Restaurant and Retail Property For
1822 W Addison St Chicago, IL
For Sale
Contact for pricing
Restaurant and retail property available for purchase.
Property Size4,480 SF
Lot Size0.14 Acres
Price / SF$401.79
Days on Market366
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) 929-1510
Listed By:
Mike Costanzo · License #475129090
(312) 929-1510
Source:
Moodyscre
Added: Jul 23, 2025
Changed: Jul 6
Last Checked: Jul 21 at 5:24AM
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 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 | $118.3k | $26.40 |
| − Vacancy | −$7.1k | −$1.58 |
| EGI | $111.2k | $24.82 |
| − OpEx | −$27.8k | −$6.20 |
| NOI | $83.4k | $18.61 |
4,480 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Cork Lounge
Bar & Pub
Similar Off Market Nearby
- Brix Catering and Events — 2036 W Roscoe St, Chicago, IL 60618
- Raizes Mexican Cocktail Bar + Kitchen — 3925 N Lincoln Ave #2417, Chicago, IL 60613
- Sazon Chicago — 1416 Irving Park Rd, Chicago, IL 60613
FAQs
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.
