2577 Clark St Chicago, IL 60614
- Retail properties
- 9,200 SF
Current Use by Public Records
- Briny Swine Smokehouse & Oyster Bar / Oyster Bar Restaurant / Restaurant
Property Details for 2577 Clark St
- Year built
- 1928
- Property size
- 9,200 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional Lincoln Park restaurant presents a compelling investment opportunity. Located at 2577 N Clark St, Chicago, IL 60614, this 9,200 square foot, Class A property boasts a 7.42% cap rate and a strong NOI of $232,694. The property is situated on a 9,005 square foot lot with 103+ feet of frontage on Clark Street, a major retail corridor. The single-tenant, NNN lease with Briny Hospitality, a highly-rated restaurant group, commenced June 1, 2023, and has a remaining term of 5.5 years, with options to extend for 3 or 5 years. Rent escalations are built in, at 4% annually for years 2-3 and 2.5% annually for years 4-7. The building, constructed in 1928 and renovated in 2024, is zoned B3-2. The property benefits from its proximity to public transportation, including the CTA Brown and Purple Diversey Station and several bus routes, and is surrounded by numerous national retailers and a high-income demographic. The 60614 zip code ranks #1 in Illinois for adjusted gross income, with a population of 84,205 within a 1-mile radius, an average household income of $130,001, and a median home value of $471,305. The area also benefits from the presence of DePaul University, adding to the vibrancy of the neighborhood. This is a fee-simple ownership opportunity with significant upside potential. Asking price: $3,137,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6426
- Latitude
- 41.9299
