1329 W Chicago Ave. Restaurant/Bar For Sale

Chicago, IL (Cook County)

1329 W Chicago Ave. Restaurant/Bar For Sale

Asking Price:$950,000

Cash Flow:N/A

Gross Revenue:N/A





1329 W Chicago Ave. Restaurant/Bar For Sale

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Business Description

Rarely seen net leased property leased to a well known, Chicago based, multi-unit restaurant operator. The subject property underwent a complete renovation in 2014 and includes all new interior finishes, upgraded mechanical systems, brand new commercial restaurant kitchen and finished basement. The initial term of the lease is five (5) years with three (3) five year renewal options. The lease is a modified gross mirroring a net lease in that the gross rent includes the base year real estate taxes with the tenant being responsible for increases in taxes over the base year amount. The base rent is scheduled to escalate at 3% per annum beginning in year three of the lease (2016). Subject property is a commercial condominium divided as a vertical subdivision therefore, no association fees are required and the condominium is not subject to the rules and regulations of the of the condominium association.

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Detailed Information

PRICE: $950,000 BUILDING SIZE: 1,879 SF PROPERTY TYPE: Retail LOT SIZE: 2,171 SF CAP RATE: 6.86% NOI: $65,199
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Marcus Sullivan

Business Listed By:
Marcus Sullivan

SVN Restaurant Resource Group

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Sponsoring Broker:
Jim Martin

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