Restaurant on Corner Lot For
For Sale
$895,000
Pending
1820 W Irving Park Road, Schaumburg, IL 60193
Restaurant on a corner lot with high traffic and visibility.
Property Size2,915 SF
Lot Size0.80 Acres
Days on Market230
Property Features for 1820 W Irving Park Road
General Information
Standard status
Pending
Size
2,915 SF
Lot size
0.80 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$48,437
Amenities
Central air
Central Air Cooling
Listing Agency:
EXECUTIVE REALTY GROUP LLC
(630) 894-1030
Listed By:
NASIR JAHANGIR · License #475148209
Source:
Corcoran
Added: Dec 30, 2025
Changed: Aug 8
Last Checked: Jul 23 at 10:03AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$48,797
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
5.45%
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%
$975,940
$975.9K
Cap Rate 7%
$697,100
$697.1K
Cap Rate 9%
$542,189
$542.2K
Market Conditions
NOI Build-Up for 2,915 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
$70.0K $24.00/SF
− Vacancy
−$4.9K −$1.68/SF
EGI
$65.1K $22.32/SF
− OpEx
−$16.3K −$5.58/SF
NOI
$48.8K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /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%
$975,940
Cap Rate 7%
$697,100
Cap Rate 9%
$542,189
Alternative Uses
Best Use
Specialty Retail
$697.1K
$610.0K – $813.3K
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
NOI $70,449 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
561
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Public Storage
Shops & Services
561 visits/mo
0.2 miles
Demographics for 60193, IL
40,805
Population
16,478
Households
2.5
Avg Household Size
42
Median Age
44%
College-Educated
96%
High-School Grad
8.8 sq mi
ZIP Area
4,637
Density / Sq Mi
$92,284
Median Household Income
$57,707
Median Earnings
$1,699
Median Rent
$317,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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.
