IL > Chicago
Chicago, IL 60657,1622 W Belmont AVE
Chicago, IL 60657,1622 W Belmont AVE
Chicago, IL 60657,1622 W Belmont AVE
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Jacqueline Knight

Jacqueline Knight

+1(608) 440-1740
$1,195,000
Est. payment /mo
2,680 SqFt
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UPDATED:

09/25/2024 05:46 AM

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

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Midwest Real Estate Data (MRED) IDX
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Philip Higgins • Compass

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