Unique Clear-Span Building For
1551 W Division Street Chicago, IL 60642
1551 W Division Street, Chicago, IL, 60642
$825,000
For Sale
$825,000
2800 SF clear-span building with high ceilings in Chicago.
Property Size2,800 SF
Lot Size0.07 Acres
Price / SF$294.64
Days on Market734
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 agency
Strauss Realty Ltd
(773) 736-3600
Listed by
Craig Wolf · License #475163046
(773) 736-3600
Source
Exitrealty
Added: Jul 18, 2024 Updated: Jul 10 at 3:50PM Checked: Jul 21 at 4:45AM
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 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.
Key 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.
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 | $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 Uses
Best Use
Specialty Retail
$744.5K
$651.4K – $868.6K
NOI $52,114 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,413 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Bars & Pubs
Similar For Sale Nearby
Similar Off Market 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
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 $825,000.
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.
