Established Restaurant Opportunity in Oak
For Sale
Contact for pricing
848 Madison St, Oak Park, IL
Long-standing restaurant for sale in a high-demand Oak Park location.
Property Size5,500 SF
Lot Size0.16 Acres
Price / SF$153.64
Days on Market590
Property Features for 848 Madison St
General Information
Standard status
Active
Size
5,500 SF
Lot size
0.16 Acres
Property subtype
RETAIL
Listing Agency:
Greenstone Partners - Corporate
(312) 614-1498
Listed By:
Brewster Hague
(312) 614-1498
Source:
Moodyscre
Added: Jan 7, 2025
Changed: Aug 13
Last Checked: Aug 20 at 10:12AM
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 Greenstone Partners - Corporate
Investment Insights
Based on property information with market context.
This property presents an opportunity to acquire a locally acclaimed restaurant with nearly 40 years of operation. The property is situated in Oak Park, a growing area with proximity to transit options. The location benefits from robust demographics and surrounding retail synergy. The property size is 5500 square feet, suitable for restaurant or retail use.
Key Highlights
- Locally acclaimed restaurant with nearly 40‑year tenure
- Location in booming Oak Park
- Proximity to transit
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
$76,341
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
9.03%
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%
$1,526,820
$1.5M
Cap Rate 7%
$1,090,586
$1.1M
Cap Rate 9%
$848,233
$848.2K
Market Conditions
NOI Build-Up for 5,500 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
$118.8K $21.60/SF
− Vacancy
−$9.7K −$1.77/SF
EGI
$109.1K $19.83/SF
− OpEx
−$32.7K −$5.95/SF
NOI
$76.3K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,526,820
Cap Rate 7%
$1,090,586
Cap Rate 9%
$848,233
Alternative Uses
Best Use
Specialty Retail
$1.32M
$1.15M – $1.53M
NOI $92,070 @ 7.0% cap · market cap 10.90%
Second Best
Retail
$1.09M
$954.3K – $1.27M
NOI $76,341 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $132,923 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,579
Businesses Nearby
163k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 27%
Groceries 24%
Home Improvements & Furnishings 1%
Jewel-Osco
Groceries
39,662 visits/mo
0.5 miles
Dollar Tree
Shops & Services
24,736 visits/mo
0.1 miles
Wendy's
Dining
20,028 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
16,904 visits/mo
0.3 miles
BP
Shops & Services
14,946 visits/mo
0.5 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Sayphotobooth — 814 North Blvd, Oak Park, IL 60301
- Cactus Grill Mexican Restaurant and catering — 315 S Harlem Ave A, Forest Park, IL 60130
- Ella B's — 1116 washington blvd, oak park, il 60302
- Quest Food Management Inc — 505 washington blvd, oak park, il 60302
- Angie's Pantry — 809 South Blvd, Oak Park, IL 60302
Frequently Asked Questions
What type of property is this?
Restaurant - Long-standing restaurant for sale in a high-demand Oak Park location.
Where is this restaurant located?
The property is located at 848 Madison St Oak Park, IL.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: Locally acclaimed restaurant with nearly 40‑year tenure; Location in booming Oak Park; Proximity to transit
