Lincoln Park Mixed-Use With Restaurant

Lincoln Park, IL (Cook County)

Lincoln Park Mixed-Use With Restaurant
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Asking Price: $2,400,000

Gross Revenue: N/A

Price/Sq. Ft.: N/A

NOI: N/A

Building SF: 6,912

FF&E: N/A

Year Built: N/A

Lincoln Park Mixed-Use With Restaurant

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Property Description

SVN Chicago Commercial's Restaurant Resource Group is pleased to offer this architecturally and historically significant mixed-use building for sale. This 7,000 sf, three-story, 4-unit building, includes a restaurant located on the first and second floors and basement level plus three rental apartments on the third floor. In 2012, the property underwent a major renovation that included a gut demolition of the basement, first, and second floors. The renovation included new steel staircases and porches replacing non-conforming wood structural systems; upgraded mechanical system; excavated basement with health department compliant prep and storage areas; the addition of a new kitchen with black iron grease ducts; make-up air; employee washroom in the basement plus men's and women's washrooms on the first and second floors, and tasteful interior finishes throughout the restaurant space. The three apartments on the third floor Includes two 1 bedroom 1 bath, and a studio unit.

In addition to the real estate, this offering includes the restaurant business with a transfer of all existing licences. The restaurant licensing includes a City of Chicago Tavern License; Public Place of Amusement (PPA); Late Night Hours, and Retail Food. The City's Occupancy Placard allows for 94 patrons on the first floor and 104 seated (138 standing) on the second floor. All of the restaurant's furniture, fixtures, and equipment will be conveyed as part of the sale.

Public transportation is available at the CTA's Diversey and Fullerton train stations, both of which are located within three blocks of the property. Readily available metered street parking is available along Lincoln Avenue.

Attached Documents


Detailed Information

Location:
Lincoln Park, IL
Type:
Retail
Building SF:
6,912
Building Status:
Established
Facilities:
2-12 classed mixed-use building assessed at only 10% of market value Major building building renovation completed in 2012 Lincoln Park location B3-2 zoning Tavern, PPA, Late Night, and Retail Food licenses Architecturally significant building Multiple sources of income Dense population. 22,000 residents within one-half mile of property Average HH income greater than $140,000 Within 1/2 mile of the property, nearly 1,000 new luxury apartments opening in 2018/19 All of the Barrelhouse furniture, fixtures, and equipment conveyed with the sale of the real estate Adjacent to DePaul University Young and affluent population Easy walk to the CTA's Diversey Brown Line and Fullerton Red Line Stations
Financing:
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Location Description:
The subject property is located in Chicago's Lincoln Park neighborhood, approximately three miles north of the City's central business district. This densely populated area includes some of the City's strongest demographics. Within one-half mile radius of the property, there are over 22,000 residents, with an average household income of over $140,000. The average age of the residents is 28. Directly south of the property is DePaul University's 32 acre Lincoln Park Campus, with a student population of 16,000 undergraduates and a full and part time staff of 1,800. The neighborhood is also experiencing a surge in new residential and retail development, including the redevelopment of the former Chicago Children's Hospital. When completed in 2019, this five acre, $300 million development will include 540 luxury apartments, and 160,000sf of retail. Additional development along Lincoln Avenue includes Baker Developments Elevate apartment building with 191 condo quality units and 16,000sf of retail. Several other nearby projects will increase the number of new dwelling units within one-half mile of the property to nearly 1,000. The property is zoned B3-2, allowing for a wide range of business and commercial uses. There is no RS single family zoning districts surrounding the property, thereby allowing for a PPA license.
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Marcus Sullivan

Property Listed By:
Marcus Sullivan

SVN | Chicago Commercial

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Sponsoring Broker:
Scott Maesel

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