7701–7757 W Lawrence Avenue, Norridge, IL 607 7701–7757 W Lawrence Avenue 16 Unit Apartment Building $4,900,000 ($306,250/Unit) 7.29% Cap Rate Norridge, IL 60706

FULL-BLOCK MIXED-USE — 8 RETAIL SUITES + 16 APARTMENTS — 7.29% CAP GOING IN, 11.87% PRO FORMA — NORRIDGE
For the first time in 24 years, 7701-7757 W Lawrence Ave is for sale: a full city block of income in Norridge — three contiguous parcels totaling about 1.94 acres, roughly 28,935 SF of building (1963), ample on-site parking, and two distinct income streams. Eight ground-floor retail suites run the Lawrence Avenue frontage, anchored by a department store in a 21,000 SF freestanding building at 7757 paying $16,000/month through May 7, 2027. Behind and above the retail, two apartment buildings (7707 and 7721) hold 16 residential units — eight 1BRs and eight 2BRs.
THE NUMBERS
$4,900,000 asking. Current seller-provided income of $560,830 against 2024 operating expenses of $203,757 = $357,073 NOI — approximately a 7.29% cap going in. The upside is unusually well documented: in-place apartment rents run $765-$900/month while twelve rented MLS comps in the surrounding Norridge/Harwood Heights corridor (MRED, Aug 2025) support ~$1,500 (1BR) and ~$1,650 (2BR). Marking apartments to market and leasing one projected commercial vacancy at $6,500/month brings pro forma NOI to $581,773 — approximately 11.87% on the same price. All figures seller-provided or estimated; pro forma is an illustrative projection; buyer to verify in due diligence.
EASY TO UNDERWRITE
Every lease is gross except one: the 7757 anchor reimburses 75% of the property-tax bill for its PINs. All tenants — retail and residential — pay their own electric and gas. The retail roster is daily-needs and service-driven: delicatessen, HVAC contractor, podiatry clinic, hair salon, barber shop, bakery, real estate office, plus the department-store anchor. 15 of 16 apartments occupied. Rent roll as of May 2026, seller-provided, anonymized; full roll with the offering memorandum.
WHY THIS PROPERTY WORKS
Real in-place income at a 7.29% cap, a documented mark-to-market path to 11.87%, and a 2027 anchor decision point that lets a new owner re-lease, re-tenant or reposition the 21,000 SF anchor building on their own terms. Diversified income — 24 units across three parcels — with no single point of failure in the rent roll. B-2 zoning carries a broad by-right retail and office list for re-tenanting, and the code's own structure — dwelling units above the first floor, business below — matches exactly how the property already operates. Norridge taxes stay well below the Chicago parcels across the street.
LOCATION
Norridge is a stable inner-ring suburb nearly surrounded by the City of Chicago — 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, approximately 10,600 vehicles per day (Illinois Department of Transportation, 2025 average annual daily traffic), minutes from Harlem Irving Plaza — one of the region's busiest retail centers — O'Hare and the Kennedy Expressway.
IDEAL FOR
Multifamily value-add investor, apartment investor, mixed-use investor, mark-to-market reposition, 1031 exchange buyer, private investor, family office, syndicator, cash-flow investor, retail strip investor, anchor re-tenanting play, owner-user with income (occupy the anchor, keep 23 income units). Re-tenanting the retail suits: department store, furniture store, appliance store, health center, fitness center, medical and dental clinic, doctor's office, podiatry, pharmacy, drug store, restaurant, deli, delicatessen, bakery, candy and ice cream store, grocery, retail food store, meat market, package liquor store, bank, drive-in bank (special use for drive-through), currency exchange, business office, professional office, law office, real estate office, insurance agency, employment agency, barber shop, beauty parlor, hair salon, art gallery, art and school supply store, bookstore, stationery store, camera store, gift shop, hobby shop, jewelry and watch repair, leather goods, luggage store, apparel store, variety store, drapery and fabric center, carpet showroom, paint and wallpaper store, auto accessory store, business machines showroom, sewing machine and appliance repair, business or commercial college, catering, post office, sporting goods, shoes, music, antiques, dry cleaning drop store.
PROPERTY FACTS
28,935 SF building on 1.94 acres — three contiguous parcels. 24 units: 8 retail + 16 apartments (8x1BR, 8x2BR). Built 1963. $4,900,000 — 7.29% cap current / 11.87% pro forma. NOI $357,073 current / $581,773 pro forma. Anchor: $16,000/mo through 5/7/2027 + 75% tax reimbursement on its PINs. Approx. 10,600 VPD (IDOT 2025). Zoned B-2, Village of Norridge. 7701-7757 W Lawrence Ave, Norridge, Cook County, IL 60706.
Contact Jason Bitton — RE/MAX Commercial — 847-858-2909 — Jason@JasonCRE.com
ZONING: B-2 RESTRICTED (SHOPPING CENTER) BUSINESS DISTRICT
Zoning Ordinance of the Village of Norridge (Ord. No. 267, as amended), Article IX — Village Zoning Book in effect as of March 27, 2024. B-2 permits every B-1 use plus an expanded retail list. Permitted uses are allowed by right; the district's listed special use (drive-in / drive-through retail and service establishments) requires village approval and is not guaranteed. Note: the Village has published a proposed 2026 zoning ordinance — confirm current regulations with the Village of Norridge before purchase. Verify all uses independently; broker makes no representation as to approvability of any use.
PERMITTED USES (BY RIGHT) INCLUDE: Department stores. Furniture stores. Health centers. Art galleries. Auto accessory stores. Business machines display and sales. Carpet display and sales. Catering. Restaurants (no alcohol). Package liquor stores. Paint and wallpaper stores. Appliance and sewing machine sales and service/repair shops. Business or commercial colleges. Employment agencies. Newspaper distributors. Post offices. Plus all B-1 uses: retail bakeries, banks and drive-in banks, barber shops, beauty parlors, book and stationery stores, camera and photographic supply, candy and ice cream stores, currency exchanges, delicatessens, drug stores, dry cleaning drop stores and launderettes, drapery and fabric centers, retail food sales, fur shops, gift shops, apparel and millinery shops, hobby shops, jewelry and watch repair, leather goods and luggage, medical and dental clinics, business and professional offices (doctor, lawyer, real estate, insurance), variety stores, wearing apparel shops — and, per the code's catch-all, other similar retail such as antiques, chinaware, confectionery, dairy products, dry goods, flowers, glassware, groceries, household appliances, meats, music, notions, shoes, sporting goods, tailor shops and tobacco.
SPECIAL USES (VILLAGE APPROVAL REQUIRED): Drive-in / drive-through retail and service establishments.
DISTRICT NOTES: Dwelling units are not permitted below the second floor (the existing apartments-above-retail configuration matches the district's structur