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306 Halsted St Chicago, IL 60661
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For Lease
$26 SF/Yr
Turnkey Restaurant, Flexible Layout
Lot size:
20,400 SF
Description
Added:
Dec 11, 2024
Days on Market:
414
This exceptional 2nd-generation restaurant space, located at 306-308 S Halsted St (cross street: Jackson Blvd), in Chicago's vibrant West Loop/Fulton Market, offers 2,100 to 4,200 square feet of fully improved space within a 20,400 square foot building on a 5,001 square foot lot. Built in 1926, this four-story building boasts high ceilings and a wealth of existing restaurant infrastructure, including three black iron exhaust systems, extensive food preparation areas in the basement, walk-in coolers, a manager's office, dry storage, and handicap-accessible restrooms. The space is equipped with mechanical, electrical, and plumbing systems, as well as retail displays and indoor seating. It can be easily adapted to various retail uses and is divisible into two 2,100 square foot units. The DX-5 zoning allows for a wide range of commercial activities. This prime location benefits from its proximity to the University of Illinois at Chicago and enjoys exceptional access to public transportation and major roadways. The surrounding area has experienced significant growth, with over 19,000 residents within a half-mile radius, boasting an average household income exceeding $182,000 annually. Further development is projected, with over 10,000 new luxury apartment units planned between 2015 and 2025, and approximately 8 million square feet of new office space developed since 2014, significantly increasing the daytime population. This presents a unique opportunity for a business seeking a turnkey operation in a high-growth, high-demand location. The Cook County APN is 17172280110000.
Property Features for 306 Halsted St
General Information
Property type
Restaurants
Lease Type
Gross Lease
RSF (Rentable sq. ft)
20,400 SF
Total Rate
44200
Building Details
Year Built
1926
Buildings
1
Stories
4
Unit(s) available at that property
Space
Size
4,200 SF
Rate per SF
$26
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Listing Contact
Tim Rasmussen
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HighLights
Prime West Loop Chicago location.
Highly adaptable 2,100‑4,200 SF space, divisible into two 2,100 SF units.
High ceilings.
Existing restaurant infrastructure including three exhaust hoods, kitchen equipment, and walk‑in coolers.
Excellent access to public transportation and major roadways.
DX‑5 zoning allows for diverse retail, restaurant, or service uses.
The property is located at 306 Halsted St Chicago, IL.
What is the lease rate?
The lease rate is $26 SF/Yr.
What are key features of this property?
This property features: Prime West Loop Chicago location.; Highly adaptable 2,100-4,200 SF space, divisible into two 2,100 SF units.; High ceilings.
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306 Halsted St Chicago, IL 60661
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Realmo Value Estimations
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.
Realmo CapRate Calculation
Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.
How We Calculate Cap Rate
Cap Rate Formula: Cap Rate (%) = (Net Operating Income / Property Value) × 100
Net Operating Income (NOI) Formula: NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)
Components
Net Operating Income (NOI) represents the annual income a property generates after operating expenses:
Area: Building square footage from property records
Lease Rate: Annual $/sqft based on market data for the property type and geographic location
Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
Operating Expense Ratio: Operating costs as a percentage of income, varies by property type
Property Value is derived from:
Recent sale price (if available)
Statistical models using comparable sales
AI-powered valuation estimates
Example Calculation
For a 100,000 sqft Office Building:
Lease Rate: $25.00/sqft/year (market data for Office in this area)
Vacancy Rate: 8% (market data for Office in this area)
Operating Expense Ratio: 35% (typical for Office properties)
Property Value: $15,000,000
Step 1: Calculate NOI
NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35) NOI = 100,000 × $25.00 × 0.92 × 0.65 NOI = $1,495,000/year
Step 2: Calculate Cap Rate
Cap Rate = ($1,495,000 / $15,000,000) × 100 Cap Rate = 9.97%
Property Type Considerations
Net Operating Income calculations vary by property type due to different operating expense ratios:
Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
Retail: Moderate expenses (25-35%) for common area maintenance
Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
Multifamily: Moderate expenses (35-45%) including property management
Self-Storage: Lower expenses (25-35%) due to minimal maintenance
Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.
Disclaimer
These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.
Cap Rate calculations depend on market data that may change over time
Actual operating expenses, lease rates, and vacancy rates may differ from market averages
Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
Property value estimates are approximations and not official appraisals
Cap rates vary widely by market, property condition, and investment risk profile
Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.
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.
Stat Estimate
This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.
Ranges - area data calculated by industry standard IQR Outlier Removal Method
Range-from: 75% of all similar sales ($/sqft) are above this value
Range-to: 75% of all similar sales ($/sqft) are below this value
AI Estimate
This method estimates value based on AI market estimation of comparable properties around by location and property type.
Ranges - area data calculated by industry standard IQR Outlier Removal Method
Range-from: 75% of all estimations ($/sqft) are above this value
Range-to: 75% of all estimations ($/sqft) are below this value
Alternative use
Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.
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306 Halsted St Chicago, IL 60661
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306 Halsted St, Chicago, IL
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306 Halsted St, Chicago, IL
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Listing Contact
Tim Rasmussen
Real Estate License ID: IL 471001877
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