Sports Bar and Apartment
For Sale
Contact for pricing
3477 N Clark St, Chicago, IL 60657
Three-story building with first-floor sports bar space and two apartments above, plus a 1,100 SF basement.
Property Size5,477 SF
Price / SF$392.46
Days on Market63
Property Features for 3477 N Clark St
General Information
Standard status
Active
Size
5,477 SF
Property subtype
RETAIL
Additional Details
Business Included
Yes
Building Details
Buildings
1
Stories
3
Building Size
5,477 SF
Tenancy
Multi
Listing Agency:
Miller Chicago
(312) 988-0669
Listed By:
Andrea Miller · License #471016960
(312) 513-8333
Source:
Moodyscre
Added: Jul 16
Changed: Sep 8
Last Checked: Sep 15 at 11:14AM
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 Miller Chicago
Investment Insights
Based on property information with market context.
This three-story building offers first-floor commercial space plus two residential units above, creating a combined bar-and-apartments configuration. The property includes 5,477 Sq Ft of building area and an additional 1,100 Sq Ft basement with restrooms and storage. The operating bar includes a 2 am tavern license available for transfer, subject to negotiation.
The upper floors feature two apartments: a 3-bedroom, 2-bath unit on the 2nd floor (1,000 Sq Ft) and a 3-bedroom, 2-bath unit on the 3rd floor (1,100 Sq Ft). Wrigley Field, home of the Chicago Cubs, is listed as a 4-minute walk away, which can drive increased pedestrian and vehicle traffic on game days, and the surrounding Wrigleyville area is described as an entertainment-focused neighborhood.
For operators or investors looking for both a street-level hospitality component and above-floor residential income, the building’s layout supports day-to-night use across multiple levels, with basement space including restrooms and storage.
The upper floors feature two apartments: a 3-bedroom, 2-bath unit on the 2nd floor (1,000 Sq Ft) and a 3-bedroom, 2-bath unit on the 3rd floor (1,100 Sq Ft). Wrigley Field, home of the Chicago Cubs, is listed as a 4-minute walk away, which can drive increased pedestrian and vehicle traffic on game days, and the surrounding Wrigleyville area is described as an entertainment-focused neighborhood.
For operators or investors looking for both a street-level hospitality component and above-floor residential income, the building’s layout supports day-to-night use across multiple levels, with basement space including restrooms and storage.
Key Highlights
- Operating sports bar with a 2 am tavern license available for transfer, subject to negotiation
- Three‑story building with first‑floor commercial space plus two apartments above
- Two 3‑bedroom, 2‑bath apartments: 1,000 Sq Ft on 2nd floor and 1,100 Sq Ft on 3rd floor
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
$106,703
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
4.74%
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%
$2,134,060
$2.1M
Cap Rate 7%
$1,524,329
$1.5M
Cap Rate 9%
$1,185,589
$1.2M
Market Conditions
NOI Build-Up for 5,733 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
$151.4K $26.40/SF
− Vacancy
−$9.1K −$1.58/SF
EGI
$142.3K $24.82/SF
− OpEx
−$35.6K −$6.20/SF
NOI
$106.7K $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%
$2,134,060
Cap Rate 7%
$1,524,329
Cap Rate 9%
$1,185,589
Alternative Uses
Best Use
Specialty Retail
$1.52M
$1.33M – $1.78M
NOI $106,703 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.37M – $3.15M
NOI $189,217 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,430
Businesses Nearby
318k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 26%
Groceries 15%
Apparel 10%
Raising Cane's Chicken Fingers
Dining
36,207 visits/mo
0.3 miles
Jewel-Osco
Groceries
30,208 visits/mo
0.5 miles
Shell
Shops & Services
21,286 visits/mo
0.3 miles
Chick-fil-A
Dining
19,353 visits/mo
0.0 miles
Whole Foods Market
Groceries
16,040 visits/mo
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Three-story building with first-floor sports bar space and two apartments above, plus a 1,100 SF basement.
Where is this bar & pub located?
The property is located at 3477 N Clark St Chicago, IL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Operating sports bar with a 2 am tavern license available for transfer, subject to negotiation; Three‑story building with first‑floor commercial space plus two apartments above; Two 3‑bedroom, 2‑bath apartments: 1,000 Sq Ft on 2nd floor and 1,100 Sq Ft on 3rd floor
