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Listed by Thoma Socrates Panosof Pearson Realty Group
$ 949,000
Est. payment | /mo
4,055 SqFt
$ 949,000
Est. payment | /mo
4,055 SqFt
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active
Purchase Type For Sale
Square Footage 4,055 sqft
Price per Sqft $234
MLS Listing ID 12617645
Year Built 1924
Annual Tax Amount $16,801
Tax Year 2024
Lot Dimensions 50' x 125'
Property Sub-Type Retail/Stores
Property Description
NEW PRICE. Rare turnkey opportunity for an operator or investor seeking a fully renovated, PPA-licensed venue with uncommitted VGT potential in a prime Chicago corridor - includes Real Estate, Business, and Assets. Unlike standard restaurant offerings, this 4,055 SF freestanding corner asset includes a rare Public Place of Amusement (PPA), Liquor, and Food license, enabling the owner to collect cover charges or donations for ticketed events, raffles, live music, comedy, and more - creating multiple high-margin revenue streams beyond traditional food and beverage. The VGT-ready game room is currently uncommitted to any gaming operator, giving a new owner full leverage to negotiate their own terminal operator agreement and signing incentives. The restaurant was fully gut-rehabbed in late 2024, offering a new dining & bar space that seats 95 and a brand-new fully equipped commercial kitchen featuring pizza ovens, extended range, stove, prep areas, a walk-in cooler, and much more. The property functions as a clean, SBA-compliant operating shell primed for immediate occupancy - a true plug-and-play asset priced to bypass construction and permitting delays, minimize capital requirements, and facilitate a seamless acquisition of all existing licenses and FF&E. Situated on a 0.16-acre lot, the property features a 3,125 SF main level, a dedicated +15-car parking lot with ample street parking, and a 930 SF 3-bedroom residential unit for additional income. The site offers prime frontage on Irving Park Road near Harlem Avenue and the Harlem-Irving Plaza (HIP), capturing high visibility from over 26,000 vehicles per day (VPD) within a densely populated residential corridor. Contact Listing Agent for showings and details.
Location
State IL
County Cook
Zoning COMMR
Interior
Cooling Central Air, Exhaust Fan
Fireplace N
Exterior
View Y/N true
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