Avondale Restaurant and Apartment
3256 North Elston Avenue, Chicago, IL 60618
Restaurant and apartments in booming Avondale, great visibility, high traffic.
Property size:
6,250 SFPrice / SF:
$196/SF- Added:
- Mar 30, 2025
- Days on Market:
- 431
- Last Refresh:
- Mar 13 at 11:51 am
Property Features for 3256 North Elston Avenue
General Information
- Standard status
- Active
- Size
- 6,250 SF
Building Details
- Year Built
- 1916
Listing agent Petru Amarei License #471013177 (773) 440-1700
Listing office Owners.com (773) 440-1700
Listing date Mar 30, 2025
Source Compass
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HighLights
- High Income Potential: Estimated $108,000 annual rent from restaurant and apartments.
- Prime Location in Booming Avondale: High‑visibility corner lot with significant new development nearby.
- Large Building Size: 5,368 square feet suitable for various business ventures.
- Restaurant Ready: Includes a 2,500 square foot restaurant space with two full basements.
- Additional Income from Apartments: Two 2‑bedroom apartments provide supplementary rental income.
- Excellent Accessibility: Close proximity to Kennedy Expressway ramps and the Blue Line.
Overview
This property presents a restaurant and business opportunity in Avondale, featuring a 5,368 square foot building. The property includes a 2,500 square foot restaurant space with two full basements providing 2,000 square feet of storage. Additionally, there are two 2-bedroom apartments. The property is situated in a location with high visibility on a corner lot, benefiting from a traffic count of 15,000 cars per day. It offers accessibility, being close to the Kennedy Expressway ramps via Sacramento, Kedzie, and California, and is a 15-minute walk to the Blue Line at Kimball. The location is near several major proposed townhouse complexes within several blocks. The estimated monthly rent for the restaurant space is $5,000, and the total estimated monthly rent for the apartments is $4,000, resulting in a total estimated monthly building rent of approximately $9,000 or $108,000 per year. It is perfect for an owner-user.
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 | $150.0k | $24.00 |
| − Vacancy | −$10.5k | −$1.68 |
| EGI | $139.5k | $22.32 |
| − OpEx | −$34.9k | −$5.58 |
| NOI | $104.6k | $16.74 |
6,250 SF · lease $24.00/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.49M
$1.31M – $1.74M
NOI $104,625 @ 7.0% cap · market cap 8.54%
Second Best
Multifamily LT 5
$1.44M
$1.26M – $1.68M
NOI $100,629 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,153 @ 7.0% cap · market cap 15.60%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Conventional restaurants
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.7003378
- Latitude
- 41.9404425
Nearby Similar for Sale
FAQs
What type of property is this?
Conventional restaurant - Restaurant and apartments in booming Avondale, great visibility, high traffic.
Where is this conventional restaurant located?
The property is located at 3256 North Elston Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: High Income Potential: Estimated $108,000 annual rent from restaurant and apartments.; Prime Location in Booming Avondale: High‑visibility corner lot with significant new development nearby.; Large Building Size: 5,368 square feet suitable for various business ventures.
