Active
1622 W Belmont Avenue
Chicago IL, 60657
$1,195,000
$445.90 per sqft
Active
2,680 sqft
Commercial
Built in 1959
Courtesy of Compass
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
12154906
MLSⓇ ID
September 19, 2024
Listed
November 22, 2024
Updated
Map
1622 W Belmont Avenue
Chicago IL, 60657
Interior Features
Total Stories
1
Floor Description
Wood
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
No
Exterior/Building Features
Lot Size
0.07 Acres
Roof
Rubber
Other Property Details
Area Name
CHI - Lake View
Taxes
$20,447
Tax Frequency
Annually
Days on Market
6
Garage
No
View
No
County
Cook
Municipality
Lake View
Pool
No
Zoning
COMMR
Courtesy of Compass, Philip Higgins,
Listing Contact: 312-319-1168
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Data last updated 7:18 AM UTC, 11/22/2024