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    2024 Wabash Ave Chicago, IL 60616

    Sponsored
    For Lease
    $45 SF/Yr

    Established Restaurant, 4,898 SF, Cook County

    Lot size:
    4,898 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 4,898 square foot free-standing restaurant is ideally located at the corner of Wabash and 21st in Chicago's vibrant South Loop, between Michigan Avenue and State Street. Built in 1998, this single-tenant property boasts a fully equipped kitchen, two walk-in coolers, and a spacious dining area with seating for over 200 patrons, plus a separate bar area. The current owner, a seasoned restaurant operator, is open to partnering with a qualified and experienced operator. The property presents a unique opportunity to capitalize on the South Loop's burgeoning growth. This dynamic neighborhood is experiencing a significant revitalization, attracting developers, investors, and businesses alike. New residential and commercial developments are transforming the area, creating a thriving environment for restaurants and other businesses. The property's strategic location ensures high visibility and accessibility, while the potential for a large outdoor patio adds further appeal. This turnkey restaurant space offers immediate operational capabilities and significant upside potential in a rapidly developing area of Chicago's Near South Side. The property is situated in Cook County.

    Property Features for 2024 Wabash Ave

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    4,898 SF

    Building Details

    Year Built
    1998

    Unit(s) available at that property

    Space
    Size
    4,898 SF
    Rate per SF
    $45

    HighLights

    • Retail restaurant space, 4,898 square feet, single‑tenant occupancy.
    • Located at the corner of Wabash and 21st in Chicago's Near South Side (3rd Ward), between Michigan Ave and State Street.
    • Fully built‑out restaurant with a complete kitchen, two walk‑in coolers, dining room (200+ seats), and bar area; potential for outdoor patio.
    • Owner, a restaurant operator, open to partnership with a qualified operator.
    • Situated in the rapidly developing South Loop neighborhood.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sherralyn Peterson Consultant Ravinia Lofts Apartment Complex

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.626001
    Latitude
    41.8546002

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    FAQs

    What type of property is this?
    Restaurant - Established Restaurant, 4,898 SF, Cook County
    Where is this restaurant located?
    The property is located at 2024 Wabash Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $45 SF/Yr.
    What are key features of this property?
    This property features: Retail restaurant space, 4,898 square feet, single-tenant occupancy.; Located at the corner of Wabash and 21st in Chicago's Near South Side (3rd Ward), between Michigan Ave and State Street.; Fully built-out restaurant with a complete kitchen, two walk-in coolers, dining room (200+ seats), and bar area; potential for outdoor patio.
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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.

    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
    2024 Wabash Ave Chicago, IL 60616
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