Logan Square Restaurant/Brewery
For Sale
$3,300,000
2323 N Milwaukee Avenue, Chicago, IL 60647
Two-story, 12,500 SF restaurant/brewery building in Logan Square.
Property Size12,500 SF
Price / SF$264
Days on Market580
Property Features for 2323 N Milwaukee Avenue
General Information
Standard status
Active
Size
12,500 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$69,478
Building Details
Year Built
1909
Listing Agency:
Strauss Realty Ltd
(847) 826-4467
Listed By:
Adam Schneiderman · License #475149601
(847) 826-4467
Source:
Exitrealty
Added: Jan 8, 2025
Changed: Aug 8
Last Checked: Aug 11 at 7:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Strauss Realty Ltd
Investment Insights
Based on property information with market context.
Located in the heart of Logan Square, this two-story, 12,500 SF building presents an exceptional opportunity for restaurant or brewery ventures. Formerly occupied by Revolution Brewing for over 14 years, the property benefits from high visibility with 50' of frontage along the Milwaukee Avenue Commercial Corridor. The surrounding area features establishments such as Daisies, Slippery Slope, The Chicago Diner, and Emporium Arcade. The interior includes a 12-foot clear ceiling height, decorative ceilings, a view of the brewing system, and large storefront windows that open to the street. The expansive second floor, featuring a second bar, is suitable for private events, including weddings. Additional features include a drive-in door and a full-height basement with a walk-in cooler, offering ample space for beer tanks. Furniture, fixtures, and equipment are available for separate purchase. The building has an occupancy of 299. The location is convenient, with proximity to I-90/94 and a 4-minute walk to the California Blue Line. Logan Square has a population of 475,348 within a 3-mile radius, with a median household income of $95,301.
Key Highlights
- Prime Logan Square location in the heart of the Milwaukee Avenue Commercial Corridor.
- High‑capacity venue with a 299 occupancy, ideal for a restaurant/brewery or event space.
- Expansive 12,500 SF two‑story building with a second‑floor bar suitable for private events.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$232,650
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,653,000
$4.7M
Cap Rate 7%
$3,323,571
$3.3M
Cap Rate 9%
$2,585,000
$2.6M
Market Conditions
NOI Build-Up for 12,500 SF
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.
Gross rent
$330.0K $26.40/SF
− Vacancy
−$19.8K −$1.58/SF
EGI
$310.2K $24.82/SF
− OpEx
−$77.6K −$6.20/SF
NOI
$232.7K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,653,000
Cap Rate 7%
$3,323,571
Cap Rate 9%
$2,585,000
Alternative Uses
Best Use
Specialty Retail
$3.32M
$2.91M – $3.88M
NOI $232,650 @ 7.0% cap · market cap 7.05%
Second Best
Industrial
$1.12M
$979.8K – $1.31M
NOI $78,387 @ 7.0% cap · market cap 2.38%
Theoretical Best
Office A
$5.89M
$5.16M – $6.88M
NOI $412,560 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,093
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - Two-story, 12,500 SF restaurant/brewery building in Logan Square.
Where is this brewery located?
The property is located at 2323 N Milwaukee Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Prime Logan Square location in the heart of the Milwaukee Avenue Commercial Corridor.; High‑capacity venue with a 299 occupancy, ideal for a restaurant/brewery or event space.; Expansive 12,500 SF two‑story building with a second‑floor bar suitable for private events.
