Two-Story Property Near Bally's
324 W Chicago Ave Chicago, IL 60654
324 W Chicago Ave, Chicago, IL, 60654
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For Sale
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Two-story property with business near proposed Bally’s Casino.
Property Size9,600 SF
Price / SF$384.90
Days on Market703
Property Features for 324 W Chicago Ave
General Information
- Standard status
- Active
- Size
- 9,600 SF
- Property subtype
- Retail, Hospitality
Listing agency
Keller Williams Realty Group
Listed by
Juan Carlos Gomez · License #IL
Source
Crexi
Added: Aug 20, 2024 Updated: Jul 10 at 3:43PM Checked: Jul 22 at 11:34AM
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 Keller Williams Realty Group
Investment Insights
Based on property information with market context.
This two-story property is located just blocks from the proposed Bally’s Casino and Mr. Beef, a filming location for The Bear. The sale includes a fully fixtured and licensed former lounge, equipped with a sprinkler system, exposed glass elevator, and multiple ingress/egress points. The former lounge features four levels of occupancy: the main floor includes two bars, dining area, and a dance floor; the second floor houses a commercial kitchen and private lounge; and a unique rooftop bar offers skyline views. The basement provides a coat check, restrooms, and ample storage space with walk-in coolers and employee lockers. The property size is 9,600 square feet.
Key Highlights
- Prime location near the proposed Bally’s Casino and filming location of 'The Bear' (Mr. Beef).
- Includes a fully fixtured and licensed former lounge.
- Unique rooftop bar with skyline views.
Local 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 | $253.4k | $26.40 |
| − Vacancy | −$15.2k | −$1.58 |
| EGI | $238.2k | $24.82 |
| − OpEx | −$59.6k | −$6.20 |
| NOI | $178.7k | $18.61 |
9,600 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.55M
$2.23M – $2.98M
NOI $178,675 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.53M
$3.96M – $5.28M
NOI $316,846 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Bounce Sporting Club
Nightclub
Parliament Chicago
Bar & Pub
Pink Wonderland Chicago ...
Bar & Pub
Similar For Sale Nearby
Similar Off Market Nearby
- Recess — 838 W Kinzie St, Chicago, IL 60642
- Jefferson Tap & Grille — 325 N Jefferson St, Chicago, IL 60661
- Rumba Lounge — 702 W Fulton St, Chicago, IL 60661
- Guinness Open Gate Brewery — 901 W Kinzie St, Chicago, IL 60607
- Kinzie On The Rocks — 370 N Desplaines St, Chicago, IL 60661
FAQs
What type of property is this?
Bar & Pub - Two-story property with business near proposed Bally’s Casino.
Where is this bar & pub located?
The property is located at 324 W Chicago Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: Prime location near the proposed Bally’s Casino and filming location of 'The Bear' (Mr. Beef).; Includes a fully fixtured and licensed former lounge.; Unique rooftop bar with skyline views.
