1635 Damen Ave Chicago, IL 60647
- Retail space
- 3,000 SF
- 0.07 lot acres
Current Use by Public Records
- bartaco / Taco Restaurant
Property Details for 1635 Damen Ave
- Year built
- 1989
- Lot size
- 0.07 lot acres
- Property size
- 3,000 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
- APN
- 14-31-424-010
- APU
- 1431424010
Description
This exceptional investment opportunity presents a fee-simple ownership interest in a thriving bartaco restaurant located in Chicago's highly desirable Bucktown/Wicker Park neighborhood. The property, situated at 1635 N Damen Ave, boasts a substantial 5,824 square feet across two stories within a single, remodeled building (2023). Currently operating at 100% occupancy, the restaurant benefits from a robust 10-year net lease (commencing May 1, 2023, and expiring April 30, 2033), providing a remaining lease term of approximately 8.4 years. Landlord responsibilities are limited to roof and structure maintenance. The lease includes annual rent bumps of 2%, offering inflation protection. Four additional 5-year lease options further enhance the long-term investment potential. The property's strong financial performance is reflected in a current Net Operating Income (NOI) of $358,750. This rare, urban infill opportunity is situated on a coveted six-corner location, capitalizing on exceptional demographics within one of Chicago's most sought-after retail corridors. The property represents a secure, high-yield investment with significant upside potential. This is a truly unique chance to acquire a fee simple interest in a well-established restaurant in a prime Chicago location.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,465,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,110,000
- 6.5%
- $2,490,000
- 7%
- $2,305,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,525,000
- Geo Method
- $2,510,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,460,000
- Retail
- $2,065,000
- Mixed-Use
- $2,595,000
- Hospitality
- $2,280,000
- Educational
- $2,165,000
- Residential Income
- $2,625,000
- Energy
- $2,280,000
- Income-Based Land
- $2,530,000
- Food Service
- $2,640,000
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6772
- Latitude
- 41.9115
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
