Commercial Space with Equipped
2954 W Irving Park Rd Chicago, IL 60618
For Sale
$199,900
1040 SqFt commercial space with a fully-equipped kitchen and pizza oven.
Property Size1,040 SF
Price / SF$192.21
Days on Market179
Property Features for 2954 W Irving Park Rd
General Information
- Standard status
- Active
- Size
- 1,040 SF
Listing Agency:
KOMAR
(847) 737-5037
Listed By:
Oleg Baliuk
(847) 737-5037
Source:
Exprealty
Added: Jan 26
Changed: Jul 6
Last Checked: Jul 23 at 11:34AM
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 KOMAR
Investment Insights
Based on property information with market context.
This commercial space, totaling 1040 square feet, is located on Irving Park Road in Chicago. The property features a large, fully-equipped kitchen that includes a pizza oven. Constructed relatively recently, the building incorporates high ceilings and landscape windows. The space is suitable for various businesses, including cafes, bakeries, and restaurants.
Key Highlights
- Prime location on Irving Park Rd, a main street in Chicago
- Large, fully‑equipped kitchen with a PIZZA OVEN
- Suitable for a wide range of businesses (cafes, bakeries, restaurants)
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $25.0k | $24.00 |
| − Vacancy | −$1.7k | −$1.68 |
| EGI | $23.2k | $22.32 |
| − OpEx | −$5.8k | −$5.58 |
| NOI | $17.4k | $16.74 |
1,040 SF · lease $24.00/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$248.7K
$217.6K – $290.2K
NOI $17,410 @ 7.0% cap · market cap 8.71%
Second Best
Retail
$209.0K
$182.9K – $243.8K
NOI $14,628 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$454.4K
$397.6K – $530.1K
NOI $31,808 @ 7.0% cap · market cap 15.91%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Commercial kitchens
Similar Off Market Nearby
- Curry Lush — 3517 N Spaulding Ave, Chicago, IL 60618
- Taquiza Restauranteur 01 — 3517 N Spaulding Ave, Chicago, IL 60618
- Truffleberry - Avondale - Fall 2021 — 2738 W Roscoe St, Chicago, IL 60618
- Truffleberry Market — 2744 W Roscoe St, Chicago, IL 60618
- Paramount Events - Avondale - Winter 2022 — 2738 W Roscoe St, Chicago, IL 60618
FAQs
What type of property is this?
Restaurant - 1040 SqFt commercial space with a fully-equipped kitchen and pizza oven.
Where is this restaurant located?
The property is located at 2954 W Irving Park Rd Chicago, IL.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Prime location on Irving Park Rd, a main street in Chicago; Large, fully‑equipped kitchen with a PIZZA OVEN; Suitable for a wide range of businesses (cafes, bakeries, restaurants)
