2577 Clark StChicago, IL 60614

Property Details for 2577 Clark St

Year built

1928

Property size (Sq ft)

9,200 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional Lincoln Park restaurant presents a compelling investment opportunity. Located at 2577 N Clark St, Chicago, IL 60614, this 9,200 square foot, Class A property boasts a 7.42% cap rate and a strong NOI of $232,694. The property is situated on a 9,005 square foot lot with 103+ feet of frontage on Clark Street, a major retail corridor. The single-tenant, NNN lease with Briny Hospitality, a highly-rated restaurant group, commenced June 1, 2023, and has a remaining term of 5.5 years, with options to extend for 3 or 5 years. Rent escalations are built in, at 4% annually for years 2-3 and 2.5% annually for years 4-7. The building, constructed in 1928 and renovated in 2024, is zoned B3-2. The property benefits from its proximity to public transportation, including the CTA Brown and Purple Diversey Station and several bus routes, and is surrounded by numerous national retailers and a high-income demographic. The 60614 zip code ranks #1 in Illinois for adjusted gross income, with a population of 84,205 within a 1-mile radius, an average household income of $130,001, and a median home value of $471,305. The area also benefits from the presence of DePaul University, adding to the vibrancy of the neighborhood. This is a fee-simple ownership opportunity with significant upside potential. Asking price: $3,137,000.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9299

Longitude

-87.6426

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