High-Grossing Chicago Restaurant Icon For Sale

Chicago, IL (Cook County)

High-Grossing Chicago Restaurant Icon For Sale
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Asking Price: $4,900,000

Gross Revenue: N/A

Price/Sq. Ft.: N/A

NOI: $75,000

Building SF: 22,017

FF&E: N/A

Year Built: N/A

High-Grossing Chicago Restaurant Icon For Sale

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Property Description

The subject improvements consist of a 22,017 square foot restaurant facility and contiguous parking lot with 45 spaces on South Kedzie Avenue. Across Kedzie there is an additional parking lot with 48 spaces. The main improvements are a one and part two story masonry building. There is a 700 square foot basement used for storage. The improvements were originally two adjacent buildings. The north one and part two story building has been operated as the Mi Tierra Mexican restaurant since the mid 1980s. In 2004 the southern portion of the subject improvements were remodeled and incorporated into the existing facility as a single restaurant space that can seat several hundred patrons at once. In 2016, the property was purchased and underwent extensive renovation.

The south portion of the subject includes a large banquet and overflow seating area with a high ceiling that is two stories up. There is approximately 6,305 square feet on the second story that is used as a mixture of dry storage. There is also a large owner’s apartment on the second floor. The second floor is accessible via two stairwells and an elevator.

The main floor houses the dining rooms, kitchen, restrooms and offices. The main dining area and kitchen has ceilings that are approximately 10 feet high. Lighting is primarily ceiling hung recessed fluorescent lights with incandescent lights as well. Ceilings in the dining areas are acoustical tiles. The improvements area masonry constructed with reinforced concrete floors. Roofing is rubber membrane. The entrance doors are aluminum frame and glass, located on the north and east sides of the property. There is a steel roll-up door on the west side for deliveries. Heating and air is provided by 10 roof mounted HVAC units that provide forced air heating and cooling throughout the property.

The remaining subject site is improved with asphalt parking areas with stucco covered concrete walls along the Kedzie frontage of both parking areas. The parking area on the west side of Kedzie, contiguous with the restaurant building has 45 parking spaces.

Attached Documents


Detailed Information

Location:
Chicago, IL
Type:
Retail
Building SF:
22,017
Building Status:
Established
Facilities:
$750,000 of net income Parking for 100 cars Seating for 500 patrons Incidental and PPA licenses C1-2 Zoning Recently remodeled
Location Description:
The subject property is located in the Little Village neighborhood, which is home to one of the most vibrant commercial districts in the City of Chicago. The Little Village business district is made up of six distinct sectors. These districts include 26th Street between California and Kostner; a mixed-use area along 25th Street between Kedzie and Lawndale; auto-oriented commercial arterials along Kedzie and Pulaski; and a small commercial district on 31st Street. Together, there are over 1,000 business with a prevalence of restaurants, specialty grocery stores, and bridal/ quinceañera stores. In all, there are 110 restaurants, 96 miscellaneous retailers, and 33 beauty salons, making the area a destination retail district that draws customers from throughout Chicago, the suburbs, and the Midwest.
Current and Prior Use:
Restaurant/Bar/Venue
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Timothy Rasmussen

Property Listed By:
Tim Rasmussen

SVN | Chicago Commercial

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Sponsoring Broker:
Scott Maesel

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