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    Turnkey Restaurant Opportunity in Chicago Title is generated by Realmo AI

    420 W Belmont Avenue, Chicago, IL 60657

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    Claim this Listing
    For Sale
    $649,000

    COMMERCIAL - Chicago, IL

    Property size:
    2,176 SF
    Lot size:
    0.42 Acres
    Price / SF:
    $298/SF
    Added:
    May 20, 2026
    Days on Market:
    15
    Last Refresh:
    Jun 3 at 4:06 pm

    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

    We can help!

    Listing Contact
    Tuyen Nguyen
    Tuyen Nguyen

    Listing agent Tuyen Nguyen License #471006001

    Listing office Chicago Real Estate Resources 800 W. Diversey Pkwy FL 3, Chicago, IL

    Listing date May 20, 2026

    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.

    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.
    • Includes valuable business assets: customer database (55,000+), social media followers (25,000+), branding, and operational systems.
    • Fully built‑out space (2,176 SF, 80 seats) with a $600,000+ investment completed in 2020.
    • Includes a recently renewed liquor license and one dedicated garage parking space.

    Overview

    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.

    Local 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 (±1% cap)
    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 (±1% cap)
    NOI $71,818 @ 7.0% cap · market cap 11.07%
    Zoning and permitted uses should be independently verified with local authorities.
    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

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6407729
    Latitude
    41.9302044

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    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.
    (773) 327-9300
    We can help!
    Listing Contact
    Tuyen Nguyen
    Tuyen Nguyen
    Real Estate License ID: 471006001
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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