Unique Clear-Span Building For
1551 W Division Street, Chicago, IL 60642
2800 SF clear-span building with high ceilings in Chicago.
Type:Commercial/Industrial
Property size:
2,800 SFLot size:
0.07 AcresPrice / SF:
$303/SF- Added:
- Mar 12, 2026
- Days on Market:
- 72
- Last Refresh:
- Apr 6 at 2:24 am
Property Features for 1551 W Division Street
General Information
- Standard status
- Active
- Size
- 2,800 SF
- Lot size
- 0.07 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1878
Listing agent Craig Wolf License #475163046
Listing office Strauss Realty Ltd (773) 736-3600
Listing date Mar 12, 2026
Source Exitrealty
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
HighLights
- Tremendous visibility in the high‑traffic Polish Triangle location.
- 2800 SF clear‑span building with a 22.5' high ceiling and no columns.
- Excellent transportation access: Division CTA Blue Line and bus stops across the street; I‑90/94 ramp 2 blocks away.
- High vehicle traffic counts: 15,400‑23,400 VPD on surrounding streets.
- Located in a lively area with bars, restaurants, and retailers like Target and Popeyes.
- Unique opportunity to own or lease a building formerly housing a renowned bar/nightclub.
Overview
This 2,800 SF clear-span building offers a unique opportunity for ownership or lease. The building features a 22.5' high ceiling without columns or pillars, situated on a 3,125 SF lot. A partial basement with a 7' ceiling is also included. Formerly a bar/nightclub, the property benefits from high visibility at the Polish Triangle, with Division CTA Blue line and bus stops across the street. Vehicle traffic counts are substantial, with 15,400 VPD on Division Street, 23,400 VPD on Ashland Avenue, and 12,100 VPD on Milwaukee Avenue. The I-90/94 ramp is conveniently located two blocks away. The surrounding area is a lively mix of bars, restaurants, and retailers, including Target, Popeyes, Wendy's, Foot Locker, Fifth Third Bank, PNC Bank, and Verizon. This location is suitable for bars, pubs, restaurants, and retail spaces.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$579.0K
NOI $52,114 @ 9.00% cap · cautious / downside scenario
Moderate
$744.5K
NOI $52,114 @ 7.00% cap · market / base-case scenario
Aggressive
$1.04M
NOI $52,114 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.9k | $26.40 |
| − Vacancy | −$4.4k | −$1.58 |
| EGI | $69.5k | $24.82 |
| − OpEx | −$17.4k | −$6.20 |
| NOI | $52.1k | $18.61 |
2,800 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$744.5K
$651.4K – $868.6K
NOI $52,114 @ 7.0% cap · market cap 6.14%
Second Best
Retail
$553.4K
$484.2K – $645.6K
NOI $38,737 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,413 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Bars & Pubs
Similar Places Nearby
- Starbucks — 2021 W Chicago Ave, Chicago, IL 60622
- The Dandy Crown — 694 N Milwaukee Ave, Chicago, IL 60642
- Blood Cross — 1516 W Ohio St, Chicago, IL 60642
- Kizmah CBD — 2044 W Chicago Ave Store, Chicago, IL 60622
- Irish Nobleman Pub — 1367 W Erie St, Chicago, IL 60642
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6671
- Latitude
- 41.9031
Nearby Similar for Sale
FAQs
What type of property is this?
Bar & Pub - 2800 SF clear-span building with high ceilings in Chicago.
Where is this bar & pub located?
The property is located at 1551 W Division Street Chicago, IL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Tremendous visibility in the high‑traffic Polish Triangle location.; 2800 SF clear‑span building with a **22.5' high ceiling and no columns**.; Excellent transportation access: Division CTA Blue Line and bus stops across the street; I‑90/94 ramp 2 blocks away.
