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    Two-Story Property Near Bally's Casino Title is generated by Realmo AI

    324 W Chicago Ave, Chicago, IL 60654

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    Two-story property with business near proposed Bally’s Casino.

    Type:Retail, Hospitality
    Property size:
    9,600 SF
    Price / SF:
    $384/SF
    Added:
    Aug 20, 2024
    Days on Market:
    656
    Last Refresh:
    May 12 at 9:02 pm

    Property Features for 324 W Chicago Ave

    General Information

    Standard status
    Active
    Size
    9,600 SF
    Property subtype
    Retail, Hospitality

    We can help!

    Listing Contact
    Juan Carlos Gomez

    Listing agent Juan Carlos Gomez License #Principal

    Listing office Kudan Group

    Listing date Aug 20, 2024

    Source Crexi

    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 Kudan Group

    HighLights

    • Prime location near the proposed Bally’s Casino and filming location of 'The Bear' (Mr. Beef).
    • Includes a fully fixtured and licensed former lounge.
    • Unique rooftop bar with skyline views.
    • Four levels of occupancy with two bars, dining, and a dance floor.
    • Equipped with a commercial kitchen and private lounge.
    • Features a sprinkler system and exposed glass elevator.

    Overview

    This two-story property is located just blocks from the proposed Bally’s Casino and Mr. Beef, a filming location for The Bear. The sale includes a fully fixtured and licensed former lounge, equipped with a sprinkler system, exposed glass elevator, and multiple ingress/egress points. The former lounge features four levels of occupancy: the main floor includes two bars, dining area, and a dance floor; the second floor houses a commercial kitchen and private lounge; and a unique rooftop bar offers skyline views. The basement provides a coat check, restrooms, and ample storage space with walk-in coolers and employee lockers. The property size is 9,600 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bounce Sporting Club Nightclub Parliament Chicago Bar & Pub Pink Wonderland Chicago ... Bar & Pub

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Food Market Grocery & Convenience Store Daycare Center

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

    Similar Places Nearby

    • Recess — 838 W Kinzie St, Chicago, IL 60642
    • Jefferson Tap & Grille — 325 N Jefferson St, Chicago, IL 60661
    • Rumba Lounge — 702 W Fulton St, Chicago, IL 60661
    • Guinness Open Gate Brewery — 901 W Kinzie St, Chicago, IL 60607
    • Kinzie On The Rocks — 370 N Desplaines St, Chicago, IL 60661

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6367927
    Latitude
    41.8968418

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    FAQs

    What type of property is this?
    Bar & Pub - Two-story property with business near proposed Bally’s Casino.
    Where is this bar & pub located?
    The property is located at 324 W Chicago Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $3,695,000.
    What are key features of this property?
    This property features: Prime location near the proposed Bally’s Casino and filming location of 'The Bear' (Mr. Beef).; Includes a fully fixtured and licensed former lounge.; Unique rooftop bar with skyline views.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Juan Carlos Gomez
    Real Estate License ID: Principal
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    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.

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