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    Turnkey Restaurant Venue with PPA Title is generated by Realmo AI

    7455 W Irving Park Road, Chicago, IL 60634

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    For Sale
    $949,000

    COMMERCIAL - Chicago, IL

    Type:Retail
    Property size:
    4,055 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $234/SF
    Added:
    Apr 14, 2026
    Days on Market:
    53
    Last Refresh:
    Jun 5 at 2:06 pm

    Property Features for 7455 W Irving Park Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    APN
    12242020020000
    Size
    4,055 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    16801

    Utilities

    Cooling system
    Central Air, Exhaust Fan (Cooling)

    Building Details

    Year built
    1924
    Floors in Building
    2
    Number of units
    1

    We can help!

    Listing Contact
    Thoma Socrates Panos

    Listing agent Thoma Socrates Panos License #475211627

    Listing office Pearson Realty Group 1000 N. MILWAUKEE AVE, Chicago, IL

    Listing date Apr 14, 2026

    MLS# 12617645

    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, fully renovated restaurant, pizzeria, and bar with a Chicago PPA liquor license and seating for 95 patrons.
    • Includes a 930 SF, three‑bedroom residential apartment providing a secondary income stream.
    • Prime location on Irving Park Road with high traffic counts and proximity to Harlem‑Irving Plaza (HIP).
    • Fully equipped commercial kitchen with newer pizza ovens, prep areas, and a walk‑in cooler/freezer.
    • Dedicated 15‑car parking area plus ample street parking on a 0.16‑acre corner lot.
    • Located in a dense residential area with a high median household income of $92,409.

    Overview

    This is a rare turnkey opportunity for an operator or investor seeking a fully renovated venue with Public Place of Amusement (PPA) license and uncommitted Video Gaming Terminal (VGT) potential. The property includes real estate, business, and assets. Unlike standard restaurant offerings, this 4,055 square foot freestanding corner asset includes a PPA, liquor, and food license, enabling the owner to collect cover charges or donations for ticketed events, raffles, live music, comedy, and more, creating multiple high-margin revenue streams beyond traditional food and beverage. The VGT-ready game room is currently uncommitted to any gaming operator, giving a new owner full leverage to negotiate their own terminal operator agreement and signing incentives. The restaurant was fully gut-rehabbed in late 2024, offering a new dining and bar space that seats 95 and a brand-new fully equipped commercial kitchen featuring pizza ovens, extended range, stove, prep areas, and a walk-in cooler. Situated on a 0.16-acre lot, the property features a 3,125 square foot main level, a dedicated +15-car parking lot with ample street parking, and a 930 square foot 3-bedroom residential unit for additional income. The site offers prime frontage on Irving Park Road near Harlem Avenue and the Harlem-Irving Plaza (HIP), capturing high visibility from over 26,000 vehicles per day (VPD) within a densely populated residential corridor. The property functions as a clean, SBA-compliant operating shell primed for immediate occupancy, facilitating a seamless acquisition of all existing licenses and FF&E.

    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 $102.2k $25.20
    − Vacancy −$6.6k −$1.64
    EGI $95.5k $23.56
    − OpEx −$23.9k −$5.89
    NOI $71.7k $17.67
    4,055 SF · lease $25.20/SF/yr · vacancy 6.50% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $1.02M
    $895.7K – $1.19M (±1% cap)
    NOI $71,658 @ 7.0% cap · market cap 7.55%
    Second Best
    Retail
    $804.1K
    $703.6K – $938.1K (±1% cap)
    NOI $56,284 @ 7.0% cap · market cap 5.93%
    Theoretical Best
    Office A
    $1.11M
    $967.5K – $1.29M (±1% cap)
    NOI $77,400 @ 7.0% cap · market cap 8.16%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bije's Pizza Restaurant Pro Shop Pizza ... Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.8143646
    Latitude
    41.9523446

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    FAQs

    What type of property is this?
    Conventional restaurant - Fully renovated restaurant with licenses and uncommitted VGT potential.
    Where is this conventional restaurant located?
    The property is located at 7455 W Irving Park Road Chicago, IL.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: Turnkey, fully renovated restaurant, pizzeria, and bar with a Chicago PPA liquor license and seating for 95 patrons.; Includes a 930 SF, three‑bedroom residential apartment providing a secondary income stream.; Prime location on Irving Park Road with high traffic counts and proximity to Harlem‑Irving Plaza (HIP).
    (773) 325-2800
    We can help!
    Listing Contact
    Thoma Socrates Panos
    Real Estate License ID: 475211627
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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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