Bar Property with Restaurant Conversion
New
For Sale
$450,000
2343 W Roosevelt Road, Chicago, IL 60608
Existing bar infrastructure and C1-2 zoning support hospitality, retail, and mixed-use possibilities, subject to city review.
Property Size1,825 SF
Price / SF$246.58
Days on Market5
Property Features for 2343 W Roosevelt Road
General Information
Standard status
Active
Size
1,825 SF
Property subtype
COMMERCIAL
Zoning
C1-2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$11,898
Building Details
Building Size
1,825 SF
Year Built
1894
Listing Agency:
Keller Williams ONEChicago
Listed By:
Pearl Seymour · License #475207741
(309) 318-9769
Source:
Harkinsandassociates
Added: Oct 12
Changed: Oct 16
Last Checked: Oct 16 at 1:59PM
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 Keller Williams ONEChicago
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Investment Insights
Based on property information with market context.
This 1,825-square-foot bar property was built in 1894 and has an existing bar layout. Its C1-2 zoning is identified for hospitality, retail, and mixed-use options; any proposed use remains subject to confirmation with the city. The property is being sold as-is, and the buyer is responsible for resolving city violations after closing and conducting due diligence on zoning and licensing.
Located at 2343 W Roosevelt Road in Chicago, the property has street parking directly out front and is near the Illinois Medical District.
Located at 2343 W Roosevelt Road in Chicago, the property has street parking directly out front and is near the Illinois Medical District.
Key Highlights
- 1,825‑square‑foot property built in 1894
- Existing bar layout with potential for restaurant conversion
- C1‑2 zoning; verify permitted uses and licensing with the city
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,967
Cap Rate
7.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$679,340
$679.3K
Cap Rate 7%
$485,243
$485.2K
Cap Rate 9%
$377,411
$377.4K
Market Conditions
NOI Build-Up for 1,825 SF
Gross rent
$48.2K $26.40/SF
− Vacancy
−$2.9K −$1.58/SF
EGI
$45.3K $24.82/SF
− OpEx
−$11.3K −$6.20/SF
NOI
$34.0K $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 Rate 5%
$679,340
Cap Rate 7%
$485,243
Cap Rate 9%
$377,411
Alternative Uses
Best Use
Specialty Retail
$485.2K
$424.6K – $566.1K
NOI $33,967 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$860.5K
$752.9K – $1.00M
NOI $60,234 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,641
Businesses Nearby
100k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Shops & Services 34%
McDonald's
Dining
31,471 visits/mo
0.1 miles
KFC
Dining
16,703 visits/mo
0.1 miles
Mobil
Shops & Services
15,910 visits/mo
0.2 miles
White Castle
Dining
14,526 visits/mo
0.0 miles
Shell
Shops & Services
10,730 visits/mo
0.1 miles
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
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
Similar Off Market Nearby
- The Sandbox Chicago — 1534 S Western Ave, Chicago, IL 60608
- Water Hole Lounge — 1400 S Western Ave, Chicago, IL 60608
- THE DOPEST BAR & GRILL — 2343 W Roosevelt Rd, Chicago, IL 60608
- The Slide Bar — 939 S Western Ave, Chicago, IL 60612
- Rare Form Lounge — 2251 W Taylor St, Chicago, IL 60612
Frequently Asked Questions
What type of property is this?
Bar & Pub - Existing bar infrastructure and C1-2 zoning support hospitality, retail, and mixed-use possibilities, subject to city review.
Where is this bar & pub located?
The property is located at 2343 W Roosevelt Road Chicago, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,825‑square‑foot property built in 1894; Existing bar layout with potential for restaurant conversion; C1‑2 zoning; verify permitted uses and licensing with the city
