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    Restaurant on Corner Lot For Sale Title is generated by Realmo AI

    1820 W Irving Park Road, Schaumburg, IL 60193

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    For Sale
    $895,000

    Restaurant on a corner lot with high traffic and visibility.

    Type:Commercial
    Property size:
    2,915 SF
    Lot size:
    0.80 Acres
    Price / SF:
    $307/SF
    Added:
    Dec 30, 2025
    Days on Market:
    137
    Last Refresh:
    Apr 5 at 9:06 pm

    Property Features for 1820 W Irving Park Road

    General Information

    Standard status
    Active
    Size
    2,915 SF
    Lot size
    0.80 Acres
    Property subtype
    Commercial

    We can help!

    Listing Contact
    NASIR JAHANGIR

    Listing agent NASIR JAHANGIR License #475148209

    Listing office EXECUTIVE REALTY GROUP LLC

    Listing date Dec 30, 2025

    Source Corcoran

    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 EXECUTIVE REALTY GROUP LLC

    HighLights

    • Premium commercial zoned B‑2 corner lot with a free‑standing restaurant.
    • Includes building, business, signage, inventory, trade fixtures, and land.
    • High‑traffic location at the intersection of Irving Park Rd and Mercury Dr.
    • Spacious 35,081 sqft lot with 55 parking spaces.
    • Fully equipped restaurant with 50+ furnished dining seats.
    • Close proximity to I390, Schaumburg Metra station, Schaumburg Flyers Stadium, and residential housing.

    Overview

    This is a commercial real estate investment opportunity to acquire a corner lot with B-2 zoning, currently operating as a free-standing restaurant. The building is approximately 2,915 square feet and is situated on a 35,081 square foot lot with 55 parking spaces. The restaurant has furnished dining seating for at least 50 people and is fully equipped. The lot is located at the intersection of Irving Park Road and Mercury Drive, controlled by a traffic light. The property is within one mile of I-390, the Schaumburg Metra station, Schaumburg Flyers Stadium, retail hubs, and new residential housing. The sale includes the building, business, signage, inventory, trade fixtures, and the land, presenting a turn-key opportunity.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $542.2K
    NOI $48,797 @ 9.00% cap · cautious / downside scenario
    Moderate
    $697.1K
    NOI $48,797 @ 7.00% cap · market / base-case scenario
    Aggressive
    $975.9K
    NOI $48,797 @ 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 $70.0k $24.00
    − Vacancy −$4.9k −$1.68
    EGI $65.1k $22.32
    − OpEx −$16.3k −$5.58
    NOI $48.8k $16.74
    2,915 SF · lease $24.00/SF/yr · vacancy 7.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $697.1K
    $610.0K – $813.3K (±1% cap)
    NOI $48,797 @ 7.0% cap · market cap 5.45%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.01M
    $880.6K – $1.17M (±1% cap)
    NOI $70,449 @ 7.0% cap · market cap 7.87%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Palooza Pizza Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Schaumburg
    County
    Cook
    State
    Illinois
    Longitude
    -88.124
    Latitude
    42.0016

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    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant on a corner lot with high traffic and visibility.
    Where is this conventional restaurant located?
    The property is located at 1820 W Irving Park Road Schaumburg, IL.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: Premium commercial zoned B‑2 corner lot with a free‑standing restaurant.; Includes building, business, signage, inventory, trade fixtures, and land.; High‑traffic location at the intersection of Irving Park Rd and Mercury Dr.
    (630) 894-1030
    We can help!
    Listing Contact
    NASIR JAHANGIR
    Real Estate License ID: 475148209
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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