
      View Details
    • Contact for pricing
      60,146 SF

      Harlem Irving Trade Area Retail

      Retail opportunity in Harlem Irving trade area.
      7304 W Lawrence Ave, Harwood Heights, IL 60640
      View Details
    • Contact for pricing
      1,863 SF

      Harwood Heights Office Space Available

      Office space for rent near Harlem-Irving Plaza.
      4600-4634 N Harlem Ave, Harwood Heights, IL 60706
      View Details
    • $1,650 /Mo

      Harwood Heights 2-Bed Condo Apartment

      Two-bedroom apartment in Harwood Heights featuring hardwood floors, updated kitchen, and included heat and cooking gas.
      4916 N Harlem Ave, Harwood Heights, IL 60706
      View Details
    • $24 SF/Yr
      70,345 SF

      Holiday Plaza Retail Space Available

      Harwood Heights, IL Strip Center - 70,345 SF
      4747 Harlem Ave, Harwood Heights, IL 60706
      View Details
    • Contact for pricing
      40,000 SF

      Retail Space in Harwood Heights

      Retail space available in high-traffic Harwood Heights location.
      4701 N Harlem Ave, Harwood Heights, IL 60706
      View Details
    • Contact for pricing

      Retail Space and Outlot Available

      Retail space and outlot available in high-traffic Norridge location.
      4533 Nottingham Ave, Norridge, IL 60706
      View Details
    • $2.00 SF/Yr

      High-Visibility Office or Retail Space

      Premier office or retail space with exceptional exposure and accessibility.
      5037 N Harlem Ave, Chicago, IL 60656
      View Details
    • Contact for pricing

      Harlem Avenue Commercial Space Available

      Commercial space on Harlem Avenue, a major retail corridor.
      5045 N Harlem Ave, Chicago, IL 60656
      View Details
    • Contact for pricing
      25,406 SF

      Norridge Retail Space For Lease

      Retail spaces available in Norridge Commons shopping center.
      4103-4137 N Harlem Ave, Norridge, IL 60706
      View Details
    • Contact for pricing
      3,077 SF

      Chicago Office Space For Rent

      Office spaces available in a 164,448 SF business park.
      5515 N Cumberland Ave, Chicago, IL 60656
      View Details

    Nearby Similar for Lease

    • Contact for pricing
      25,406 SF

      Norridge Retail Space For Lease

      Retail spaces available in Norridge Commons shopping center.
      4103-4137 N Harlem Ave, Norridge, IL 60706
      View Details

    FAQs

    What type of property is this?
    Office space - 3,726 SF Retail/Office, High Visibility
    Where is this office space located?
    The property is located at 7723 Lawrence Ave Norridge, IL.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: High-traffic retail/office space totaling 6,526 square feet (3,726 SF ground floor + 2,800 SF basement) at 7723 W Lawrence Ave, Norridge, IL 60706.; Large storefront windows maximize natural light and visibility.; Located in a busy Norridge strip center with high residential density.
    Request Owner's contact information
    7723 Lawrence Ave Norridge, IL 60706
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7723 Lawrence Ave
    Norridge, IL 60706
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    7723 Lawrence Ave Norridge, IL 60706
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.