Live Music Venue and
For Sale
Contact for pricing
Pending
940 W Weed St, Chicago, IL 60642
Established tenant occupancy combines live entertainment, bar service, and restaurant operations in a substantial retail property.
Property Size18,512 SF
Days on Market336
Property Features for 940 W Weed St
General Information
Standard status
Pending
Size
18,512 SF
Property subtype
RETAIL
Building Details
Tenancy
Single
Listing Agency:
Mid-America Real Estate Group | Chicago
(630) 954-7392
Listed By:
Joe Girardi · License #475135588
Source:
Moodyscre
Added: Sep 1, 2025
Changed: Jul 31
Last Checked: Aug 1 at 2:12PM
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 Mid-America Real Estate Group | Chicago
Investment Insights
Based on property information with market context.
This 18,512-square-foot retail property is occupied by Joe’s on Weed, a longstanding live music venue, bar, and restaurant. The asset combines entertainment and food-and-beverage uses within a single commercial property.
Located at 940 W Weed St in Chicago, the property offers an established operating setting for live music, bar service, and restaurant activity. Its current tenant occupancy and integrated venue configuration provide a clear commercial identity within the retail and entertainment sectors.
Located at 940 W Weed St in Chicago, the property offers an established operating setting for live music, bar service, and restaurant activity. Its current tenant occupancy and integrated venue configuration provide a clear commercial identity within the retail and entertainment sectors.
Key Highlights
- 18,512‑square‑foot retail property
- Occupied by longstanding tenant Joe’s on Weed
- Iconic live music venue, bar, and restaurant
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 | $488.7k | $26.40 |
| − Vacancy | −$29.3k | −$1.58 |
| EGI | $459.4k | $24.82 |
| − OpEx | −$114.8k | −$6.20 |
| NOI | $344.5k | $18.61 |
18,512 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$4.92M
$4.31M – $5.74M
NOI $344,545 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.73M
$7.64M – $10.18M
NOI $610,985 @ 7.0% cap · market cap 15.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,536
Businesses Nearby
514k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 27%
Groceries 21%
Apparel 15%
Shops & Services 14%
Whole Foods Market
Groceries
56,495 visits/mo
0.1 miles
The Home Depot
Home Improvements & Furnishings
47,033 visits/mo
0.3 miles
Apple Store
Electronics
31,272 visits/mo
0.2 miles
Starbucks
Dining
29,699 visits/mo
0.2 miles
Nordstrom Rack
Apparel
29,650 visits/mo
0.0 miles
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
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 - Established tenant occupancy combines live entertainment, bar service, and restaurant operations in a substantial retail property.
Where is this bar & pub located?
The property is located at 940 W Weed St Chicago, IL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 18,512‑square‑foot retail property; Occupied by longstanding tenant Joe’s on Weed; Iconic live music venue, bar, and restaurant
