Turnkey Restaurant Opportunity in
420 W Belmont Avenue, Chicago, IL 60657
East Lakeview restaurant with below-market lease and high visibility.
Type:Business for Sale, Retail
Property size:
2,176 SFPrice / SF:
$298/SF- Added:
- May 20, 2026
- Days on Market:
- 10
- Last Refresh:
- May 27 at 8:16 am
Property Features for 420 W Belmont Avenue
General Information
- Standard status
- Active
- Size
- 2,176 SF
- Property subtype
- Business for Sale, Retail
Listing agent Tuyen Nguyen License #471006001
Listing office Commercial Real Estate Resources
Listing date May 20, 2026
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 Commercial Real Estate Resources
HighLights
- Turnkey restaurant opportunity in East Lakeview, fully built out in 2020 with $600,000+ investment.
- Below‑market lease at approximately $5,600/month.
- High‑traffic location with 18,000‑25,000 vehicles per day.
- Includes valuable business assets: transferable customer database (55,000+ subscribers) and social media following (25,000+).
- Fully equipped with commercial kitchen, draft beer line system, decor, branding, and operational infrastructure.
- Features 2,176 SF, 80 seats, ground floor access, ADA‑compliant restrooms, dedicated parking, and a recently renewed liquor license.
Overview
This turnkey restaurant opportunity is located in East Lakeview, within a 42-story high-rise on Belmont Avenue. The ground floor space spans 2,176 square feet and accommodates 80 seats. The location benefits from high visibility, with 18,000 to 25,000 vehicles passing by daily, a dense residential population, commuter traffic from Lake Shore Drive, and proximity to Belmont Harbor, the Lakefront Trail, and Wrigleyville. The current total rent is approximately $5,600 per month, below the submarket average of $7,400+ per month NNN for comparable spaces. A buildout completed in 2020, costing over $600,000, includes a commercial kitchen, draft beer line system, decor, branding, and operational infrastructure. The lease features two ADA-compliant restrooms, one dedicated garage parking space, and a recently renewed liquor license. Business assets included in the sale are a transferable customer database of over 55,000 email and SMS subscribers, more than 25,000 social media followers, established branding, recipes, a website, marketing assets, and operational systems. Opportunities exist for expanded operating hours, catering, private events, alcohol sales, delivery, and retail products. This acquisition is suitable for an owner-operator, restaurant group, cafe concept, cocktail lounge, or hospitality operator seeking a location in East Lakeview.
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 | $57.4k | $26.40 |
| − Vacancy | −$3.4k | −$1.58 |
| EGI | $54.0k | $24.82 |
| − OpEx | −$13.5k | −$6.20 |
| NOI | $40.5k | $18.61 |
2,176 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$578.6K
$506.3K – $675.0K
NOI $40,500 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$897.7K – $1.20M
NOI $71,818 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
ATM Bob
Atm
Noble Garage Door
Building Supply
King Fisher Chicago
Tour Operator
Healthcare Enhanced, LLC
Physician
Wake ‘n Bacon
Restaurant
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6407729
- Latitude
- 41.9302044
Nearby Similar for Sale
FAQs
What type of property is this?
Conventional restaurant - East Lakeview restaurant with below-market lease and high visibility.
Where is this conventional restaurant located?
The property is located at 420 W Belmont Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Turnkey restaurant opportunity in East Lakeview, fully built out in 2020 with $600,000+ investment.; Below‑market lease at approximately $5,600/month.; High‑traffic location with 18,000‑25,000 vehicles per day.
