Turnkey Banquet Hall
For Sale
$999,000
5319 W Belmont Avenue, Chicago, IL 60641
Commercial Sale, Chicago, IL
Property Size5,300 SF
Lot Size0.14 Acres
Price / SF$188.49
Days on Market53
Property Features for 5319 W Belmont Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
South on Pulaski Rd., West on Belmont Ave and continue to 5319
Subdivision
CHI - Belmont Cragin
Standard status
Active
APN
13281040120000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
17962
Utilities
Cooling system
Central Air
Amenities
flat-screen televisions
employee bathroom
women's restroom
men's restroom
Building Details
Year built
1925
Floors in Building
1
Building materials
Brick
Listing Agency:
Chicagoland Brokers Inc.
(773) 745-1000
Listed By:
Jessica Mueller
(773) 745-1000
Added: Jun 29
Changed: Aug 19
Last Checked: Aug 20 at 11:06AM
MLS# 12691669
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Turnkey banquet hall or restaurant with 5,300 square feet that was renovated down to the studs and refreshed with updated building systems. The property includes central air and is supported by all-new HVAC units, a brand-new flat roof, and upgraded electrical and plumbing systems. The interior is designed for private parties and community events, with contemporary styling, five flat-screen televisions, and dedicated guest and employee facilities including a dedicated employee bathroom, a four-stall women’s restroom, and a two-stall men’s restroom with new fixtures.
A fully prepared commercial kitchen supports high-volume operations and flexible use, including a walk-in cooler, walk-in freezer, commercial stove, grill, deep fryer, and exhaust fan, plus a heating table and dishwasher. The venue is move-in ready with 25 tables and approximately 130 chairs, along with a complete inventory of china, tableware, and server ware.
Set on a 0.1435-acre lot at 5319 W Belmont Avenue in Chicago, the building offers five private parking spaces at the rear with additional public parking directly in front. The property is zoned COMMR.
A fully prepared commercial kitchen supports high-volume operations and flexible use, including a walk-in cooler, walk-in freezer, commercial stove, grill, deep fryer, and exhaust fan, plus a heating table and dishwasher. The venue is move-in ready with 25 tables and approximately 130 chairs, along with a complete inventory of china, tableware, and server ware.
Set on a 0.1435-acre lot at 5319 W Belmont Avenue in Chicago, the building offers five private parking spaces at the rear with additional public parking directly in front. The property is zoned COMMR.
Key Highlights
- Renovated down to the studs with 5,300 SF of banquet hall/restaurant space
- All‑new HVAC units plus central air and a brand‑new flat roof
- Commercial kitchen with walk‑in cooler, walk‑in freezer, commercial 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
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,869
Businesses Nearby
77k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Extensively renovated banquet hall/restaurant with new HVAC, a brand-new flat roof, and central air throughout.
Where is this conventional restaurant 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: Renovated down to the studs with 5,300 SF of banquet hall/restaurant space; All‑new HVAC units plus central air and a brand‑new flat roof; Commercial kitchen with walk‑in cooler, walk‑in freezer, commercial stove, grill, deep fryer, and exhaust fan
