Corner Freestanding Restaurant
For Sale
$449,000
2640 E 75th St, Chicago, IL 60649
Rebuilt restaurant property near the Metra South Shore station, Lake Michigan, beaches, and multiple golf courses.
Property Size1,100 SF
Price / SF$408.18
Days on Market18
Property Features for 2640 E 75th St
General Information
Standard status
Active
Size
1,100 SF
Additional Details
Gross Income
$48,000
Corner Location
Yes
Building Details
Year Built
1910
Year Renovated
2022
Buildings
1
Stories
1
Listing Agency:
Century 21 Circle
(773) 983-1553
Listed By:
Mark Ahmad · License #471007186
Source:
Bktchicago
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 12:31PM
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.
This single-story restaurant property is a freestanding corner building at 2640 E 75th St in Chicago. The structure dates to 1910 and underwent a full rebuild in 2021/2022. Its corner position provides exposure along Exchange Avenue and 75th Street, with the property currently leased.
The building is situated in Chicago’s South Shore neighborhood, a short distance from the Metra South Shore train stop. Nearby recreational destinations include Rainbow Beach, Tobey Prinz Beach, Hartigan Beach Park, South Shore Beach and Golf Course, and Jackson Park Golf Course. The property is also close to the lake and neighborhood parks.
The building is situated in Chicago’s South Shore neighborhood, a short distance from the Metra South Shore train stop. Nearby recreational destinations include Rainbow Beach, Tobey Prinz Beach, Hartigan Beach Park, South Shore Beach and Golf Course, and Jackson Park Golf Course. The property is also close to the lake and neighborhood parks.
Key Highlights
- Single‑story freestanding restaurant building on a corner site
- Full rebuild completed in 2021/2022
- Located at Exchange Avenue and 75th Street
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
Retail
$217.4K
$190.2K – $253.6K
NOI $15,218 @ 7.0% cap · market cap 3.39%
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Citgo
Shops & Services
3,220 visits/mo
0.3 miles
Citgo
Shops & Services
2,307 visits/mo
0.3 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Rebuilt restaurant property near the Metra South Shore station, Lake Michigan, beaches, and multiple golf courses.
Where is this conventional restaurant located?
The property is located at 2640 E 75th St 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 freestanding restaurant building on a corner site; Full rebuild completed in 2021/2022; Located at Exchange Avenue and 75th Street
