Multi-Level Restaurant/Bar Space in River
For Sale
$3,500,000
737 N LaSalle Street, Chicago, IL 60654
Spacious multi-level restaurant/bar in River North with high potential.
Property Size19,250 SF
Price / SF$238.81
Days on Market315
Property Features for 737 N LaSalle Street
General Information
Standard status
Active
Size
19,250 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$144,000
Building Details
Building Size
19,250 SF
Year Built
1970
Stories
4
Listing Agency:
@properties Commercial
(312) 506-0200
Listed By:
Ian Feinerman · License #475124617
(312) 506-0200
Source:
Midwestrealestate
Added: Oct 13, 2025
Changed: Aug 23
Last Checked: Aug 22 at 7:38AM
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.
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
$272,777
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
7.79%
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%
$5,455,540
$5.5M
Cap Rate 7%
$3,896,814
$3.9M
Cap Rate 9%
$3,030,856
$3.0M
Market Conditions
NOI Build-Up for 14,656 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
$386.9K $26.40/SF
− Vacancy
−$23.2K −$1.58/SF
EGI
$363.7K $24.82/SF
− OpEx
−$90.9K −$6.20/SF
NOI
$272.8K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$5,455,540
Cap Rate 7%
$3,896,814
Cap Rate 9%
$3,030,856
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
20,205
Businesses Nearby
181k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 73%
Hotels & Casinos 13%
Apparel 10%
Shops & Services 4%
Target
Superstores
131,620 visits/mo
0.4 miles
H&M
Apparel
18,041 visits/mo
0.4 miles
Renaissance Blackstone Hotel
Hotels & Casinos
13,890 visits/mo
0.3 miles
Best Western Grant Park Hotel
Hotels & Casinos
6,261 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
4,367 visits/mo
0.1 miles
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
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?
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.
