Turnkey Restaurant Opportunity in
420 W Belmont Avenue Chicago, IL 60657
For Sale
$649,000
COMMERCIAL - Chicago, IL
Property Size2,176 SF
Lot Size0.42 Acres
Price / SF$298.25
Days on Market69
Property Features for 420 W Belmont Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- 00000000000000
- Size
- 2,176 SF
- Lot size
- 0.42 Acres
Taxes and HOA fees
- Tax Year
- 2024
Utilities
- Cooling system
- Central Air
Listing Agency:
Chicago Real Estate Resources
(773) 327-9300
Listed By:
Tuyen Nguyen · License #471006001
(773) 327-9300
Added: May 20
Last Checked: Jul 27 at 5:06AM
MLS# 12654486
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is a rare opportunity to assume a below-market lease in one of Chicago's strongest dining corridors. The current total rent is approximately $5,600/month, compared to a submarket average of $7,400+/month NNN for comparable spaces. The location benefits from 18,000-25,000 vehicles per day, a dense residential population, commuter traffic off Lake Shore Drive, and proximity to Belmont Harbor, the Lakefront Trail, and Wrigleyville. The 2,176 square foot ground floor space is fully turnkey, following a $600,000+ buildout completed in 2020. It includes a commercial kitchen, draft beer line system, decor, branding, and operational infrastructure, with seating for 80. The lease includes two ADA-compliant restrooms, one dedicated garage parking space, and a recently renewed liquor license. Significant business assets are included in the sale: a transferable customer database of 55,000+ email and SMS subscribers, 25,000+ social media followers, established branding, recipes, a website, marketing assets, and operational systems. Value-add opportunities exist through expanded operating hours, catering, private events, alcohol sales, delivery, and retail products. This is an ideal acquisition for an owner-operator, restaurant group, cafe concept, cocktail lounge, or hospitality operator seeking a proven, high-visibility location in East Lakeview. The property is located in a 42-story high-rise on Belmont Avenue.
Key Highlights
- Turnkey restaurant opportunity in East Lakeview, ready for immediate operation.
- Below‑market lease at approximately $5,600/month, significantly lower than the submarket average.
- High‑traffic location with 18,000‑25,000 vehicles per day and proximity to key attractions.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.4k | $26.40 |
| − Vacancy | −$3.4k | −$1.58 |
| EGI | $54.0k | $24.82 |
| − OpEx | −$13.5k | −$6.20 |
| NOI | $40.5k | $18.61 |
2,176 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$578.6K
$506.3K – $675.0K
NOI $40,500 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$897.7K – $1.20M
NOI $71,818 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
ATM Bob
Atm
Noble Garage Door
Building Supply
King Fisher Chicago
Tour Operator
Healthcare Enhanced, LLC
Physician
Wake ‘n Bacon
Restaurant
FAQs
What type of property is this?
Conventional restaurant - Below-market lease in East Lakeview, fully equipped restaurant with assets.
Where is this conventional restaurant located?
The property is located at 420 W Belmont Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Turnkey restaurant opportunity in East Lakeview, ready for immediate operation.; Below‑market lease at approximately $5,600/month, significantly lower than the submarket average.; High‑traffic location with 18,000‑25,000 vehicles per day and proximity to key attractions.
