Freestanding Restaurant with PPA
For Sale
$949,000
7455 W Irving Park Road, Chicago, IL 60634
Commercial Sale, Chicago, IL
Property Size4,055 SF
Lot Size0.14 Acres
Price / SF$234.03
Days on Market135
Property Features for 7455 W Irving Park Road
General Information
Property type
Commercial Sale
Property subtype
Other
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 19
Last Checked: Aug 26 at 8:06AM
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.
Investment Insights
Based on property information with market context.
This freestanding, corner restaurant includes a Public Place of Amusement (PPA) license along with liquor and food licenses. The venue was fully gut-rehabbed in late 2024 and is presented as an operating shell designed for immediate occupancy, with a new dining and bar area and a brand-new commercial kitchen.
The property totals 4,055 SF on a 0.1435-acre lot, with a 3,125 SF main level, a dedicated +15-car parking lot, and a 930 SF 3-bedroom residential unit for additional income. It offers prime frontage on W Irving Park Road near Harlem Avenue and the Harlem-Irving Plaza (HIP), capturing visibility from over 26,000 vehicles per day (VPD) within a densely populated residential corridor.
Interior improvements include central air and an exhaust fan for cooling, and the commercial kitchen is equipped with multiple pizza ovens, an extended range/stove, prep areas, and a walk-in cooler.
The property totals 4,055 SF on a 0.1435-acre lot, with a 3,125 SF main level, a dedicated +15-car parking lot, and a 930 SF 3-bedroom residential unit for additional income. It offers prime frontage on W Irving Park Road near Harlem Avenue and the Harlem-Irving Plaza (HIP), capturing visibility from over 26,000 vehicles per day (VPD) within a densely populated residential corridor.
Interior improvements include central air and an exhaust fan for cooling, and the commercial kitchen is equipped with multiple pizza ovens, an extended range/stove, prep areas, and a walk-in cooler.
Key Highlights
- PPA license plus liquor and food license included for event and entertainment use
- Fully gut‑rehabbed in late 2024 with new dining and bar space and commercial kitchen
- 4,055 SF on a 0.1435‑acre lot; 3,125 SF main level plus 930 SF 3‑bedroom residential unit
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
—
—
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Liquor license
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
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 - Freestanding, corner restaurant with a PPA, liquor, and food license plus a fully equipped kitchen and central air
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: PPA license plus liquor and food license included for event and entertainment use; Fully gut‑rehabbed in late 2024 with new dining and bar space and commercial kitchen; 4,055 SF on a 0.1435‑acre lot; 3,125 SF main level plus 930 SF 3‑bedroom residential unit
