Single-Story Corner Restaurant
For Sale
$449,000
2640 E 75th Street, Chicago, IL 60649
Single-story, corner free-standing restaurant building rebuilt in 2021 to 2022, leased and near Metra South Shore.
Property Size1,100 SF
Days on Market514
Property Features for 2640 E 75th Street
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Commercial
Building Details
Building Size
1,100 SF
Year Built
1910
Stories
1
Listing Agency:
Century 21 Circle
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(773) 465-4200
Source:
Perillorealestategroup
Added: Mar 11, 2025
Changed: Jul 30
Last Checked: Aug 5 at 2:14PM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
Single-story, corner free-standing restaurant building with great street presence and visibility. The property has undergone a full rebuild in 2021 and 2022, and it was originally built in 1910. The building is currently leased.
Located in Chicago’s South Shore neighborhood near the Exchange Ave. and E 75th St. area, the property is just blocks from the Metra South Shore train stop. It also sits close to Lake attractions and multiple parks, including Rainbow Beach, Tobey Prinz Beach, Hartigan Beach Park, South Shore Beach/Golf Course, and Jackson Park Golf Course.
Located in Chicago’s South Shore neighborhood near the Exchange Ave. and E 75th St. area, the property is just blocks from the Metra South Shore train stop. It also sits close to Lake attractions and multiple parks, including Rainbow Beach, Tobey Prinz Beach, Hartigan Beach Park, South Shore Beach/Golf Course, and Jackson Park Golf Course.
Key Highlights
- Single‑story corner free‑standing restaurant building
- Full rebuild completed in 2021 and 2022
- Original year built 1910
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
$20,473
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
4.56%
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%
$409,460
$409.5K
Cap Rate 7%
$292,471
$292.5K
Cap Rate 9%
$227,478
$227.5K
Market Conditions
NOI Build-Up for 1,100 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
$29.0K $26.40/SF
− Vacancy
−$1.7K −$1.58/SF
EGI
$27.3K $24.82/SF
− OpEx
−$6.8K −$6.20/SF
NOI
$20.5K $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%
$409,460
Cap Rate 7%
$292,471
Cap Rate 9%
$227,478
Alternative Uses
Best Use
Specialty Retail
$292.5K
$255.9K – $341.2K
NOI $20,473 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$518.6K
$453.8K – $605.1K
NOI $36,305 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,033
Businesses Nearby
114k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Dining 42%
Groceries 15%
McDonald's
Dining
19,789 visits/mo
0.5 miles
Shell
Shops & Services
19,057 visits/mo
0.5 miles
Aldi
Groceries
16,805 visits/mo
0.2 miles
Church's Chicken
Dining
13,664 visits/mo
0.5 miles
Citgo
Shops & Services
11,383 visits/mo
0.2 miles
Demographics for 60649, IL
48,171
Population
28,249
Households
1.7
Avg Household Size
39
Median Age
25%
College-Educated
89%
High-School Grad
3.6 sq mi
ZIP Area
13,381
Density / Sq Mi
$40,142
Median Household Income
$36,474
Median Earnings
$1,066
Median Rent
$199,500
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Single-story, corner free-standing restaurant building rebuilt in 2021 to 2022, leased and near Metra South Shore.
Where is this conventional restaurant located?
The property is located at 2640 E 75th Street Chicago, IL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Single‑story corner free‑standing restaurant building; Full rebuild completed in 2021 and 2022; Original year built 1910
