7701-7757 W Lawrence AveNorridge, IL 60706
Full-block retail + multifamily mixed-use investment in Norridge, IL. $4,900,000 — ~7.29% cap current / 11.87% pro forma. 8 retail suites anchored by a department store + 16 apartments. First offering in 24 years.
A full city block of income on Lawrence Avenue
For the first time in 24 years, 7701-7757 W Lawrence Ave is up for sale — a full-block, income-producing mixed-use property in Norridge: three contiguous parcels totaling about 1.94 acres, with roughly 28,935 SF of building built in 1963 and ample on-site parking. Eight ground-floor retail units run the length of the Lawrence Avenue frontage, anchored by a department store in a 21,000 SF freestanding building at 7757 paying $16,000 per month on a lease that runs until May 7, 2027. Above and behind the retail, two apartment buildings at 7707 and 7721 hold 16 residential units (eight one-bedrooms and eight two-bedrooms).
At the $4,900,000 asking price, current seller-provided income of $560,830 and 2024 operating expenses of $203,757 produce a net operating income of $357,073 — approximately a 7.29% cap rate going in. The upside is unusually well documented: in-place apartment rents run $765–$900 per month, while recent rented comps in the surrounding corridor support about $1,500 for one-bedrooms and $1,650 for two-bedrooms. Marking apartments to market and leasing one projected commercial vacancy at $6,500 per month brings pro forma NOI to $581,773 — approximately 11.87% on the same price.
Leases are simple to underwrite: all gross, with the single exception of the 7757 department store, which reimburses 75% of the property-tax bill for its PINs. All tenants pay their own electric and gas. All figures seller-provided; buyer to verify in due diligence.
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Property highlights
7.29% going-in cap
Current NOI of $357,073 against the $4,900,000 ask — real, in-place income from day one, not a projection.
Documented mark-to-market upside
Apartments rent at $765–$900 while recent rented comps support ~$1,500 (1BR) and ~$1,650 (2BR) — a pro forma path to an 11.87% cap.
Anchored retail base
Department store at 7757 pays $16,000/month through May 7, 2027, and reimburses 75% of the property-tax bill for its PINs.
Simple gross leases
Every lease is gross except the anchor's tax reimbursement — and all tenants pay their own electric and gas.
Diversified income streams
16 apartments plus 8 retail units across three contiguous parcels — no single point of failure in the rent roll.
Harlem Irving Plaza corridor
High-traffic Lawrence Avenue location near one of the region's busiest retail centers, minutes from O'Hare and the Kennedy.
Documented income, defined upside
Presented on two bases: actual current income with all relevant 2024 operating expenses, and a pro forma marking apartment rents to recent comps with one projected commercial lease-up. All figures seller-provided or estimated; buyer to verify in due diligence.
| Line Item | Current | Pro Forma |
|---|---|---|
| Gross Income | $560,830 | $785,530 |
| Property Taxes (2024) | $129,298 | $129,298 |
| Insurance (2024) | $30,190 | $30,190 |
| Utilities (2024) | $29,844 | $29,844 |
| Snow, Garbage, Pest & Maintenance (2024) | $14,425 | $14,425 |
| Total Operating Expenses (2024) | $203,757 | $203,757 |
| Net Operating Income | $357,073 | $581,773 |
| Cap Rate · Current | 7.29% |
| Cap Rate · Pro Forma | 11.87% |
| NOI · Pro Forma | $581,773 |
| Gross Income Multiple · Current | 8.7× |
| Price / Building SF | ~$169 |
| Retail Income · Anchor (7757) | $192,000/yr |
| Retail Income · Other 7 Suites | $158,700/yr |
| Retail Income · All 8 Units | $350,700/yr |
| Apartment Income · In-Place | $150,180/yr · $12,515/mo |
Pro forma marks apartments to recent rented comps — ~$1,500/mo (1BR) and ~$1,650/mo (2BR) vs. in-place $765–$900 — and projects one commercial vacancy leasing at $6,500/mo. Expenses held at 2024 actuals in both cases. Gross income of $560,830 reflects in-place rents of $500,880 plus the anchor tenant's ~75% property-tax reimbursement of $59,950. Pro forma is an illustrative projection, not a guarantee. All income, expense, lease, tax, square-footage and unit-mix figures are seller-provided or estimated and must be independently verified by buyer in due diligence.
Rent roll (anonymized), May 2026
Two apartment buildings (7707 and 7721) hold 16 units — 15 occupied at $12,515/mo in place, one 1BR vacant. Eight ground-floor retail suites run the Lawrence Avenue frontage, anchored by a department store. Tenant identities withheld; full rent roll available with the offering memorandum. Seller-provided; buyer to verify.
| Unit | Bedrooms | Lease Exp. | Monthly Rent |
|---|---|---|---|
| Unit 1 | 2 | 9/30/2026 | $875 |
| Unit 2 | 1 | 3/31/2027 | $775 |
| Unit 3 | 1 | 3/31/2027 | $800 |
| Unit 4 | 2 | 3/31/2027 | $900 |
| Unit 5 | 2 | 3/31/2027 | $900 |
| Unit 6 | 1 | 9/30/2026 | $775 |
| Unit 7 | 1 | 3/31/2027 | $800 |
| Unit 8 | 2 | 3/31/2027 | $900 |
| Total | $6,725/mo |
| Unit | Bedrooms | Lease Exp. | Monthly Rent |
|---|---|---|---|
| Unit 1 | 2 | 9/30/2025 | $875 |
| Unit 2 | 1 | 9/30/2025 | $775 |
| Unit 3 | 1 | 9/30/2026 | $765 |
| Unit 4 | 2 | 9/30/2026 | $850 |
| Unit 5 | 2 | 9/30/2026 | $850 |
| Unit 6 | 1 | Vacant | — |
| Unit 7 | 1 | 9/30/2026 | $775 |
| Unit 8 | 2 | Month-to-Month | $900 |
| Total | $5,790/mo |
| Suite | Tenant | Monthly Rent | Lease Exp. | Option Exp. |
|---|---|---|---|---|
| 7701 | Delicatessen | $1,400 | Option Exercised | 11/30/2027 |
| 7703–7705 | HVAC Contractor | $2,700 | Option Exercised | 6/30/2030 |
| 7709 | Podiatry Clinic | $1,550 | 12/31/2027 | 12/31/2029 |
| 7711 | Hair Salon | $1,450 | Option Exercised | 10/31/2027 |
| 7713 | Barber Shop | $1,850 | Option Exercised | 9/30/2035 |
| 7715–7717 | Bakery | $3,175 | 11/30/2026 | 11/30/2032 |
| 7719 | Real Estate Office | $1,100 | Option Exercised | 11/30/2027 |
| 7757 | Department Store (anchor) | $16,000 + 75% RE taxes | 5/7/2027 | None |
| Total | 8 retail suites | $29,225/mo |
Rent roll as of May 2026, seller-provided, anonymized for marketing. Retail base rents total $29,225/mo before the anchor's 75% property-tax reimbursement. Lease and option dates and rents to be confirmed against actual leases; buyer to verify in due diligence.
What nearby apartments actually rented for
Twelve rented (closed) MLS comps from the surrounding Harlem Avenue / Norridge / Harwood Heights corridor, MRED, August 2025. One-bedrooms rented at $1,500–$1,675; two-bedrooms at $1,575–$1,650. The pro forma uses $1,500 (1BR, bottom of range) and $1,650 (2BR).
| Comp | Type | BR | Rented At |
|---|---|---|---|
| 3814 N Harlem Ave, Unit 3E | Condo | 1 | $1,500/mo |
| 8537 W Foster Ave, Unit G | Garden Unit | 1 | $1,500/mo |
| 4904 N Harlem Ave, Unit 2W | Low Rise | 1 | $1,540/mo |
| 7854 W Cahill Ter, Unit B | — | 1 | $1,600/mo |
| 4600 N Cumberland Ave, Unit 611 | — | 1 | $1,600/mo |
| 4904 N Harlem Ave, Unit 1E | Low Rise | 1 | $1,675/mo |
| 4752 N Olcott Ave, Unit 1C | Low Rise | 2 | $1,575/mo |
| 5230 N Delphia Ave, Unit 3E | Flat | 2 | $1,600/mo |
| 4803 N Harlem Ave, Unit 2 | Condo | 2 | $1,625/mo |
| 4932 N Harlem Ave, Unit 1E | Low Rise | 2 | $1,650/mo |
| 4803 N Harlem Ave, Unit 3 | Condo | 2 | $1,650/mo |
| 8541 W Bryn Mawr Ave, Unit 2N | Low Rise | 2 | $1,650/mo |
Source: MRED MLS rented residential comparables, August 2025. Deemed reliable but not guaranteed; buyer to verify market rents independently in due diligence.
Easy to underwrite, easy to manage
Gross Leases
Every lease at the property is gross, with a single exception: the 7757 department store, which reimburses 75% of the property-tax bill for its PINs.
Tenant-Paid Utilities
All tenants — retail and residential — pay their own electric and gas, keeping the owner's utility line to common and house loads.
Anchor Term
The department store occupies the 21,000 SF freestanding building at 7757 (15,000 SF main floor plus a 6,000 SF basement) and pays $16,000/month on a lease running until May 7, 2027 — near-term income security with a re-lease or re-position decision point for the new owner.
Lease terms summarized from seller-provided information; buyer to review all leases and verify terms in due diligence.
Location & surroundings
Norridge is a stable inner-ring suburb northwest of Chicago, known for low taxes, strong retail corridors, and proximity to O'Hare. Lawrence Avenue benefits from high daily traffic and adjacency to Harlem Irving Plaza, one of the region's busiest retail centers.
The village is nearly surrounded by the City of Chicago, so its retail and apartments draw on dense city neighborhoods on every side — while property taxes stay on the Norridge side of the line.
• Full-block frontage on Lawrence Avenue, an established retail corridor
• Near Harlem Irving Plaza, one of the region's busiest retail centers
• Minutes from O'Hare International Airport and the Kennedy Expressway
• Low taxes relative to Chicago — a long-standing Norridge draw
• Dense, established residential neighborhoods on all sides supporting both the retail and the apartments
Buyer questions
What is the asking price and cap rate?+
The asking price is $4,900,000. On current net operating income of $357,073 that is approximately a 7.29% cap rate; on pro forma NOI of $581,773 it is approximately 11.87%. All figures seller-provided; buyer to verify in due diligence.
What produces the income?+
Eight ground-floor retail units along Lawrence Avenue — anchored by a department store at 7757 paying $16,000 per month — plus 16 apartments across two buildings at 7707 and 7721.
What is the lease structure?+
All leases are gross, with one exception: the 7757 department store reimburses 75% of the property-tax bill for its PINs. All tenants pay their own electric and gas.
Where is the upside?+
In-place apartment rents run $765–$900 per month, while recent rented comps in the surrounding corridor support about $1,500 for one-bedrooms and $1,650 for two-bedrooms. The pro forma also projects one commercial vacancy leasing at $6,500 per month. Pro forma figures are projections; buyer to verify in due diligence.
When does the anchor retail lease expire?+
The 7757 department store lease runs until May 7, 2027, at $16,000 per month.
How do I get the full offering memorandum or schedule a tour?+
Contact Jason Bitton of RE/MAX Commercial at (847) 858-2909 or Jason@JasonCRE.com, or request materials through the website.
What is the traffic count at 7701-7757 W Lawrence Ave, Norridge?+
Lawrence Ave carries approximately 10,600 vehicles per day past the property (Illinois Department of Transportation, 2025 average annual daily traffic).
Interested in this property?
Contact Jason for tour scheduling, terms, and availability.
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