Corner Restaurant
For Sale
$725,000
3851 S Michigan Avenue, Chicago, IL 60653
Restaurant building with on-site parking and a corner position in Chicago.
Property Size2,300 SF
Price / SF$315.22
Days on Market50
Property Features for 3851 S Michigan Avenue
General Information
Standard status
Active
Size
2,300 SF
Total Parking Spaces
25
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$41,982
Building Details
Building Size
2,300 SF
Listing Agency:
Midwest Real Estate Brokerage LLC
Listed By:
Joel Mandujano · License #475139231
(773) 719-5207
Source:
Dawnmckennagroup
Added: Sep 2
Changed: Oct 13
Last Checked: Oct 19 at 1:34PM
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 Midwest Real Estate Brokerage LLC
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Investment Insights
Based on property information with market context.
This restaurant property includes a building and a parking lot with capacity for 25 cars. The site is offered in as-is condition and is positioned for restaurant, coffee shop, or fast-food use as described in the property information.
Located at 3851 S Michigan Avenue in Chicago, the property is near Lake Michigan and Chicago’s downtown area. Its corner setting and exposure to vehicular traffic provide notable physical characteristics for a food-service operator.
Located at 3851 S Michigan Avenue in Chicago, the property is near Lake Michigan and Chicago’s downtown area. Its corner setting and exposure to vehicular traffic provide notable physical characteristics for a food-service operator.
Key Highlights
- Parking lot accommodates 25 cars
- Corner‑position restaurant property
- Located at 3851 S Michigan Avenue, Chicago, IL 60653
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,808
Cap Rate
5.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$856,160
$856.2K
Cap Rate 7%
$611,543
$611.5K
Cap Rate 9%
$475,644
$475.6K
Market Conditions
NOI Build-Up for 2,300 SF
Gross rent
$60.7K $26.40/SF
− Vacancy
−$3.6K −$1.58/SF
EGI
$57.1K $24.82/SF
− OpEx
−$14.3K −$6.20/SF
NOI
$42.8K $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 Rate 5%
$856,160
Cap Rate 7%
$611,543
Cap Rate 9%
$475,644
Alternative Uses
Best Use
Specialty Retail
$611.5K
$535.1K – $713.5K
NOI $42,808 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$948.9K – $1.27M
NOI $75,911 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
104k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 55%
Shops & Services 41%
Dining 3%
Mariano's
Groceries
57,390 visits/mo
0.4 miles
BP
Shops & Services
15,665 visits/mo
0.4 miles
Mobil
Shops & Services
13,876 visits/mo
0.5 miles
Dollar General
Shops & Services
13,526 visits/mo
0.5 miles
JJ Fish & Chicken
Dining
3,600 visits/mo
0.5 miles
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
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
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant building with on-site parking and a corner position in Chicago.
Where is this conventional restaurant located?
The property is located at 3851 S Michigan Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Parking lot accommodates 25 cars; Corner‑position restaurant property; Located at 3851 S Michigan Avenue, Chicago, IL 60653
