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Norridge Manor 7701-7757 W Lawrence Ave
48,401 SF 92% Leased Retail Building Norridge, IL 60706 $4,900,000 ($101/SF) 7.19% Cap Rate
Investment Highlights
- 16 Apartments
- 21,000 SF Single tenant stand alone building
- 100% Leased with the option for 21k SF owner occupant
- 8 Retail Commercial Units
- Long term tenants with very attractive rental rates
- Stable income from fully leased 16 apartment units and 8 commercial retail units.
Executive Summary
Complete Financial Highlights:
• Net Operating Income (NOI): $352,497.49
• Gross Income: $538,080
• Total Expenses: $185,582.51
• Utilities: $16,310
• Taxes: $142,261.55
• Insurance: $21,528.14
• Legal/Accounting: $5,482.82
Asset Segmentation by Building Type:
Twin-Buildings (16 Apartments + 8 Commercial Units): -
Income: $345,000
Expenses: $95,000
NOI: $250,000
21,000 SF Building (AAP Building):
Income: $192,000
Tax: $89,431
Accounting: $750
Insurance: (paid by AAP)
~NOI: $102,819
Analysis of Present and Projected Rental Income Streams:
• 16 Apartments:
• Current Income: $144,780
• Estimated FMV: $246,000 (with 1 bed @$1,250/month and 2 Bed @$1,500/month)
• 8 Retail Storefronts:
• Current Income: $201,300
• Estimated Fair Rent Value: $246,884
• 21K SF Store:
• Current Income: $192,000 (Estimated FMV $252,000)
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$538,080
|
$11.12
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$538,080
|
$11.12
|
| Taxes |
$142,261
|
$2.94
|
| Operating Expenses |
$43,321
|
$0.90
|
| Total Expenses |
$185,582
|
$3.83
|
| Net Operating Income |
$352,498
|
$7.28
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $538,080 |
| Annual Per SF | $11.12 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $538,080 |
| Annual Per SF | $11.12 |
| Taxes | |
|---|---|
| Annual | $142,261 |
| Annual Per SF | $2.94 |
| Operating Expenses | |
|---|---|
| Annual | $43,321 |
| Annual Per SF | $0.90 |
| Total Expenses | |
|---|---|
| Annual | $185,582 |
| Annual Per SF | $3.83 |
| Net Operating Income | |
|---|---|
| Annual | $352,498 |
| Annual Per SF | $7.28 |
Property Facts
Amenities
- 24 Hour Access
- Bus Line
- Corner Lot
- Monument Signage
- Air Conditioning
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- ABC Deli
- Accommodation and Food Services
- 936 SF
- -
- -
- Al Air Inc
- Construction
- 1,872 SF
- -
- -
- Allegretti's Bakery
- Manufacturing
- 2,174 SF
- -
- -
- Automatic Appliance Parts Corp
- Wholesaler
- 21,000 SF
- -
- -
- Coral Reef Pet Center
- Services
- 2,808 SF
- -
- -
- Headlines Hair Salon Ltd
- Services
- 936 SF
- -
- -
-
- Real Estate
- 624 SF
- -
- -
- Strictly R/C
- Retailer
- 936 SF
- -
- -
- Volpe, Rosemary Dpm
- Health Care and Social Assistance
- 936 SF
- -
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| ABC Deli | Accommodation and Food Services | 936 SF | - | - | ||
| Al Air Inc | Construction | 1,872 SF | - | - | ||
| Allegretti's Bakery | Manufacturing | 2,174 SF | - | - | ||
| Automatic Appliance Parts Corp | Wholesaler | 21,000 SF | - | - | ||
| Coral Reef Pet Center | Services | 2,808 SF | - | - | ||
| Headlines Hair Salon Ltd | Services | 936 SF | - | - | ||
|
|
Real Estate | 624 SF | - | - | ||
| Strictly R/C | Retailer | 936 SF | - | - | ||
| Volpe, Rosemary Dpm | Health Care and Social Assistance | 936 SF | - | - |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Discover an excellent retail opportunity in a bustling strip center, strategically located amidst a dense and thriving residential area. This 3,726 SF ground-floor unit features expansive display windows that span the entire frontage, offering maximum visibility and natural light—ideal for showcasing your products and attracting foot traffic. Included at no additional cost is a spacious 2,800 SF basement, perfect for storage or additional operational space, giving you a total of 6,526 SF of usable area. This versatile space is perfectly suited for a variety of retail uses, providing both convenience and functionality in a prime location. Don't miss the chance to position your business in this sought-after area, where the combination of residential density and high visibility creates a perfect environment for success.
| Space | Size | Space Use | Position | Available |
| 7723 | 3,726 SF | Retail | End Cap | Now |
7723
| Size |
| 3,726 SF |
| Space Use |
| Retail |
| Position |
| End Cap |
| Available |
| Now |
7723
| Size | 3,726 SF |
| Space Use | Retail |
| Position | End Cap |
| Available | Now |
Discover an excellent retail opportunity in a bustling strip center, strategically located amidst a dense and thriving residential area. This 3,726 SF ground-floor unit features expansive display windows that span the entire frontage, offering maximum visibility and natural light—ideal for showcasing your products and attracting foot traffic. Included at no additional cost is a spacious 2,800 SF basement, perfect for storage or additional operational space, giving you a total of 6,526 SF of usable area. This versatile space is perfectly suited for a variety of retail uses, providing both convenience and functionality in a prime location. Don't miss the chance to position your business in this sought-after area, where the combination of residential density and high visibility creates a perfect environment for success.
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $576,152 (2024) | |
| Land Assessment | $280,038 (2024) | Annual Taxes | $142,261 ($2.94/SF) |
| Improvements Assessment | $296,114 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Presented by
Norridge Manor | 7701-7757 W Lawrence Ave
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