8827 Grand Ave River Grove, IL 60171-1388

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.