Corner Development Site with
For Sale
$949,000
7455 W Irving Park Rd, Chicago, IL 60634
Signalized corner site with a renovated freestanding restaurant and side parking, offering flexible neighborhood commercial use.
Property Size4,055 SF
Lot Size0.16 Acres
Price / SF$234.03
Days on Market68
Property Features for 7455 W Irving Park Rd
General Information
Standard status
Active
Size
4,055 SF
Total Parking Spaces
15
Lot size
0.16 Acres
Zoning
C1-2
Site & Location
Traffic Count
18,000 vehicles/day
Highway Access
Yes
Additional Details
Business Included
Yes
Multifamily Units
1
Building Details
Year Built
1924
Year Renovated
2024
Listing Agency:
Pearson Realty Group
Listed By:
Thoma Socrates Panos
Source:
Grandviewrealtyservices
Added: Jun 30
Changed: Sep 4
Last Checked: Sep 2 at 1:44PM
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 Pearson Realty Group
Investment Insights
Based on property information with market context.
This 0.16-acre corner development site includes a fully renovated (2024) 4,055 SF freestanding structure plus an apartment unit above. The property is configured as a turnkey restaurant at street level, with dedicated on-site parking via a rare 15-car side parking lot. With 50 feet of frontage on Irving Park Road, the site is built to support immediate operations or redevelopment once final plans are secured.
The parcel is situated on a high-visibility signalized-adjacent corner in the Belmont Heights/Dunning corridor. It is zoned C1-2 (Neighborhood Commercial), providing flexibility for retail, professional office, or medical use. The location is in Chicago School District 299 and within Jefferson Township (Area 8017), with proximity to the Harlem-Irving Plaza (HIP) and commuter-oriented access to the I-90/294 O’Hare corridor.
For tenants or operators, the current improvements support restaurant use with turnkey functionality and dedicated parking. For buyers and developers, the zoning and configuration allow consideration of multi-story mixed-use development featuring ground-floor commercial with residential units above, while maintaining the option to leverage the existing freestanding building and parking during planning.
The parcel is situated on a high-visibility signalized-adjacent corner in the Belmont Heights/Dunning corridor. It is zoned C1-2 (Neighborhood Commercial), providing flexibility for retail, professional office, or medical use. The location is in Chicago School District 299 and within Jefferson Township (Area 8017), with proximity to the Harlem-Irving Plaza (HIP) and commuter-oriented access to the I-90/294 O’Hare corridor.
For tenants or operators, the current improvements support restaurant use with turnkey functionality and dedicated parking. For buyers and developers, the zoning and configuration allow consideration of multi-story mixed-use development featuring ground-floor commercial with residential units above, while maintaining the option to leverage the existing freestanding building and parking during planning.
Key Highlights
- 6,250 SF (50' x 125') corner development site on Irving Park Road with 50' of frontage
- 0.16‑acre lot with frontage at a signalized intersection; road surface is asphalt and includes alley access
- Zoned C1‑2 (Neighborhood Commercial)
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
$71,658
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
7.55%
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%
$1,433,160
$1.4M
Cap Rate 7%
$1,023,686
$1.0M
Cap Rate 9%
$796,200
$796.2K
Market Conditions
NOI Build-Up for 4,055 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
$102.2K $25.20/SF
− Vacancy
−$6.6K −$1.64/SF
EGI
$95.5K $23.56/SF
− OpEx
−$23.9K −$5.89/SF
NOI
$71.7K $17.67/SF
Area
ZIP 60634
Vacancy
6.50%
Lease Rate
$25.20 /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%
$1,433,160
Cap Rate 7%
$1,023,686
Cap Rate 9%
$796,200
Alternative Uses
Best Use
Specialty Retail
$1.02M
$895.7K – $1.19M
NOI $71,658 @ 7.0% cap · market cap 7.55%
Second Best
Mixed Use
$884.1K
$773.6K – $1.03M
NOI $61,889 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$1.11M
$967.5K – $1.29M
NOI $77,400 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
18,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,131
Businesses Nearby
19k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Shops & Services 40%
Electronics 17%
Dollar General
Shops & Services
7,037 visits/mo
0.1 miles
KFC
Dining
6,088 visits/mo
0.4 miles
T-Mobile
Electronics
3,262 visits/mo
0.2 miles
Jimmy John's
Dining
2,326 visits/mo
0.2 miles
Caliber Collision
Shops & Services
744 visits/mo
0.2 miles
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Signalized corner site with a renovated freestanding restaurant and side parking, offering flexible neighborhood commercial use.
Where is this conventional restaurant located?
The property is located at 7455 W Irving Park Rd Chicago, IL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 6,250 SF (50' x 125') corner development site on Irving Park Road with 50' of frontage; 0.16‑acre lot with frontage at a signalized intersection; road surface is asphalt and includes alley access; Zoned C1‑2 (Neighborhood Commercial)
