Restaurant and Retail Property For
For Sale
Contact for pricing
1822 W Addison St, Chicago, IL
Restaurant and retail property available for purchase.
Property Size4,480 SF
Lot Size0.14 Acres
Price / SF$401.79
Days on Market421
Property Features for 1822 W Addison St
General Information
Standard status
Active
Size
4,480 SF
Lot size
0.14 Acres
Property subtype
RETAIL
Listing Agency:
Jameson Commercial
(312) 216-8000
Listed By:
Mike Costanzo · License #475129090
(312) 929-1510
Source:
Moodyscre
Added: Jul 23, 2025
Changed: Sep 10
Last Checked: Sep 15 at 9:29AM
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 Jameson Commercial
Investment Insights
Based on property information with market context.
The property includes a restaurant space on the west side of the building that generates a monthly income of $4,800 under a month-to-month lease agreement with the owner of The Cork Lounge, which is located on the east side of the building. The real estate is being sold in its current condition. The 2023 real estate taxes totaled $34,527. The property size is 4,480 square feet.
Key Highlights
- Restaurant tenant provides $4,800 monthly income.
- Restaurant lease is month‑to‑month.
- Includes the Cork Lounge business.
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
$83,382
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
4.63%
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%
$1,667,640
$1.7M
Cap Rate 7%
$1,191,171
$1.2M
Cap Rate 9%
$926,467
$926.5K
Market Conditions
NOI Build-Up for 4,480 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
$118.3K $26.40/SF
− Vacancy
−$7.1K −$1.58/SF
EGI
$111.2K $24.82/SF
− OpEx
−$27.8K −$6.20/SF
NOI
$83.4K $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%
$1,667,640
Cap Rate 7%
$1,191,171
Cap Rate 9%
$926,467
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,382 @ 7.0% cap · market cap 4.63%
Second Best
Retail
$885.4K
$774.8K – $1.03M
NOI $61,980 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,862 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,319
Businesses Nearby
144k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Groceries 24%
Superstores 23%
Dining 6%
Trader Joe's
Groceries
34,539 visits/mo
0.3 miles
Target
Superstores
32,877 visits/mo
0.4 miles
Pet Supplies Plus
Shops & Services
30,736 visits/mo
0.3 miles
Shell
Shops & Services
15,013 visits/mo
0.3 miles
Chase Bank
Shops & Services
12,865 visits/mo
0.4 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Similar Off Market Nearby
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- Sazon Chicago — 1416 Irving Park Rd, Chicago, IL 60613
Frequently Asked Questions
What type of property is this?
Restaurant - Restaurant and retail property available for purchase.
Where is this restaurant located?
The property is located at 1822 W Addison St Chicago, IL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Restaurant tenant provides $4,800 monthly income.; Restaurant lease is month‑to‑month.; Includes the Cork Lounge business.
