Retail Storefront with
For Sale
$595,000
G-7349 Madison St, Forest Park, IL
Ground-level retail with hardwood floors, kitchen, bathroom, and separate lower-level space with additional storage.
Property Size4,580 SF
Price / SF$129.91
Days on Market123
Property Features for G-7349 Madison St
General Information
Standard status
Active
Size
4,580 SF
Taxes and HOA fees
Annual Taxes
$7,277
Listing Agency:
coldwell banker realty
(941) 366-8070
Listed By:
Linda McCroy · License #475126749
(708) 738-9986
Source:
Exprealty
Added: May 6
Changed: Sep 2
Last Checked: Sep 4 at 11:05AM
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 coldwell banker realty
Investment Insights
Based on property information with market context.
This storefront retail property includes a finished basement area in addition to the ground-floor space. The ground level features hardwood floors, a bathroom and kitchen, high ceilings, and lots of storage. The lower level includes a second bathroom, a utility room, and additional storage, providing practical flexibility for a variety of back-of-house needs.
The property is centrally located on Madison Street in a downtown business district. Public remarks note ample street and village parking and easy access to the expressway, public transportation, and the train.
Heating and cooling are separately zoned for more control over comfort throughout the ground and lower levels.
The property is centrally located on Madison Street in a downtown business district. Public remarks note ample street and village parking and easy access to the expressway, public transportation, and the train.
Heating and cooling are separately zoned for more control over comfort throughout the ground and lower levels.
Key Highlights
- 4,580 SF storefront on Madison Street in the downtown business district, currently used as a retail store
- Ground level includes hardwood floors, bathroom, kitchen, high ceilings, and lots of storage
- Finished basement/ lower level includes a bathroom, utility room, and additional storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,483
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$889,660
$889.7K
Cap Rate 7%
$635,471
$635.5K
Cap Rate 9%
$494,256
$494.3K
Market Conditions
NOI Build-Up for 4,580 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.7K $15.00/SF
− Vacancy
−$5.2K −$1.13/SF
EGI
$63.5K $13.88/SF
− OpEx
−$19.1K −$4.16/SF
NOI
$44.5K $9.71/SF
Area
Joliet, IL
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$889,660
Cap Rate 7%
$635,471
Cap Rate 9%
$494,256
Alternative Uses
Best Use
Retail
$635.5K
$556.0K – $741.4K
NOI $44,483 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,531 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,333
Businesses Nearby
331k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Shops & Services 29%
Groceries 25%
Electronics 2%
Tony's Fresh Market
Groceries
42,343 visits/mo
0.1 miles
Jewel-Osco
Groceries
40,966 visits/mo
0.4 miles
McDonald's
Dining
38,107 visits/mo
0.2 miles
Sam's Club Gas Station
Shops & Services
34,217 visits/mo
0.5 miles
White Castle
Dining
16,710 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Ground-level retail with hardwood floors, kitchen, bathroom, and separate lower-level space with additional storage.
Where is this storefront property located?
The property is located at G-7349 Madison St Forest Park, IL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 4,580 SF storefront on Madison Street in the downtown business district, currently used as a retail store; Ground level includes hardwood floors, bathroom, kitchen, high ceilings, and lots of storage; Finished basement/ lower level includes a bathroom, utility room, and additional storage
