Turnkey Restaurant Venue with PPA
7455 W Irving Park Road, Chicago, IL 60634
- Added:
- Apr 14, 2026
- Days on Market:
- 43
- Last Refresh:
- May 26 at 5:06 pm
Property Features for 7455 W Irving Park Road
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- COMMR
- Standard status
- Active
- APN
- 12242020020000
- Size
- 4,055 SF
- 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 agent Thoma Socrates Panos License #475211627 (773) 325-2800
Listing office Pearson Realty Group 1000 N. MILWAUKEE AVE, Chicago, IL (773) 325-2800
Listing date Apr 14, 2026
MLS# 12619190
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.
HighLights
- Rare opportunity to acquire a fully renovated, turnkey PPA‑licensed venue with uncommitted VGT potential, including Real Estate, Business, and Assets.
- Includes a Public Place of Amusement (PPA), Liquor, and Food license, enabling diverse revenue streams beyond traditional food and beverage.
- VGT‑ready game room is uncommitted, allowing the new owner to negotiate their own terminal operator agreement and incentives.
- Fully gut‑rehabbed in late 2024 with a new dining & bar space (seats 95) and a brand‑new, fully equipped commercial kitchen.
- Features a dedicated +15‑car parking lot with ample street parking and a 930 SF 3‑bedroom residential unit for additional income.
- Prime frontage on Irving Park Road with high visibility (26,000+ VPD) in a densely populated area.
Overview
This is a rare turnkey opportunity for an operator or investor seeking a fully renovated venue with Public Place of Amusement (PPA) license and uncommitted Video Gaming Terminal (VGT) potential. The offering includes real estate, business, and assets. The 4,055 square-foot freestanding corner property includes a PPA, liquor, and food license, enabling the owner to collect cover charges or donations for ticketed events, raffles, live music, comedy, and more, creating multiple revenue streams beyond traditional food and beverage. The VGT-ready game room is currently uncommitted to any gaming operator, giving a new owner leverage to negotiate their own terminal operator agreement and signing incentives. The restaurant was fully renovated in late 2024, offering a new dining and bar space that seats 95 and a fully equipped commercial kitchen featuring pizza ovens, extended range, stove, prep areas, and a walk-in cooler. Situated on a 0.16-acre lot, the property features a 3,125 square-foot main level, a dedicated 15-car parking lot with ample street parking, and a 930 square-foot 3-bedroom residential unit for additional income. The site offers frontage on Irving Park Road near Harlem Avenue and the Harlem-Irving Plaza (HIP), capturing high visibility from over 26,000 vehicles per day within a densely populated residential corridor. The property functions as an operating shell primed for immediate occupancy, facilitating a seamless acquisition of all existing licenses and FF&E.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$796.2K
NOI $71,658 @ 9.00% cap · cautious / downside scenario
Moderate
$1.02M
NOI $71,658 @ 7.00% cap · market / base-case scenario
Aggressive
$1.43M
NOI $71,658 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Specialty Retail
| 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 Use Scenarios
Best Use
Specialty Retail
$1.02M
$895.7K – $1.19M
NOI $71,658 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Bije's Pizza
Restaurant
Pro Shop Pizza ...
Restaurant
Similar Places Nearby
- Ovy Signature Catering — 7035 W Addison St, Chicago, IL 60634
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.8143646
- Latitude
- 41.9523446
Nearby Similar for Sale
FAQs
What type of property is this?
Restaurant - Fully renovated restaurant with licenses and VGT potential in Chicago.
Where is this 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: Rare opportunity to acquire a fully renovated, turnkey PPA‑licensed venue with uncommitted VGT potential, including Real Estate, Business, and Assets.; Includes a Public Place of Amusement (PPA), Liquor, and Food license, enabling diverse revenue streams beyond traditional food and beverage.; VGT‑ready game room is uncommitted, allowing the new owner to negotiate their own terminal operator agreement and incentives.
