Renovated Wedding
For Sale
$999,000
5319 W Belmont Ave, Chicago, IL 60641
Modernized event facility with commercial kitchen and upgraded building systems.
Property Size5,300 SF
Price / SF$188.49
Days on Market31
Property Features for 5319 W Belmont Ave
General Information
Standard status
Active
Size
5,300 SF
Total Parking Spaces
5
Restaurant
Seating Capacity
130
Equipment Included
Yes
Additional Details
Furnished
Yes
Amenities
flat-screen televisions
Building Details
Year Built
1925
Listing Agency:
Chicagoland Brokers Inc.
(847) 345-3350
Listed By:
Jessica Mueller
Source:
Liveliferealty
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 25 at 5:02AM
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.
Originally built in 1925, this 5,300-square-foot wedding and event venue has been renovated throughout, including new HVAC units, a flat roof, and updated electrical and plumbing systems. The interior includes contemporary finishes, five flat-screen televisions, an employee restroom, a four-stall women's restroom, and a two-stall men's restroom. A commercial kitchen is equipped with a walk-in cooler, walk-in freezer, stove, grill, deep fryer, exhaust fan, heating table, and dishwasher. The property also includes china, tableware, server ware, 25 tables, and approximately 130 chairs.
Located at 5319 W Belmont Ave in Chicago, the property has five private parking spaces at the rear, with public parking directly in front. Existing bookings are on the calendar, and the facility is positioned for private events, community functions, restaurant operations, or commercial kitchen use during non-event hours.
Located at 5319 W Belmont Ave in Chicago, the property has five private parking spaces at the rear, with public parking directly in front. Existing bookings are on the calendar, and the facility is positioned for private events, community functions, restaurant operations, or commercial kitchen use during non-event hours.
Key Highlights
- 5,300‑square‑foot renovated wedding and event venue
- New HVAC units, flat roof, electrical, and plumbing systems
- Commercial kitchen with walk‑in cooler, walk‑in freezer, stove, grill, and deep fryer
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 and upgraded building systems.
Where is this wedding venue located?
The property is located at 5319 W Belmont Ave 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 renovated wedding and event venue; New HVAC units, flat roof, electrical, and plumbing systems; Commercial kitchen with walk‑in cooler, walk‑in freezer, stove, grill, and deep fryer
