Renovated Restaurant with Full
For Sale
$2,200,000
4751 North Harlem Ave, Harwood Heights, IL 60706
Established dining property with a scratch kitchen, commercial cooking equipment, and a Class A liquor license.
Property Size7,224 SF
Days on Market67
Property Features for 4751 North Harlem Ave
General Information
Standard status
Active
Size
7,224 SF
Property subtype
Hospitality
Building Details
Building Size
7,224 SF
Year Built
1969
Listing Agency:
Troy Companies
(815) 404-9171
Listed By:
Chad Severson · License #IL #475.172221
(815) 404-9171
Source:
Troyrealtyltd
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 6:19AM
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.
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 = 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
$134,453
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
6.11%
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%
$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
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
$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 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%
$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
NOI $134,453 @ 7.0% cap · market cap 6.11%
Second Best
Industrial
$647.2K
$566.3K – $755.0K
NOI $45,301 @ 7.0% cap · market cap 2.06%
Theoretical Best
Office A
$3.41M
$2.98M – $3.97M
NOI $238,427 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
