Established Restaurant with Enclosed
For Sale
$749,000
2914 North Clark Street, Chicago, IL 60657
Two dining areas, a full basement, and transferable liquor, patio, and retail food licenses support continued restaurant operations.
Property Size10,100 SF
Price / SF$312.08
Days on Market195
Property Features for 2914 North Clark Street
General Information
Standard status
Active
Size
10,100 SF
Property subtype
Hotel
Restaurant
Patio
Yes
Liquor License
Yes
Additional Details
Floor
Ground + Basement
Business Included
Yes
Building Details
Building Size
10,100 SF
Listing Agency:
Jameson Commercial
(312) 929-1510
Listed By:
Mike Costanzo · License #475129090
(312) 929-1510
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 3:15PM
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.
El Nuevo Mexicano is an operating restaurant at 2914 North Clark Street in Chicago’s Lakeview neighborhood, with approximately 2,400 square feet on the first floor plus a full basement. The interior includes two separate dining areas, one featuring a 12-foot tin ceiling and exposed brick, while the other incorporates skylights and artwork. An enclosed, temperature-controlled patio extends the usable dining area throughout the year.
The business has remained family owned and operated at this location since 1983. The transaction includes corporately held, transferable Incidental Liquor, Outdoor Patio, and Retail Food licenses. The property is subject to a gross lease with 13 years remaining, including options.
The business has remained family owned and operated at this location since 1983. The transaction includes corporately held, transferable Incidental Liquor, Outdoor Patio, and Retail Food licenses. The property is subject to a gross lease with 13 years remaining, including options.
Key Highlights
- Approximately 2,400 square feet on the first floor plus a full basement
- Enclosed, temperature‑controlled patio for year‑round dining use
- First dining area features a 12‑foot tin ceiling and exposed brick
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
$44,669
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
5.96%
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%
$893,380
$893.4K
Cap Rate 7%
$638,129
$638.1K
Cap Rate 9%
$496,322
$496.3K
Market Conditions
NOI Build-Up for 2,400 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
$63.4K $26.40/SF
− Vacancy
−$3.8K −$1.58/SF
EGI
$59.6K $24.82/SF
− OpEx
−$14.9K −$6.20/SF
NOI
$44.7K $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%
$893,380
Cap Rate 7%
$638,129
Cap Rate 9%
$496,322
Alternative Uses
Best Use
Specialty Retail
$638.1K
$558.4K – $744.5K
NOI $44,669 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
8,639
Businesses Nearby
403k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 30%
Shops & Services 25%
Groceries 23%
Superstores 8%
Trader Joe's
Groceries
43,874 visits/mo
0.1 miles
Target
Superstores
33,595 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
30,960 visits/mo
0.2 miles
McDonald's
Dining
29,548 visits/mo
0.3 miles
Binny's Beverage Depot
Groceries
26,649 visits/mo
0.2 miles
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
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 - Two dining areas, a full basement, and transferable liquor, patio, and retail food licenses support continued restaurant operations.
Where is this conventional restaurant located?
The property is located at 2914 North Clark Street Chicago, IL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Approximately 2,400 square feet on the first floor plus a full basement; Enclosed, temperature‑controlled patio for year‑round dining use; First dining area features a 12‑foot tin ceiling and exposed brick
