8314-8324 W Grand Ave 8 Unit Apartment Building $3,200,000 ($400,000/Unit) 7.09% Cap Rate River Grove, IL 60171

Offered at $3,200,000, this newly gut-renovated mixed-use property presents an outstanding investment opportunity in River Grove, a sought-after inner-ring suburb west of Chicago. The asset combines eight modern residential units and three prime retail storefronts in one cohesive building designed for long-term performance. Recent renovations have replaced all major systems and interiors, creating a low-maintenance, income-producing property with significant operational efficiency.
The residential component consists of seven 2-bedroom/2-bath units and one 3-bedroom/2-bath unit, all featuring premium finishes such as stainless steel appliances, shaker cabinetry, upgraded flooring, and fully updated baths. Each apartment is individually metered with central HVAC, ensuring tenant convenience and owner cost control. Additionally, the property provides three shared laundry rooms to support tenant needs.
Retail suites on the first floor offer flexible configurations, extensive frontage on Grand Avenue, and abundant natural light—ideal for a mix of service, dining, or neighborhood retail operators. Twenty surface parking spaces and eight enclosed garage spots provide a rare parking advantage in this dense suburban market.
Strategically located along the high-traffic W. Grand Avenue corridor, the property enjoys excellent visibility and walkability, with the River Grove Metra Station within walking distance. Easy connections to I-290 and O’Hare International Airport strengthen accessibility and commuter appeal, while nearby retail, dining, Loyola University Medical Center, and industrial employers contribute to a robust tenant base and long-term rental demand.