Conventional Restaurant with
For Sale
Contact for pricing
1928 W Division St, Chicago, IL 60622
Established restaurant space with a full kitchen, dining areas, transferable licenses, and an NNN lease structure.
Property Size2,800 SF
Price / SF$317.86
Days on Market53
Property Features for 1928 W Division St
General Information
Standard status
Active
Size
2,800 SF
Property subtype
RETAIL
Restaurant
Commercial Hood
Yes
Liquor License
Yes
Additional Details
Business Included
Yes
Amenities
exposed brick walls
12-foot ceiling
bar
side dining room
sidewalk cafe permit
Listing Agency:
Jameson Commercial
(312) 216-8000
Listed By:
Mike Costanzo · License #475129090
(312) 929-1510
Source:
Moodyscre
Added: Jul 30
Changed: Sep 5
Last Checked: Sep 19 at 9:48AM
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.
This 2,800-square-foot conventional restaurant in Chicago’s Wicker Park neighborhood features a main dining room with a 12-foot ceiling, exposed brick, wall art, and a 15-foot bar. A separate side dining room provides an additional setting within the existing layout. The L-shaped galley kitchen includes a 12-foot exhaust hood and fire suppression system.
The property is subject to an NNN lease with options and 11+ years remaining. Transferable Incidental Liquor and Retail Food licenses are included, along with a sidewalk cafe permit. The address is 1928 W Division St, Chicago, IL 60622.
The property is subject to an NNN lease with options and 11+ years remaining. Transferable Incidental Liquor and Retail Food licenses are included, along with a sidewalk cafe permit. The address is 1928 W Division St, Chicago, IL 60622.
Key Highlights
- 2,800 SF conventional restaurant in Chicago’s Wicker Park neighborhood
- Main dining room with 12‑foot ceiling, exposed brick, wall art, and 15‑foot bar
- Separate side dining room included in the existing restaurant layout
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
$52,114
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
5.86%
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%
$1,042,280
$1.0M
Cap Rate 7%
$744,486
$744.5K
Cap Rate 9%
$579,044
$579.0K
Market Conditions
NOI Build-Up for 2,800 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
$73.9K $26.40/SF
− Vacancy
−$4.4K −$1.58/SF
EGI
$69.5K $24.82/SF
− OpEx
−$17.4K −$6.20/SF
NOI
$52.1K $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%
$1,042,280
Cap Rate 7%
$744,486
Cap Rate 9%
$579,044
Alternative Uses
Best Use
Specialty Retail
$744.5K
$651.4K – $868.6K
NOI $52,114 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,413 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
6,066
Businesses Nearby
326k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Groceries 20%
Home Improvements & Furnishings 10%
Apparel 9%
Jewel-Osco
Groceries
65,395 visits/mo
0.4 miles
McDonald's
Dining
38,181 visits/mo
0.5 miles
Lowe's
Home Improvements & Furnishings
31,134 visits/mo
0.5 miles
Wendy's
Dining
29,664 visits/mo
0.4 miles
Popeyes Louisiana Kitchen
Dining
11,777 visits/mo
0.4 miles
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant space with a full kitchen, dining areas, transferable licenses, and an NNN lease structure.
Where is this conventional restaurant located?
The property is located at 1928 W Division St Chicago, IL.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: 2,800 SF conventional restaurant in Chicago’s Wicker Park neighborhood; Main dining room with 12‑foot ceiling, exposed brick, wall art, and 15‑foot bar; Separate side dining room included in the existing restaurant layout
