Renovated Wedding
New
For Sale
$999,000
5319 W Belmont Avenue, Chicago, IL 60641
Modernized event facility with commercial kitchen capabilities, updated building systems, and flexible banquet accommodations.
Property Size5,300 SF
Price / SF$188.49
Days on Market2
Property Features for 5319 W Belmont Avenue
General Information
Standard status
Active
Size
5,300 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
COMMR
Restaurant
Seating Capacity
130
Equipment Included
Yes
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$17,962
Amenities
flat-screen televisions
Building Details
Building Size
5,300 SF
Year Built
1925
Stories
1
Listing Agency:
Chicagoland Brokers Inc.
(773) 745-1000
Listed By:
Jessica Mueller
(773) 745-1000
Source:
Perillorealestategroup
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 4:46AM
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 Chicagoland Brokers Inc.
Investment Insights
Based on property information with market context.
Located at 5319 W Belmont Avenue in Chicago, this 5,300-square-foot wedding venue occupies a building constructed in 1925 and substantially renovated throughout. Improvements include new HVAC units, a flat roof, updated electrical and plumbing systems, contemporary finishes, and refreshed restroom facilities. The layout includes a dedicated employee bathroom, a four-stall women's restroom, and a two-stall men's restroom, along with five flat-screen televisions.
A commercial kitchen supports banquet service and food-production use, with a walk-in cooler, walk-in freezer, commercial stove, grill, deep fryer, exhaust fan, heating table, and dishwasher. The venue includes 25 tables and approximately 130 chairs, plus five private parking spaces at the rear and public parking directly in front. Zoning is COMMR.
A commercial kitchen supports banquet service and food-production use, with a walk-in cooler, walk-in freezer, commercial stove, grill, deep fryer, exhaust fan, heating table, and dishwasher. The venue includes 25 tables and approximately 130 chairs, plus five private parking spaces at the rear and public parking directly in front. Zoning is COMMR.
Key Highlights
- 5,300‑square‑foot wedding venue at 5319 W Belmont Avenue, Chicago, IL 60641
- Extensive renovation with new HVAC units, flat roof, electrical, and plumbing systems
- Commercial kitchen includes walk‑in cooler, walk‑in freezer, stove, grill, deep fryer, and exhaust fan
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
$33,236
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
3.33%
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%
$664,720
$664.7K
Cap Rate 7%
$474,800
$474.8K
Cap Rate 9%
$369,289
$369.3K
Market Conditions
NOI Build-Up for 5,300 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
$50.0K $9.43/SF
− Vacancy
−$2.5K −$0.47/SF
EGI
$47.5K $8.96/SF
− OpEx
−$14.2K −$2.69/SF
NOI
$33.2K $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%
$664,720
Cap Rate 7%
$474,800
Cap Rate 9%
$369,289
Alternative Uses
Best Use
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,644 @ 7.0% cap · market cap 9.87%
Second Best
Industrial
$474.8K
$415.5K – $553.9K
NOI $33,236 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $174,925 @ 7.0% cap · market cap 17.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,869
Businesses Nearby
77k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 56%
Shops & Services 37%
Electronics 7%
Tony's Fresh Market
Groceries
43,070 visits/mo
0.4 miles
Dollar Tree
Shops & Services
10,358 visits/mo
0.4 miles
Dollar General
Shops & Services
7,408 visits/mo
0.5 miles
Shell
Shops & Services
7,003 visits/mo
0.5 miles
EZPAWN
Shops & Services
3,301 visits/mo
0.2 miles
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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?
Wedding venue - Modernized event facility with commercial kitchen capabilities, updated building systems, and flexible banquet accommodations.
Where is this wedding venue located?
The property is located at 5319 W Belmont Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 5,300‑square‑foot wedding venue at 5319 W Belmont Avenue, Chicago, IL 60641; Extensive renovation with new HVAC units, flat roof, electrical, and plumbing systems; Commercial kitchen includes walk‑in cooler, walk‑in freezer, stove, grill, deep fryer, and exhaust fan
