Banquet Venue With
New
For Sale
$1,249,500
6155 W Fullerton Ave, Chicago, IL 60639
Remodeled event property with upstairs apartments, operating equipment, furniture, and a liquor license included.
Property Size6,219 SF
Price / SF$200.92
Days on Market2
Property Features for 6155 W Fullerton Ave
General Information
Standard status
Active
Size
6,219 SF
Additional Details
Business Included
Yes
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1948
Buildings
1
Listing Agency:
RE/MAX 10 Lincoln Park
Listed By:
Angel Navarro · License #475127008
(773) 388-8540
Source:
Realtopiare
Added: Sep 4
Last Checked: Sep 4 at 2:52PM
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 6,219-square-foot wedding and banquet venue includes an event hall with capacity for 200 to 250 people, along with furniture, equipment, and a liquor license. The building has been remodeled with a newer roof, two newer furnaces, central air conditioning, and updated bathrooms. Two apartments occupy the second floor and provide additional rental income.
Built in 1948, the property combines an established banquet operation with residential components in a mixed-use setting. Public transportation access includes CTA and Metra service, while Home Depot, Lowe’s, schools, Riis Park, and Brickyard Shopping are within walking distance.
Built in 1948, the property combines an established banquet operation with residential components in a mixed-use setting. Public transportation access includes CTA and Metra service, while Home Depot, Lowe’s, schools, Riis Park, and Brickyard Shopping are within walking distance.
Key Highlights
- 6,219‑square‑foot wedding and banquet venue
- Event capacity for 200 to 250 people
- Two second‑floor apartments provide additional rental income
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
$94,729
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
7.58%
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%
$1,894,580
$1.9M
Cap Rate 7%
$1,353,271
$1.4M
Cap Rate 9%
$1,052,544
$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
$182.8K $29.40/SF
− Vacancy
−$10.6K −$1.71/SF
EGI
$172.2K $27.69/SF
− OpEx
−$77.5K −$12.46/SF
NOI
$94.7K $15.23/SF
Area
ZIP 60639
Vacancy
5.80%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,894,580
Cap Rate 7%
$1,353,271
Cap Rate 9%
$1,052,544
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,729 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
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 - Remodeled event property with upstairs apartments, operating equipment, furniture, and a liquor license included.
Where is this wedding venue located?
The property is located at 6155 W Fullerton Ave 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: 6,219‑square‑foot wedding and banquet venue; Event capacity for 200 to 250 people; Two second‑floor apartments provide additional rental income
