Two-Story Property Near Bally's
For Sale
Contact for pricing
Pending
324 W Chicago Ave, Chicago, IL 60654
Two-story property with business near proposed Bally’s Casino.
Property Size9,600 SF
Days on Market750
Property Features for 324 W Chicago Ave
General Information
Standard status
Pending
Size
9,600 SF
Property subtype
Retail, Hospitality
Zoning
C1-5
Lease Type
Absolute Net
Investment Type
Owner/User
Building Details
Year Renovated
2017
Buildings
1
Stories
2
Units
1
Listing Agency:
Keller Williams Realty Group
Listed By:
Juan Carlos Gomez
(914) 713-3270
Source:
Crexi
Added: Aug 20, 2024
Changed: Aug 16
Last Checked: Sep 7 at 3:14AM
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.
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
$178,675
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
4.84%
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%
$3,573,500
$3.6M
Cap Rate 7%
$2,552,500
$2.6M
Cap Rate 9%
$1,985,278
$2.0M
Market Conditions
NOI Build-Up for 9,600 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
$253.4K $26.40/SF
− Vacancy
−$15.2K −$1.58/SF
EGI
$238.2K $24.82/SF
− OpEx
−$59.6K −$6.20/SF
NOI
$178.7K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /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%
$3,573,500
Cap Rate 7%
$2,552,500
Cap Rate 9%
$1,985,278
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12,400
Businesses Nearby
296k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Shops & Services 12%
Hotels & Casinos 6%
Groceries 6%
McDonald's
Dining
65,567 visits/mo
0.4 miles
McDonald's
Dining
52,443 visits/mo
0.5 miles
Fogo de Chao
Dining
28,749 visits/mo
0.3 miles
Binny's Beverage Depot
Groceries
18,399 visits/mo
0.5 miles
Starbucks
Dining
14,037 visits/mo
0.1 miles
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
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.
