7701–7757 W Lawrence Avenue - Apartments FOR SALE


Norridge, IL 60706
$4,900,000 USD
847-858-2909
7701–7757 W Lawrence Avenue, Norridge, IL for Sale
$4,900,000 USD
Apartments - FOR SALE
1/24
null | 7.78% Cap Rate

7701–7757 W Lawrence Avenue
Norridge, IL 60706


HIGHLIGHTS

  • Current net $381,073, Pro-Forma net income of $605,773
  • 8 Retail Commercial Units, 16 Apartments
  • 21,000 SF Single tenant stand alone building
  • Long term tenants with very attractive rental rates

OVERVIEW

A rare opportunity to acquire a high-performing mixed-use investment in the heart of the Village of Norridge, IL. This three-building portfolio features a healthy mix of residential and retail tenants, with strong cash flow and clear value-add potential. 3 contiguous parcels: 12-13-115-017-0000, 12-13-115-018-0000, 12-13-115-019-0000 16 Apartments: (8 two-bedroom, 8 one-bedroom) 8 Retail Units (ground floor) 21,000 SF Free-Standing Retail Building 15,000 SF main floor 6,000 SF basement with racking-height ceilings Ample on-site parking Vacancy: One retail space available, projected at $6,500/month ($78,000 annually). Residential rents: Below market; potential to increase by $146,700 annually. Current Income & Expenses Gross Income (Current) $584,830 Gross Income (Pro Forma) $809,530 Main Operating Expenses (2024) $203,757   • Taxes $129,298   • Insurance $30,190   • Utilities $29,844   • Snow, Garbage, Pest, Maintenance $14,425 Net Operating Income (Current) $381,073 Net Operating Income (Pro Forma) $605,773 Value-Add Potential Residential Upside Current apartment income: $155,220/year Pro forma apartment income: $302,400/year Market rents assumed: 1BR: $1,500/month 2BR: $1,650/month No major renovations required to achieve market levels Retail Upside One unit currently under construction, with confirmed tenant interest at $6,500/month Additional upside through future lease adjustments at renewal Investment Highlights Fully stabilized asset with built-in upside Strong commercial tenant mix + long-term residential renters 21,000 SF freestanding retail building anchors portfolio stability Prime suburban-Chicago location with strong demand and development potential Offered at $600K below recent appraisal ?? Summary: This portfolio combines stable cash flow with clear opportunities to unlock higher returns through strategic rent adjustments and lease optimization. Positioned in a high-demand suburban-Chicago market, it offers both immediate income and long-term appreciation potential.

FOR SALE DETAILS

PRICE

$4,900,000 USD

PRICE/SF

$169 USD /SF

# OF UNITS

16

PRICE/UNIT

$306,250

CAP RATE

7.78%

% LEASED

-

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

7701–7757 W Lawrence Avenue, Norridge, IL 607

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

undefined, Storefront, Distribution

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

126

LAND DETAILS

LAND ACRES

0.84 AC

LAND SF

36,590 SF

ZONING

B-2, Norridge

APN/PARCEL ID

12-13-115-017-0000,12-13-115-018-0000

ASK ABOUT THIS PROPERTY

Jason BittonRemax CommercialMore Info
847-858-2909

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Jason BittonRemax CommercialMore Info
847-858-2909

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.