$ 1,195,000
1622 W Belmont AVE Chicago, IL 60657
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$ 1,195,000
Est. payment | /mo
2,680 SqFt
$ 1,195,000
Est. payment | /mo
2,680 SqFt
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active
Purchase Type For Sale
Square Footage 2,680 sqft
Price per Sqft $445
MLS Listing ID 12154906
Year Built 1959
Annual Tax Amount $20,447
Tax Year 2023
Lot Dimensions 28X126X26.8X108.31
Property Description
Prime real estate for sale with multiple options for future owner. Currently leased at 6.5 CAP NNN where landlord is only responsible for structure. The tenant, Flagship, is in a lease effective through December of 2025 at below market rent of 6,500, which can be increased with a new tenant to projected market rate of 40-45/sqft which increases rent rate to 8,933/mo NNN rent or 9 CAP rate. This property is perfect opportunity for owner operator looking to launch a bar or restaurant concept, investor looking to increase rent to market rate with a new tenant or a developer looking to take advantage of the desirable B1-3 zoning and a 3.0 FAR, which allows you to build a 9,744 Sf building. This free standing building offers 2,680 sf of fully turn-key restaurant space recently renovated. Black iron with 12' hood is in place. Walk-in cooler installed. Additional garage storage. Kitchen design is incredibly efficient and can accommodate any concept - from fast casual to fine dining. Hard to beat location, offering incredible visibility along one of Chicago's premier corridors. Reach out to listing broker for list of available FF&E being offered for sale by current tenant. Long running Tavern with full kitchen and in Lakeview just west of the 6 Corner Intersection of Belmont / Lincoln / Ashland. Retail Food Licenses, with a Sidewalk Cafe' Permit. Two sets of 10 tap handles on the very long bar. A retrofitted rear garage contains the refrigerated Glycol Draft System and all inventory. 2,680 SF. Internal Occupancy: 175 persons standing OR 145 persons seated; Sidewalk Permit 10-15 persons seated. 13+ feet of ceiling height. Assignable lease with options. Proof of Funds is Required Prior to Scheduling a Showing. DO NOT DISTURB EMPLOYEES
Location
State IL
County Cook
Area Chi - Lake View
Zoning COMMR
Interior
Cooling Central Air
Flooring Wood
Fireplace N
Exterior
Utilities Available Electric to Site, Gas to Site, Sanitary Sewer, Water-Municipal
Roof Type Rubber
Building
Dwelling Type Retail/Stores
Level or Stories 1
Structure Type Brick
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Philip Higgins • Compass
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Lenny Feil
Broker-Owner | Lic# 471005412