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Property profile & analytics
FOR SALE
Residential income homes

324 W Chicago Ave Chicago, IL 60654

9,600 SF 0.11 ac lot Built 1886
Entity Owned 8-yr Hold
Property ID
US28-0686504
Property summary
AI-generated overview

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.

Property profile
Verified
Property type Residential income homes
Use group APARTMENT HOUSE (UNDER 5 UNITS)
Year built 1886
Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area 9,600 SF
Lot 0.11 ac (5,000 SF)
APN 17-04-444-003
UPID US28-0686504
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Bounce Sporting Club Nightclub DJ & Entertainment
  • Parliament Chicago Bar & Pub Nightclub
  • Pink Wonderland Chicago - Christmas Bar Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.83M
Blend (final) Blend
$1.46M
Owner & transaction history
324 W Chicago Ave Holdings LLC · 8 yrs held
324 W Chicago Ave Holdings LLC
since 2017
7 recorded transactions
2017
$3.7M
2005
$1.9M
2000
$700,000
1969
Price N/A
1969
Price N/A
1969
Price N/A
1969
Price N/A
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center $2.3M +39.0%
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More about this property
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