7701-7757 W Lawrence Ave, Norridge
16 Apartments + 8 Retail Units + 21,000 SF Department Store
Marketing description
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) $560,830
Gross Income (Pro Forma) $785,530
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) $357,073
Net Operating Income (Pro Forma) $581,773
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
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 full property details, financials, and additional photos visit: https://jasoncre.com/7701-7757-w-lawrence-ave-norridge-il/
Investment highlights
3 contiguous buildings and parking lots make up 16 Apartment Units 8 Commercial Retail Units and a 21,000 SF Retail Building Currently 100% occupied at a 7.2% CAP Rate
Stable income from fully leased 16 apartment units, 8 commercial retail units and 1 department store
Vibrant commercial hub with successful businesses and 21,000+ vehicle count
Impressive 21,000 sq ft retail building
139 parking spaces
Versatile property serving residential and commercial needs.
100% occupancy rate ensuring consistent income.Strategic location in the Village of Norridge with high visibility and built-in customer base.
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