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    Established Restaurant in Lakeshore East Title is generated by Realmo AI

    400 East Randolph Street, Chicago, IL 60601

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    For Sale
    $625,000

    Turnkey restaurant with prime location and breathtaking views.

    Type:SCR, SCR-REST
    Property size:
    2,425 SF
    Price / SF:
    $257/SF
    Added:
    Mar 8, 2023
    Days on Market:
    1172
    Last Refresh:
    Apr 3 at 4:56 am

    Property Features for 400 East Randolph Street

    General Information

    Standard status
    Active
    Size
    2,425 SF
    Property subtype
    SCR, SCR-REST

    Building Details

    Year Built
    1963

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    Listing Contact
    Manny Regalado

    Listing agent Manny Regalado

    Listing office Keller Williams ONEChicago

    Listing date Mar 8, 2023

    Source Realnex

    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 Keller Williams ONEChicago

    HighLights

    • Prime Location in Lakeshore East, located in the 400 East Randolph building near Millennium Park.
    • Established Restaurant with 22+ years of operation, including licenses and FF&E.
    • Breathtaking Views from the exclusive outdoor seating area overlooking Millennium Park and the skyline.
    • Comprehensive Amenities including a pool, workout facility, spa, and private parking.
    • Modern Upgrades featuring new equipment, LED lighting, and a professional stage.
    • Efficient Operations with low operating expenses and included services.

    Overview

    Seven Restaurant, a dining venue located within the 400 East Randolph building in Chicago's Lakeshore East neighborhood, is available for purchase. This 2,425-square-foot commercial condominium is situated on the seventh floor of a 954-unit residential high-rise. The restaurant is positioned next to the elevators, spa, and gym entrances. It features an outdoor dining area on the seventh-floor deck with views of Millennium Park and the high-rises of Lakeshore East. Serving the community for over twenty-two years, Seven Restaurant hosts weekend events. The sale includes food and liquor licenses, a spacious kitchen, private office, dedicated computer room with Matrix CAT-6 cabling, and a stage with professional lighting for live performances and karaoke. Recent improvements include new sinks, grill, fryers, extensive shelving, and LED lighting. The building provides heat and air conditioning via the association. Located across the street from Millennium Park, Seven Restaurant has views of Cloud Gate ("The Bean"), Jay Pritzker Pavilion, Crown Fountain, Lurie Garden, and Maggie Daley Park. The property is minutes from The Magnificent Mile, the Chicago Riverwalk, the Waldorf Astoria, The Langham, The Peninsula, The Four Seasons, St. Regis Chicago, One Chicago, The Residences at 900, Gibsons Bar & Steakhouse, Prime & Provisions, Avli on The Park, and RPM Seafood. The building has a year-round outdoor pool covered by a glass dome. The property offers both covered and uncovered private parking options.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $501.5K
    NOI $45,134 @ 9.00% cap · cautious / downside scenario
    Moderate
    $644.8K
    NOI $45,134 @ 7.00% cap · market / base-case scenario
    Aggressive
    $902.7K
    NOI $45,134 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
    Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $64.0k $26.40
    − Vacancy −$3.8k −$1.58
    EGI $60.2k $24.82
    − OpEx −$15.0k −$6.20
    NOI $45.1k $18.61
    2,425 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $644.8K
    $564.2K – $752.2K (±1% cap)
    NOI $45,134 @ 7.0% cap · market cap 7.22%
    Second Best
    no second resolved use
    Theoretical Best
    Office A
    $1.14M
    $1.00M – $1.33M (±1% cap)
    NOI $80,037 @ 7.0% cap · market cap 12.81%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    ILCBA Association / Organization Berkshire Homes Inc Homes Matt Silver, Corcoran ... Real Estate Agency Chicago Asthma Consortium Physician Seven Bar and Lounge Bar & Pub

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6166772
    Latitude
    41.8849954

    FAQs

    What type of property is this?
    Conventional restaurant - Turnkey restaurant with prime location and breathtaking views.
    Where is this conventional restaurant located?
    The property is located at 400 East Randolph Street Chicago, IL.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: Prime Location in Lakeshore East, located in the 400 East Randolph building near Millennium Park.; Established Restaurant with 22+ years of operation, including licenses and FF&E.; Breathtaking Views from the exclusive outdoor seating area overlooking Millennium Park and the skyline.
    More about this property
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