Established Tavern with Basement
For Sale
Contact for pricing
3058 W Irving Park Rd, Chicago, IL 60618
Operating tavern with a transferable license, dedicated keg room, and beer service infrastructure.
Property Size1,500 SF
Price / SF$199.33
Days on Market13
Property Features for 3058 W Irving Park Rd
General Information
Standard status
Active
Size
1,500 SF
Property subtype
RETAIL
Additional Details
Business Included
Yes
Listing Agency:
Jameson Commercial
(312) 929-1510
Listed By:
Mike Costanzo · License #475129090
(312) 929-1510
Source:
Moodyscre
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 11 at 2:34PM
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.
Lizard’s Liquid Lounge is an operating tavern with a first-floor layout measuring approximately 1,500 square feet and a 780-square-foot basement designated for storage. The main level features 11-foot ceilings, a 45-linear-foot bar, and a dedicated keg room equipped with glycol refrigeration serving 8 tap handles.
The corporately held tavern license is transferable and was first issued in 1965. The business has operated for 18 years under the Lizard’s Liquid Lounge name at 3058 W Irving Park Rd in Chicago, Illinois.
The corporately held tavern license is transferable and was first issued in 1965. The business has operated for 18 years under the Lizard’s Liquid Lounge name at 3058 W Irving Park Rd in Chicago, Illinois.
Key Highlights
- Approximately 1,500 square feet on the first floor
- 780‑square‑foot basement for storage
- 11‑foot first‑floor ceiling height
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
$25,110
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
8.40%
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%
$502,200
$502.2K
Cap Rate 7%
$358,714
$358.7K
Cap Rate 9%
$279,000
$279.0K
Market Conditions
NOI Build-Up for 1,500 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
$36.0K $24.00/SF
− Vacancy
−$2.5K −$1.68/SF
EGI
$33.5K $22.32/SF
− OpEx
−$8.4K −$5.58/SF
NOI
$25.1K $16.74/SF
Area
ZIP 60618
Vacancy
7.00%
Lease Rate
$24.00 /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%
$502,200
Cap Rate 7%
$358,714
Cap Rate 9%
$279,000
Alternative Uses
Best Use
Specialty Retail
$358.7K
$313.9K – $418.5K
NOI $25,110 @ 7.0% cap · market cap 8.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$655.4K
$573.5K – $764.6K
NOI $45,877 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,116
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
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?
Bar & Pub - Operating tavern with a transferable license, dedicated keg room, and beer service infrastructure.
Where is this bar & pub located?
The property is located at 3058 W Irving Park Rd Chicago, IL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Approximately 1,500 square feet on the first floor; 780‑square‑foot basement for storage; 11‑foot first‑floor ceiling height
