Ground-Floor
For Sale
$649,000
420 W Belmont Avenue, Chicago, IL 60657
Business Opportunity, Chicago, IL
Property Size2,176 SF
Lot Size0.42 Acres
Price / SF$298.25
Days on Market93
Property Features for 420 W Belmont Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
North to LSD, Exit Belmont, West to the property.
Subdivision
CHI - Lake View
Standard status
Active
APN
00000000000000
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2024
Utilities
Cooling system
Central Air
Listing Agency:
Chicago Real Estate Resources
(773) 327-9300
Listed By:
Tuyen Nguyen · License #471006001
(773) 327-9300
Added: May 20
Changed: Aug 19
Last Checked: Aug 20 at 11:06AM
MLS# 12654486
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,176-square-foot conventional restaurant occupies a ground-floor space within a 42-story high-rise on Belmont Avenue. The layout accommodates 80 seats and includes a commercial kitchen, draft beer line system, décor, branding, operational infrastructure, two ADA-compliant restrooms, and one dedicated garage parking space. A buildout was completed in 2020, and the sale includes established recipes, a website, marketing materials, and operating systems.
The property is located in East Lakeview near Belmont Harbor, the Lakefront Trail, and Wrigleyville. The surrounding corridor reportedly sees 18,000–25,000 vehicles per day, with residential density and commuter activity from Lake Shore Drive. The lease is available for assumption, and the liquor license has been recently renewed. Additional business assets include a customer database of 55,000+ email and SMS subscribers and 25,000+ social media followers.
The property is located in East Lakeview near Belmont Harbor, the Lakefront Trail, and Wrigleyville. The surrounding corridor reportedly sees 18,000–25,000 vehicles per day, with residential density and commuter activity from Lake Shore Drive. The lease is available for assumption, and the liquor license has been recently renewed. Additional business assets include a customer database of 55,000+ email and SMS subscribers and 25,000+ social media followers.
Key Highlights
- 2,176 SF ground‑floor restaurant with seating for 80
- Commercial kitchen, draft beer line system, décor, and operational infrastructure included
- Located within a 42‑story high‑rise at 420 W Belmont Avenue
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
$40,500
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
6.24%
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%
$810,000
$810.0K
Cap Rate 7%
$578,571
$578.6K
Cap Rate 9%
$450,000
$450.0K
Market Conditions
NOI Build-Up for 2,176 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
$57.4K $26.40/SF
− Vacancy
−$3.4K −$1.58/SF
EGI
$54.0K $24.82/SF
− OpEx
−$13.5K −$6.20/SF
NOI
$40.5K $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%
$810,000
Cap Rate 7%
$578,571
Cap Rate 9%
$450,000
Alternative Uses
Best Use
Specialty Retail
$578.6K
$506.3K – $675.0K
NOI $40,500 @ 7.0% cap · market cap 6.24%
Second Best
Industrial
$194.9K
$170.6K – $227.4K
NOI $13,646 @ 7.0% cap · market cap 2.10%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Highway access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
6,245
Businesses Nearby
223k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 31%
Groceries 20%
Superstores 15%
Home Improvements & Furnishings 14%
Trader Joe's
Groceries
43,874 visits/mo
0.4 miles
Target
Superstores
33,595 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
30,960 visits/mo
0.5 miles
McDonald's
Dining
29,548 visits/mo
0.2 miles
Nando's PERi-PERi
Dining
11,806 visits/mo
0.4 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
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing kitchen, dining, and hospitality infrastructure support continued restaurant operations in a high-rise setting.
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: 2,176 SF ground‑floor restaurant with seating for 80; Commercial kitchen, draft beer line system, décor, and operational infrastructure included; Located within a 42‑story high‑rise at 420 W Belmont Avenue
