Hospitality Redevelopment
1375 West Lake Street Chicago, IL 60607
For Sale
$9,750,000
Redevelopment opportunity featuring an 18,000 SF live-music venue with full-service restaurant kitchen, bar/restaurant space, and outdoor deck.
Property Size23,518 SF
Price / SF$414.58
Days on Market161
Property Features for 1375 West Lake Street
General Information
- Standard status
- Active
- Size
- 23,518 SF
Building Details
- Year Built
- 1920
Listing Agency:
Sperry Van Ness
(312) 529-5791
Listed By:
Wayne Caplan · License #475132248
(312) 529-5791
Source:
Compass
Added: Feb 14
Changed: Jul 23
Last Checked: Jul 24 at 12:07PM
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 Sperry Van Ness
Investment Insights
Based on property information with market context.
For sale: a large redevelopment site totaling approximately 23,000 SF located at 1375 W Lake Street in Chicago. The property has been the longtime home of Bottom Lounge, an 18,000 SF hospitality venue built around live music, with a full-service restaurant kitchen and a large bar and restaurant space.
The venue includes a second-floor catering facility and a large outdoor deck. On-site parking is available for 25 cars. The property is currently zoned C1-3 and also sits in the “Downtown Expansion-West” area and a TOD (Transit Oriented Development) zone, which are described as supporting increased density and parking relief for vertical multi-family development.
The property is positioned amid numerous recent and planned high-rise residential, mixed-use, office, life science, and hotel projects, and the seller is described as able to provide time for rezoning tailored to a buyer’s needs. Bottom Lounge is stated to remain in operation for a period of time, and is open to a short-term sale-leaseback.
The venue includes a second-floor catering facility and a large outdoor deck. On-site parking is available for 25 cars. The property is currently zoned C1-3 and also sits in the “Downtown Expansion-West” area and a TOD (Transit Oriented Development) zone, which are described as supporting increased density and parking relief for vertical multi-family development.
The property is positioned amid numerous recent and planned high-rise residential, mixed-use, office, life science, and hotel projects, and the seller is described as able to provide time for rezoning tailored to a buyer’s needs. Bottom Lounge is stated to remain in operation for a period of time, and is open to a short-term sale-leaseback.
Key Highlights
- 23,000 SF redevelopment site at 1375 W Lake St in Chicago’s Fulton Market area
- Former/longtime home of Bottom Lounge, an 18,000 SF live‑music hospitality venue
- Venue includes full‑service restaurant kitchen and large bar/restaurant space
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 | $620.9k | $26.40 |
| − Vacancy | −$37.3k | −$1.58 |
| EGI | $583.6k | $24.82 |
| − OpEx | −$145.9k | −$6.20 |
| NOI | $437.7k | $18.61 |
23,518 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$6.25M
$5.47M – $7.30M
NOI $437,717 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.09M
$9.70M – $12.94M
NOI $776,207 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Bottom Lounge
Music Venue
Similar Off Market Nearby
- Park Tavern — 1645 W Jackson Blvd, Chicago, IL 60612
- Starbucks — 1101 W Jackson Blvd, Chicago, IL 60607
- The Ogden Chicago — 1659 w, ogden ave, chicago, il 60612
- Malibu Barbie Cafe — 324 S Racine Ave, Chicago, IL 60607
- The Ogden Chicago — 1659 W Ogden Ave, Chicago, IL 60612
FAQs
What type of property is this?
Night club - Redevelopment opportunity featuring an 18,000 SF live-music venue with full-service restaurant kitchen, bar/restaurant space, and outdoor deck.
Where is this night club located?
The property is located at 1375 West Lake Street Chicago, IL.
What is the asking price?
The asking price for this property is $9,750,000.
What are key features of this property?
This property features: 23,000 SF redevelopment site at 1375 W Lake St in Chicago’s Fulton Market area; Former/longtime home of Bottom Lounge, an 18,000 SF live‑music hospitality venue; Venue includes full‑service restaurant kitchen and large bar/restaurant space
