Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Turnkey Venue with Liquor License Title is generated by Realmo AI

    2701 W 87th Street, Evergreen Park, IL 60805

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $695,000

    Fully equipped venue suitable for retail, restaurant, and event purposes.

    Type:Commercial
    Added:
    Jan 29, 2026
    Days on Market:
    107
    Last Refresh:
    Apr 5 at 9:09 pm

    Property Features for 2701 W 87th Street

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    JOSEPH SCHILLER

    Listing agent JOSEPH SCHILLER

    Listing office @PROPERTIES CHRISTIE'S INTERNATIONAL REAL ESTATE

    Listing date Jan 29, 2026

    Source Corcoran

    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 @PROPERTIES CHRISTIE'S INTERNATIONAL REAL ESTATE

    HighLights

    • Accommodates up to 160 guests, ideal for various events
    • Includes a valid liquor license, a valuable asset
    • Sale includes all business supplies and existing book of business
    • Fully rehabbed with permits and passed inspections
    • New asphalt parking lot with ample parking space
    • Beautifully finished with hardwood floors

    Overview

    This commercial space is suitable for retail, restaurant, and event purposes, but likely not a bar. The venue accommodates up to 160 guests, making it suitable for weddings, corporate events, and social gatherings. The interior is beautifully finished with hardwood floors. A valid liquor license adds value and convenience for hosting events. The venue has undergone a comprehensive rehab with all necessary permits and has passed local inspections. The sale includes all business supplies and a book of business. Ample basement storage is available for storing event supplies and equipment. A new asphalt parking lot, striped for convenience, provides ample parking space for guests. The property is equipped with a complete fire suppression system. Separate men's and women's bathrooms are available, each with 2 stalls.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    T'Mari' Exquisite Event ... Wedding Service Christ Centered Church ... Association / Organization

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evergreen Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.6901
    Latitude
    41.7351

    Nearby Similar for Sale

    • $535,000
      1,575 SF

      Evergreen Park Mixed-Use Building

      Two-unit commercial building with storefront and remodeled apartment.
      3837 W 95th Street, Evergreen Park, IL 60805
      View Details
    • $229,900
      2,500 SF

      Evergreen Park Commercial Building For Sale

      Commercial building with office and warehouse space in Evergreen Park.
      9311 S Kedzie Avenue, Evergreen Park, IL 60805
      View Details
    • $614,700

      Evergreen Park Office Building For Sale

      Well-maintained office building with high visibility and flexible space.
      9757 S Kedzie Avenue, Evergreen Park, IL 60805
      View Details
    • $395,000
      3,605 SF

      Evergreen Park Commercial Office Building

      Two-unit office building ideal for medical or professional use.
      3540 W 95th Street, Evergreen Park, IL 60805
      View Details
    • $795,000
      7,200 SF

      Evergreen Park Retail/Commercial Opportunity

      Free-standing building in high-traffic Evergreen Park retail corridor.
      3625 W 95th Street, Evergreen Park, IL 60805
      View Details
    • $425,000

      Mixed-Use Building in Evergreen Park

      Mixed-use property with retail space and apartment in Evergreen Park.
      3408 W 95th Street, Evergreen Park, IL 60805
      View Details
    • $695,000

      Turnkey Venue with Liquor License

      Turnkey commercial space suitable for retail, restaurant, and events.
      2701 W 87th Street, Evergreen Park, IL 60805
      View Details
    • $129,000
      18,000 SF

      Commercial Condo with Drive-Thru Potential

      Versatile commercial condo space with drive-thru and high visibility.
      9401 S Pulaski Road 1S, Evergreen Park, IL 60805
      View Details
    • $149,000

      Commercial Condo with Drive-Thru

      First-floor commercial condo featuring a drive-thru and flexible layout.
      9401 S Pulaski Road #1S, Evergreen Park, IL 60805
      View Details
    • Contact for pricing

      Evergreen Marketplace Outlot Opportunity

      Two-tenant outlot in Evergreen Park sub-regional trade area.
      9148 S Western Ave | Evergreen Park, IL 60805
      View Details
    • $72,500

      Evergreen Park Repair Shop Opportunity

      Repair shop in high-traffic Evergreen Park location for sale.
      3200 W 94th Street, Evergreen Park, IL 60805
      View Details
    • $595,000

      Established Auto Shop on Kedzie

      Turn-key auto shop and used car lot in Evergreen Park.
      9121 S Kedzie Avenue, Evergreen Park, IL 60805
      View Details

    FAQs

    What type of property is this?
    Wedding venue - Fully equipped venue suitable for retail, restaurant, and event purposes.
    Where is this wedding venue located?
    The property is located at 2701 W 87th Street Evergreen Park, IL.
    What is the asking price?
    The asking price for this property is $695,000.
    What are key features of this property?
    This property features: Accommodates up to 160 guests, ideal for various events; Includes a valid liquor license, a valuable asset; Sale includes all business supplies and existing book of business
    (312) 254-0200
    We can help!
    Listing Contact
    JOSEPH SCHILLER
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2701 W 87th Street, Evergreen Park, IL 60805
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!