Two-Story Freestanding
For Sale
$999,000
1419 W Taylor Street, Chicago, IL 60607
ADA-compliant restaurant with commercial kitchen equipment, basement space, private dining, and rooftop access.
Property Size3,531 SF
Days on Market770
Property Features for 1419 W Taylor Street
General Information
Standard status
Active
Size
3,531 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Commercial Hood
Yes
Taxes and HOA fees
Annual Taxes
$31,875
Amenities
basement
private party room
rooftop
Building Details
Building Size
3,531 SF
Year Built
1889
Buildings
1
Stories
2
Units
1
Listing Agency:
Strauss Realty Ltd
(773) 736-3600
Listed By:
Moshe Weinberger · License #475183341
(773) 736-3600
Source:
Perillorealestategroup
Added: Jul 2, 2024
Changed: Aug 9
Last Checked: Aug 9 at 4:07PM
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 Strauss Realty Ltd
Investment Insights
Based on property information with market context.
This two-story freestanding restaurant at 1419 W Taylor Street includes an ADA-compliant layout and established food-service infrastructure. The property features an 18' hood, refrigerator and freezer walk-ins, a basement, a private party room, and a rooftop area. Built in 1889, the building offers multiple spaces that support restaurant operations and private events.
The property is situated in Chicago’s Little Italy on Taylor Street, an established dining corridor with surrounding restaurants and pedestrian activity. It is steps from the Illinois Medical District and within walking distance of UIC. CTA Pink Line access is available at Polk Station, approximately a 9-minute walk away, with convenient access to I-90/94.
The property is situated in Chicago’s Little Italy on Taylor Street, an established dining corridor with surrounding restaurants and pedestrian activity. It is steps from the Illinois Medical District and within walking distance of UIC. CTA Pink Line access is available at Polk Station, approximately a 9-minute walk away, with convenient access to I-90/94.
Key Highlights
- Two‑story freestanding restaurant at 1419 W Taylor Street
- ADA‑compliant restaurant building with an 18' hood
- Refrigerator and freezer walk‑ins included
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
$65,719
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
6.58%
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%
$1,314,380
$1.3M
Cap Rate 7%
$938,843
$938.8K
Cap Rate 9%
$730,211
$730.2K
Market Conditions
NOI Build-Up for 3,531 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
$93.2K $26.40/SF
− Vacancy
−$5.6K −$1.58/SF
EGI
$87.6K $24.82/SF
− OpEx
−$21.9K −$6.20/SF
NOI
$65.7K $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%
$1,314,380
Cap Rate 7%
$938,843
Cap Rate 9%
$730,211
Alternative Uses
Best Use
Specialty Retail
$938.8K
$821.5K – $1.10M
NOI $65,719 @ 7.0% cap · market cap 6.58%
Second Best
Retail
$697.9K
$610.6K – $814.2K
NOI $48,851 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$1.66M
$1.46M – $1.94M
NOI $116,540 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
7,321
Businesses Nearby
256k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Groceries 27%
Dining 14%
Apparel 3%
Costco Gasoline
Shops & Services
80,339 visits/mo
0.5 miles
Jewel-Osco
Groceries
68,401 visits/mo
0.4 miles
Bank of America
Shops & Services
14,934 visits/mo
0.3 miles
Mobil
Shops & Services
10,436 visits/mo
0.2 miles
7-Eleven
Shops & Services
10,381 visits/mo
0.1 miles
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
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 - ADA-compliant restaurant with commercial kitchen equipment, basement space, private dining, and rooftop access.
Where is this conventional restaurant located?
The property is located at 1419 W Taylor Street Chicago, IL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two‑story freestanding restaurant at 1419 W Taylor Street; ADA‑compliant restaurant building with an 18' hood; Refrigerator and freezer walk‑ins included
