Remodeled Wedding Venue with
For Sale
$1,249,500
6155 W FULLERTON Avenue, Chicago, IL 60639
Banquet facilities include furnishings, equipment, a liquor license, and second-floor residential units.
Property Size6,219 SF
Days on Market366
Property Features for 6155 W FULLERTON Avenue
General Information
Standard status
Active
Size
6,219 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Business Included
Yes
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$17,945
Building Details
Building Size
6,219 SF
Year Built
1948
Buildings
1
Stories
2
Units
3
Listing Agency:
RE/MAX 10 Lincoln Park
(773) 348-8500
Listed By:
Angel Navarro · License #475127008
(773) 348-8500
Source:
Ozmentrealestate
Added: Aug 29, 2025
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 RE/MAX 10 Lincoln Park
Investment Insights
Based on property information with market context.
This wedding venue includes an established banquet hall measuring over 6,000 square feet, with capacity for 200 to 250 people. The remodeled building includes newer furnaces, central air conditioning, a replacement roof, and updated bathrooms. Furniture, equipment, and a liquor license are included. Two apartments occupy the second floor, adding residential income space to the property.
Located at 6155 W Fullerton Avenue in Chicago, the property is near CTA and Metra transportation, Home Depot, Lowe’s, schools, Riis Park, and Brickyard Shopping. Zoning is identified as COMMR, and the building was constructed in 1948.
Located at 6155 W Fullerton Avenue in Chicago, the property is near CTA and Metra transportation, Home Depot, Lowe’s, schools, Riis Park, and Brickyard Shopping. Zoning is identified as COMMR, and the building was constructed in 1948.
Key Highlights
- Over 6,000 square feet of banquet venue space
- Capacity for 200 to 250 people
- Two second‑floor apartments provide additional income space
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
$96,550
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
7.73%
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%
$1,931,000
$1.9M
Cap Rate 7%
$1,379,286
$1.4M
Cap Rate 9%
$1,072,778
$1.1M
Market Conditions
NOI Build-Up for 6,219 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
$171.6K $27.60/SF
− Vacancy
−$17.2K −$2.76/SF
EGI
$154.5K $24.84/SF
− OpEx
−$57.9K −$9.32/SF
NOI
$96.5K $15.53/SF
Area
ZIP 60639
Vacancy
10.00%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,931,000
Cap Rate 7%
$1,379,286
Cap Rate 9%
$1,072,778
Alternative Uses
Best Use
Mixed Use
$1.38M
$1.21M – $1.61M
NOI $96,550 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,729 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,481 @ 7.0% cap · market cap 15.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
Explore this area
Business Placement
Demographics for 60639, IL
89,543
Population
28,656
Households
3.1
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
5.0 sq mi
ZIP Area
17,909
Density / Sq Mi
$59,710
Median Household Income
$34,846
Median Earnings
$1,212
Median Rent
$289,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Banquet facilities include furnishings, equipment, a liquor license, and second-floor residential units.
Where is this wedding venue located?
The property is located at 6155 W FULLERTON Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,249,500.
What are key features of this property?
This property features: Over 6,000 square feet of banquet venue space; Capacity for 200 to 250 people; Two second‑floor apartments provide additional income space
