Corner Restaurant with Full
For Sale
$125,000
4601 N Lincoln Avenue, Chicago, IL 60625
Established dining space offers indoor seating and permitted sidewalk café operations in Lincoln Square.
Property Size1,600 SF
Price / SF$78.13
Days on Market152
Property Features for 4601 N Lincoln Avenue
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Retail - Restaurant
Restaurant
Patio
Yes
Liquor License
Yes
Building Details
Building Size
1,600 SF
Year Renovated
2020
Listing Agency:
SVN | Chicago Commercial
(312) 756-7357
Listed By:
Marcus Sullivan · License #475139568
Source:
Commercialcafe
Added: Apr 3
Changed: Aug 31
Last Checked: Aug 31 at 1:50AM
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 SVN | Chicago Commercial
Investment Insights
Based on property information with market context.
This 1,600-square-foot conventional restaurant occupies a prominent corner position at 4601 N Lincoln Avenue in Chicago’s Lincoln Square. The premises include a complete commercial kitchen, seating for 50 guests indoors, and an outdoor dining component. The restaurant has operated at the location for more than two decades, providing an established operating history within the neighborhood.
Included licenses consist of a retail food incidental liquor license and a sidewalk café permit. Lincoln Square is identified as a walkable North Side Chicago community with boutique shopping, cultural venues, dining establishments, and seasonal festivals. The property is positioned within an active dining corridor serving a local neighborhood audience.
Included licenses consist of a retail food incidental liquor license and a sidewalk café permit. Lincoln Square is identified as a walkable North Side Chicago community with boutique shopping, cultural venues, dining establishments, and seasonal festivals. The property is positioned within an active dining corridor serving a local neighborhood audience.
Key Highlights
- 1,600 SF restaurant at a prominent corner location
- Full commercial kitchen in place
- Indoor seating for 50 guests
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
$10,034
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
8.03%
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%
$200,680
$200.7K
Cap Rate 7%
$143,343
$143.3K
Cap Rate 9%
$111,489
$111.5K
Market Conditions
NOI Build-Up for 1,600 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
$15.1K $9.43/SF
− Vacancy
−$754 −$0.47/SF
EGI
$14.3K $8.96/SF
− OpEx
−$4.3K −$2.69/SF
NOI
$10.0K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
30.00%
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%
$200,680
Cap Rate 7%
$143,343
Cap Rate 9%
$111,489
Alternative Uses
Best Use
Specialty Retail
$425.4K
$372.2K – $496.3K
NOI $29,779 @ 7.0% cap · market cap 23.82%
Second Best
Industrial
$143.3K
$125.4K – $167.2K
NOI $10,034 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$754.4K
$660.1K – $880.1K
NOI $52,808 @ 7.0% cap · market cap 42.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
3,479
Businesses Nearby
98k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Groceries 34%
Shops & Services 21%
Home Improvements & Furnishings 3%
Jewel-Osco
Groceries
32,837 visits/mo
0.5 miles
Wendy's
Dining
16,427 visits/mo
0.3 miles
Burger King
Dining
14,996 visits/mo
0.4 miles
Dollar Tree
Shops & Services
8,360 visits/mo
0.3 miles
AutoZone
Shops & Services
7,489 visits/mo
0.3 miles
Demographics for 60625, IL
76,525
Population
33,932
Households
2.3
Avg Household Size
36
Median Age
54%
College-Educated
87%
High-School Grad
3.8 sq mi
ZIP Area
20,138
Density / Sq Mi
$85,299
Median Household Income
$48,314
Median Earnings
$1,455
Median Rent
$396,700
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 - Established dining space offers indoor seating and permitted sidewalk café operations in Lincoln Square.
Where is this conventional restaurant located?
The property is located at 4601 N Lincoln Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: 1,600 SF restaurant at a prominent corner location; Full commercial kitchen in place; Indoor seating for 50 guests
