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    324 Chicago Ave Chicago, IL 60654

    Sponsored
    For Sale
    Contact for pricing

    Prime Chicago location, lucrative business.

    Property size:
    9,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional two-story, 9,600-square-foot freestanding building at 324 W Chicago Ave in Chicago's desirable River North neighborhood presents a unique investment opportunity. The property, situated on a 5,000-square-foot lot, boasts a C1-5 zoning designation, offering considerable flexibility for future uses. The building, renovated in 2017, includes a fully equipped and licensed nightclub with two bars, a dining area, a dance floor, and a commercial kitchen. A stunning rooftop bar and lounge, featuring a shaded pergola, bleacher seating, and large booths, accommodates over 60 guests and offers breathtaking skyline views. The second floor provides office space with up to six workstations, a residential kitchen, and a full bathroom. The basement offers ample storage, including walk-in coolers and employee lockers, along with coat check and restrooms. The property is fully sprinklered, ADA compliant, and equipped with an elevator. The sale includes Tavern, Outdoor Patio, Retail Food, and Public Place of Amusement (PPA) licenses. 2023 property taxes were $52,076. This turnkey operation is ideally positioned in a high-traffic area, offering significant potential for continued success. The building features multiple staircases for efficient customer and staff flow. This is a rare chance to acquire a thriving business in a prime Chicago location.

    Property Features for 324 Chicago Ave

    General Information

    Property type
    Restaurants
    Square Feet
    9,600 SF

    Building Details

    Year Renovated
    2017
    Buildings
    1
    Stories
    2
    Units
    1

    HighLights

    • 9,600 SF freestanding building on a 5,000 SF lot in Chicago's River North neighborhood.
    • C1‑5 zoning allows for flexible future uses.
    • Fully equipped and licensed nightclub with two bars, dining area, dance floor, and commercial kitchen; renovated in 2017.
    • Stunning rooftop bar and lounge with capacity for over 60 guests, offering skyline views.
    • Second floor includes office space, residential kitchen, and full bath; basement features ample storage, walk‑in coolers, and employee lockers.
    • Fully sprinklered, ADA compliant, includes elevator and multiple staircases; includes Tavern, Outdoor Patio, Retail Food, and Public Place of Amusement (PPA) licenses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bounce Sporting Club Night Club Parliament Chicago Lounge Pink Wonderland Chicago ... Bar

    Suggested Use

    Restaurant Realty agency Spa & Massage Dental Office Hair Salon Law Firm Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6367746
    Latitude
    41.8967074

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    FAQs

    What type of property is this?
    Restaurant - Prime Chicago location, lucrative business.
    Where is this restaurant located?
    The property is located at 324 Chicago Ave Chicago, IL.
    What are key features of this property?
    This property features: 9,600 SF freestanding building on a 5,000 SF lot in Chicago's River North neighborhood.; C1-5 zoning allows for flexible future uses.; Fully equipped and licensed nightclub with two bars, dining area, dance floor, and commercial kitchen; renovated in 2017.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    324 Chicago Ave Chicago, IL 60654
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