Building Details

Building Size 7,224 SF

Year Built 1969

Listing Agency: Troy Companies

Listed By: Chad Severson · License #IL #475.172221 Show Phone

Source: Troyrealtyltd

Added: Jun 25 Changed: Sep 14 Last Checked: Oct 12 at 6:51PM

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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 Troy Companies

Investment Insights

Based on property information with market context.

This 7,200 SF restaurant at 4751 North Harlem Ave features a full liquor bar and a scratch kitchen arranged for high-volume food preparation. The existing equipment package includes a broiler, 8-burner stove, flattop grill, multiple steam tables, stand-alone coolers and freezers, a slicer, Hobart mixer, and ice cream freezer. Two hood systems provide 21-foot and 10-foot configurations. The building was constructed in 1969 and received a $1m refresher buildout in 2014.

The property includes an LED monument sign, six gaming machines, and burglar and fire alarms. Reciprocal additional parking is available with the neighboring bank. A Class A license is in place, supporting the existing restaurant and bar configuration.

Key Highlights

• 7,200 SF restaurant with full liquor bar and scratch kitchen
• $1m refresher buildout completed in 2014
• Commercial kitchen includes broiler, 8‑burner stove, flattop grill, Hobart mixer, and multiple coolers

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$134,453

Cap Rate

6.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,689,060 $2.7M

Cap Rate 7%

$1,920,757 $1.9M

Cap Rate 9%

$1,493,922 $1.5M

Market Conditions

NOI Build-Up for 7,224 SF

Gross rent

$190.7K $26.40/SF

− Vacancy

−$11.4K −$1.58/SF

EGI

$179.3K $24.82/SF

− OpEx

−$44.8K −$6.20/SF

NOI

$134.5K $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 Rate 5%

$2,689,060

Cap Rate 7%

$1,920,757

Cap Rate 9%

$1,493,922

Alternative Uses

Best Use

Specialty Retail

$1.92M

$1.68M – $2.24M (±1% cap)

NOI $134,453 @ 7.0% cap · market cap 6.11%

Second Best

Industrial

$647.2K

$566.3K – $755.0K (±1% cap)

NOI $45,301 @ 7.0% cap · market cap 2.06%

Theoretical Best

Office A

$3.41M

$2.98M – $3.97M (±1% cap)

NOI $238,427 @ 7.0% cap · market cap 10.84%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Family Palace Restaurant

Suggested Use

Top Pick Law Firm Skin Care Clinic Parking Lot & Garage (Bike/Boat/Book/etc) Store Food Market Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,009

Businesses Nearby

397k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 48% Apparel 24% Groceries 21% Shops & Services 6%

Burlington Apparel

64,031 visits/mo 0.2 miles

Raising Cane's Chicken Fingers Dining

53,622 visits/mo 0.2 miles

Portillo's Dining

49,145 visits/mo 0.3 miles

Mariano's Groceries

44,132 visits/mo 0.4 miles

McDonald's Dining

35,329 visits/mo 0.3 miles

Demographics for 60706, IL

24,327

Population

9,720

Households

2.5

Avg Household Size

45

Median Age

30%

College-Educated

87%

High-School Grad

3.1 sq mi

ZIP Area

7,847

Density / Sq Mi

$85,000

Median Household Income

$48,602

Median Earnings

$1,242

Median Rent

$347,600

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Established dining property with a scratch kitchen, commercial cooking equipment, and a Class A liquor license.

Where is this conventional restaurant located?

The property is located at 4751 North Harlem Ave Harwood Heights, IL.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: 7,200 SF restaurant with full liquor bar and scratch kitchen; $1m refresher buildout completed in 2014; Commercial kitchen includes broiler, 8‑burner stove, flattop grill, Hobart mixer, and multiple coolers