Freestanding Restaurant with PPA
For Sale
$949,000
7455 W Irving Park Road, Chicago, IL 60634
COMMERCIAL - Chicago, IL
Property Size4,055 SF
Lot Size0.14 Acres
Price / SF$234.03
Days on Market115
Property Features for 7455 W Irving Park Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
W on Irving Park Rd from Harlem Ave. Property is 0.2 miles ahead on the left (SW corner of Irving Park & 75th/Oketo).
Subdivision
CHI - Dunning
Standard status
Active
APN
12242020020000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16801
Utilities
Cooling system
Central Air, Exhaust Fan (Cooling)
Building Details
Year built
1924
Floors in Building
2
Number of units
1
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
Thoma Socrates Panos · License #1015118
(773) 325-2800
Added: Apr 14
Changed: Aug 4
Last Checked: Aug 6 at 7:06AM
MLS# 12617645
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding corner restaurant totals 4,055 SF and was fully gut-rehabbed in late 2024. The property includes a new dining and bar space that seats 95, along with a brand-new, fully equipped commercial kitchen featuring pizza ovens, an extended-range stove, prep areas, and a walk-in cooler. The offering also includes the required licenses and existing FF&E, along with an uncommitted VGT-ready game room. In addition to the restaurant space, the site includes a 3-bedroom residential unit of 930 SF for additional income.
The site sits on a 0.16-acre lot with a dedicated +15-car parking lot and ample street parking. It has frontage on Irving Park Road near Harlem Avenue and the Harlem-Irving Plaza (HIP), with visibility reported at over 26,000 vehicles per day (VPD). The property is zoned COMMR.
As presented, this is an operating shell configuration designed for immediate occupancy, combining the real estate with the business and assets tied to the restaurant’s licensing and equipment.
The site sits on a 0.16-acre lot with a dedicated +15-car parking lot and ample street parking. It has frontage on Irving Park Road near Harlem Avenue and the Harlem-Irving Plaza (HIP), with visibility reported at over 26,000 vehicles per day (VPD). The property is zoned COMMR.
As presented, this is an operating shell configuration designed for immediate occupancy, combining the real estate with the business and assets tied to the restaurant’s licensing and equipment.
Key Highlights
- 4,055 SF freestanding corner property with a Public Place of Amusement (PPA), liquor, and food licenses
- Fully gut‑rehabbed restaurant in late 2024, including new dining and bar space that seats 95 and a brand‑new commercial kitchen
- Dedicated +15‑car parking lot plus ample street parking; located on Irving Park Road near Harlem Avenue and Harlem‑Irving Plaza (HIP)
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 | $102.2k | $25.20 |
| − Vacancy | −$6.6k | −$1.64 |
| EGI | $95.5k | $23.56 |
| − OpEx | −$23.9k | −$5.89 |
| NOI | $71.7k | $17.67 |
4,055 SF · lease $25.20/SF/yr · vacancy 6.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.02M
$895.7K – $1.19M
NOI $71,658 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$882.4K
$772.1K – $1.03M
NOI $61,766 @ 7.0% cap · market cap 6.51%
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
26,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
165k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Groceries 31%
Apparel 27%
Shops & Services 6%
Jewel-Osco
Groceries
50,945 visits/mo
0.1 miles
T.J. Maxx
Apparel
40,713 visits/mo
0.1 miles
McDonald's
Dining
29,175 visits/mo
0.5 miles
Burger King
Dining
15,386 visits/mo
0.1 miles
Dunkin' Donuts
Dining
9,094 visits/mo
0.1 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
Questions? Ask Rey
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Similar Off Market Nearby
- Super China Buffet — 4125 Harlem Ave, Norridge, IL 60706
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully renovated freestanding corner restaurant with PPA, liquor, and food licenses and dedicated parking.
Where is this conventional restaurant located?
The property is located at 7455 W Irving Park Road 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: 4,055 SF freestanding corner property with a Public Place of Amusement (PPA), liquor, and food licenses; Fully gut‑rehabbed restaurant in late 2024, including new dining and bar space that seats 95 and a brand‑new commercial kitchen; Dedicated +15‑car parking lot plus ample street parking; located on Irving Park Road near Harlem Avenue and Harlem‑Irving Plaza (HIP)
