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    9200 Cermak Road Broadview, IL 60155

    View on Map
    For Sale
    $2,950,000

    COMMERCIAL - Broadview, IL

    Property size:
    12,000 SF
    Lot size:
    1.03 Acres
    Added:
    Aug 6, 2023
    Days on Market:
    970
    Last Refresh:
    Apr 1 at 2:06 pm

    Property Features for 9200 Cermak Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    RTAIL
    Standard status
    Active
    APN
    15223140290000
    Size
    12,000 SF
    Lot size
    1.03 Acres

    Taxes and HOA fees

    TaxYear
    2021
    TaxAnnualAmount
    27224

    Utilities

    Utilities
    Water Available
    Cooling system
    Central Air, Window Unit(s)

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    24
    Flooring type
    Wood, Concrete
    Building materials
    Brick
    Roof type
    Membrane

    We can help!

    Listing Contact
    Gregory Ignarski

    Listing agent Gregory Ignarski License #475134591

    Listing office RE/MAX City 7020 W. Higgins Ave., IL

    Listing date Aug 6, 2023

    MLS# 11852576

    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.

    Overview

    Established Restaurant & Banquet Facility

    This commercial property features a restaurant and banquet facility that has been in operation for 50 years. Situated on over an acre of land, the property includes a full basement and is located on the ground floor of a two-story building. The location is at the intersection of Cermak Road and 17th Avenue, with a reported average daily traffic of 31,000 vehicles. Across the street is a strip center anchored by a Home Depot and Super Target. Parking is available for over 90 vehicles. The current C-2 zoning accommodates various uses, and the Village of Broadview is reportedly open to variances and special uses. The modified bitumen roof was updated in 2019, and a new boiler was installed in 2020. The property offers multiple revenue streams, including a restaurant with carry-out service, a bar, gaming, and multiple banquet rooms suitable for meetings, luncheons, and receptions. The top floor contains 23 studio apartments. This property is located in Broadview, Illinois.
    Location Intelligence

    Current Use by Public Records

    Sawa's Old Warsaw ... Restaurant Brookfield Jazz Society Charitable Organization ATM (BMO Harris ... Atm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Broadview
    County
    Cook
    State
    Illinois
    Longitude
    -87.8529626
    Latitude
    41.8497539

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      Retail Space in Broadview Village

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    • $2,950,000

      Restaurant & Banquet Facility For Sale

      Established restaurant and banquet facility with 23 studio apartments.
      9200 Cermak Road, Broadview, IL 60155
      View Details
    • $550,000
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      Retail Space Available For Sale

      Retail space available for sale in Broadview, IL.
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    FAQs

    What type of property is this?
    Conventional restaurant - Long-standing restaurant and banquet facility with apartments for sale.
    Where is this conventional restaurant located?
    The property is located at 9200 Cermak Road Broadview, IL.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: Established restaurant and banquet facility operating for 50 years with regional attraction.; High‑traffic location at the intersection of Cermak Road and 17th Avenue with 31,000 average daily vehicles.; Multiple revenue centers: restaurant, bar, gaming, and banquet rooms.
    (773) 775-0600
    We can help!
    Listing Contact
    Gregory Ignarski
    Real Estate License ID: 475134591
    Learn More
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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.

    More about this property
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