Mixed-Use Brick Restaurant
3248 North Lincoln Avenue Chicago, IL 60657
3248 North Lincoln Avenue, Chicago, IL, 60657
$650,000
For Sale
$650,000
Ground-floor restaurant is leased through October 2027, with a separate 2-bedroom apartment above.
Property Size1,850 SF
Price / SF$351.35
Days on Market28
Property Features for 3248 North Lincoln Avenue
General Information
- Standard status
- Active
- Size
- 1,850 SF
Building Details
- Year Built
- 1931
Listing agency
Jameson Sotheby's Intl Realty
(312) 399-9841
Listed by
Robert Munds · License #475131063
(312) 399-9841
Source
Compass
Added: Jun 25 Updated: Jul 21 at 1:40PM Checked: Jul 22 at 10:53AM
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 Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
This solid brick mixed-use building includes a ground-floor restaurant space and a separate second-floor residence. The apartment features two bedrooms and one bathroom, with an updated kitchen and bath, along with a spacious living room and a separate dining room. An unfinished basement is included. The property is sold in as-is condition.
The restaurant space has a lease in place through October 2027, providing ongoing income. The residential tenant is described as month-to-month. The property is zoned B1-3.
The sale is described as requiring purchase together with 1630 W. Melrose, and the building is being offered as a combined mixed-use opportunity in as-is condition.
The restaurant space has a lease in place through October 2027, providing ongoing income. The residential tenant is described as month-to-month. The property is zoned B1-3.
The sale is described as requiring purchase together with 1630 W. Melrose, and the building is being offered as a combined mixed-use opportunity in as-is condition.
Key Highlights
- Brick mixed‑use building built in 1931 with a ground‑floor restaurant and a separate 2‑bedroom apartment upstairs
- Ground‑floor restaurant has a lease in place through October 2027
- Second‑floor unit includes 2 bedrooms, 1 bath, an updated kitchen and bath, plus a spacious living room and separate dining room
Local 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 | $48.8k | $26.40 |
| − Vacancy | −$2.9k | −$1.58 |
| EGI | $45.9k | $24.82 |
| − OpEx | −$11.5k | −$6.20 |
| NOI | $34.4k | $18.61 |
1,850 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$491.9K
$430.4K – $573.9K
NOI $34,432 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$405.1K
$354.5K – $472.7K
NOI $28,359 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$872.3K
$763.2K – $1.02M
NOI $61,059 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Thai Thank You
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Ground-floor restaurant is leased through October 2027, with a separate 2-bedroom apartment above.
Where is this conventional restaurant located?
The property is located at 3248 North Lincoln Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Brick mixed‑use building built in 1931 with a ground‑floor restaurant and a separate 2‑bedroom apartment upstairs; Ground‑floor restaurant has a lease in place through October 2027; Second‑floor unit includes 2 bedrooms, 1 bath, an updated kitchen and bath, plus a spacious living room and separate dining room
