Restaurant Business with
For Sale
$750,000
1347 W 47th St, Chicago, IL 60609
Mexican restaurant business with a bar, liquor license, commercial kitchen, and furnishings included in the sale.
Property Size2,400 SF
Price / SF$312.50
Days on Market40
Property Features for 1347 W 47th St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Business Opportunity
Additional Details
Furnished
Yes
Business Included
Yes
Liquor License
Yes
Listing Agency:
RE/MAX Premier
(312) 671-7600
Listed By:
Howard Thomas · License #471019584
Source:
Saladinosells
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 28 at 12:42PM
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 RE/MAX Premier
Investment Insights
Based on property information with market context.
This business-only sale includes a Mexican restaurant with a bar, upscale kitchen, furniture, and a POS system. The 2,400-square-foot interior includes bar seating, high-top tables, booths, high-definition televisions, and a separate area for carryout orders. The build-out was completed in 2024.
The property is located at 1347 W 47th St in Chicago, with access to a main bus route and nearby shopping. A liquor license is included with the business, along with the existing restaurant furnishings and operational equipment.
The property is located at 1347 W 47th St in Chicago, with access to a main bus route and nearby shopping. A liquor license is included with the business, along with the existing restaurant furnishings and operational equipment.
Key Highlights
- Business‑only sale includes the Mexican restaurant operation, furniture, POS system, and liquor license
- 2,400‑square‑foot restaurant with bar seating, high tops, booths, and carryout area
- Build‑out completed in 2024
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
$44,669
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
5.96%
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%
$893,380
$893.4K
Cap Rate 7%
$638,129
$638.1K
Cap Rate 9%
$496,322
$496.3K
Market Conditions
NOI Build-Up for 2,400 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
$63.4K $26.40/SF
− Vacancy
−$3.8K −$1.58/SF
EGI
$59.6K $24.82/SF
− OpEx
−$14.9K −$6.20/SF
NOI
$44.7K $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%
$893,380
Cap Rate 7%
$638,129
Cap Rate 9%
$496,322
Alternative Uses
Best Use
Specialty Retail
$638.1K
$558.4K – $744.5K
NOI $44,669 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
134k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Dining 34%
Groceries 20%
Apparel 8%
McDonald's
Dining
29,351 visits/mo
0.2 miles
Aldi
Groceries
27,298 visits/mo
0.2 miles
BP
Shops & Services
15,025 visits/mo
0.4 miles
Marshalls
Apparel
10,573 visits/mo
0.1 miles
Dollar Tree
Shops & Services
10,222 visits/mo
0.3 miles
Demographics for 60609, IL
65,770
Population
26,122
Households
2.5
Avg Household Size
34
Median Age
20%
College-Educated
76%
High-School Grad
7.7 sq mi
ZIP Area
8,542
Density / Sq Mi
$54,142
Median Household Income
$37,694
Median Earnings
$1,070
Median Rent
$251,600
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Mexican restaurant business with a bar, liquor license, commercial kitchen, and furnishings included in the sale.
Where is this conventional restaurant located?
The property is located at 1347 W 47th St Chicago, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Business‑only sale includes the Mexican restaurant operation, furniture, POS system, and liquor license; 2,400‑square‑foot restaurant with bar seating, high tops, booths, and carryout area; Build‑out completed in 2024
