Multi-Level Restaurant/Bar Space in River
737 N LaSalle Street Chicago, IL 60654
737 N LaSalle Street, Chicago, IL, 60654
$3,500,000
For Sale
$3,500,000
Spacious multi-level restaurant/bar in River North with high potential.
Property Size14,656 SF
Price / SF$238.81
Days on Market282
Property Features for 737 N LaSalle Street
General Information
- Standard status
- Active
- Size
- 14,656 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1970
Listing agency
@PROPERTIES COMMERCIAL
(312) 337-0200
Listed by
IAN FEINERMAN · License #475124617
Source
Corcoran
Added: Oct 14, 2025 Updated: Jul 10 at 12:54PM Checked: Jul 21 at 5:36AM
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 @PROPERTIES COMMERCIAL
Investment Insights
Based on property information with market context.
This multi-level restaurant/bar space, totaling 14,656 square feet across three floors and a lower level, is available for sale. The property, zoned DX-7, features a fully sprinklered building with a new elevator being installed. Each floor offers approximately 3,664 square feet of space. The main floor includes a full bar, a kitchen equipped with black iron and prep area, a dining room, and two multi-stall bathrooms. The lower level provides a small bar, storage, an office, a bathroom, and utility rooms. The second floor features another bar, a dining area, bathrooms, and a second kitchen with black iron and dish hoods. This floor also has garage doors to open the front wall and rear parking for owners or employees, making it suitable for private dining and events. The property includes 50 feet of frontage for an outdoor patio. The third floor is currently configured for storage and office use but could be converted into additional dining or event space. The building is equipped with 800-amp 3-phase electric. Located in the heart of River North, the property benefits from high vehicular traffic and neighborhood density, with close proximity to train and highway access and bus stops nearby. The space previously housed Cafe Iberico for over 30 years.
Key Highlights
- Prime River North location with high traffic and density.
- Large 14,656 sq ft multi‑level space with flexible division options.
- Two full kitchens with black iron and dish hoods.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $386.9k | $26.40 |
| − Vacancy | −$23.2k | −$1.58 |
| EGI | $363.7k | $24.82 |
| − OpEx | −$90.9k | −$6.20 |
| NOI | $272.8k | $18.61 |
14,656 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$3.90M
$3.41M – $4.55M
NOI $272,777 @ 7.0% cap · market cap 7.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.91M
$6.05M – $8.06M
NOI $483,718 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Iberico Express River ...
Restaurant
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- The Blue Room — 1411 S Michigan Ave Fl 4, Chicago, IL 60605
FAQs
What type of property is this?
Bar & Pub - Spacious multi-level restaurant/bar in River North with high potential.
Where is this bar & pub located?
The property is located at 737 N LaSalle Street Chicago, IL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Prime River North location with high traffic and density.; Large 14,656 sq ft multi‑level space with flexible division options.; Two full kitchens with black iron and dish hoods.
