324 W Chicago Ave Chicago, IL 60654
For Sale
1 / 12
This exceptional two-story, 9,600-square-foot freestanding building at 324 W Chicago Ave in Chicago's desirable River North neighborhood presents a unique investment opportunity. The property, situated on a 5,000-square-foot lot, boasts a C1-5 zoning designation, offering considerable flexibility for future uses. The building, renovated in 2017, includes a fully equipped and licensed nightclub with two bars, a dining area, a dance floor, and a commercial kitchen. A stunning rooftop bar and lounge, featuring a shaded pergola, bleacher seating, and large booths, accommodates over 60 guests and offers breathtaking skyline views. The second floor provides office space with up to six workstations, a residential kitchen, and a full bathroom. The basement offers ample storage, including walk-in coolers and employee lockers, along with coat check and restrooms. The property is fully sprinklered, ADA compliant, and equipped with an elevator. The sale includes Tavern, Outdoor Patio, Retail Food, and Public Place of Amusement (PPA) licenses. 2023 property taxes were $52,076. This turnkey operation is ideally positioned in a high-traffic area, offering significant potential for continued success. The building features multiple staircases for efficient customer and staff flow. This is a rare chance to acquire a thriving business in a prime Chicago location.
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Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.