Property profile

11 Illinois St Chicago, IL 60654

OFF-MARKET
Office buildings
Property ID
US28-1408221
19,600 SF 0.11 ac lot Built 1902
Entity Owned 15-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional River North restaurant opportunity offers 5,400 square feet of fully equipped space, currently vacant and ready for immediate occupancy. The main level boasts 4,200 square feet, featuring floor-to-ceiling operable windows, a 40-foot full-service bar, a complete open kitchen with a 16-foot hood, and adjacent prep areas with hand sinks. A dedicated dishwashing room with a triple sink and grease trap, plus ADA-compliant restrooms, complete the first floor. The lower level, encompassing 1,200 square feet, includes two large walk-in coolers, a substantial prep area with floor drain and sinks, a large ice machine area, an employee restroom, dry goods storage, a secure liquor storage room, and a sizable office with a safe. The entire space is in excellent condition, equipped with wired security cameras. The property is zoned DX7 and situated on Illinois Street between Dearborn and State Streets, in the vibrant River North submarket of Chicago, IL (zip code 60654). This turnkey space is ideal for experienced and well-funded restaurateurs seeking a move-in ready establishment. Minimum divisible space is 1,200 square feet, with a maximum contiguous space of 4,200 square feet. The building has two total suites.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING (MULTI-STORY)
Year built 1902
Total area 19,600 SF
Lot 0.11 ac (4,800 SF)
APN 17-09-255-010
UPID US28-1408221

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Film Production Television Studio
  • Law Firm Insurance Agency
  • Industrial Manufacturer Production Facility
  • Graduate School Advertising Agency
  • Recording Studio

Location

11 Illinois St Chicago, IL 60654-8173
Chicago metro Census 81600 CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$4.42M
Blend (final) Blend
$620k

Owner & transaction history

since 2011
7 recorded transactions
2016
Price N/A
2011
Price N/A
1999
$200,000
1969
Price N/A
1969
Price N/A
1969
Price N/A
1969
Price N/A

Zoning & alternative use

Top alternative use upside
Neighborhood: shopping center $4.7M +57.2%
Apartment house (5+ units) $3.4M +13.1%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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