2249 Lincoln AveChicago, IL 60614

Property Details for 2249 Lincoln Ave

Year built

1893

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.06 AC

Property size (Sq ft)

4,312 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

14-33-110-005

APU

1433110005

Description

This exceptional opportunity presents a fully operational, two-story bar and grill ideally situated on Lincoln Avenue in Chicago's vibrant Lincoln Park neighborhood. The 4,312 square foot building, situated on a 2,825 square foot lot, boasts a modern interior with two full bars, a substantial kitchen, and a state-of-the-art AV system. The impressive street presence is enhanced by an overhead garage-door façade, opening directly onto the bustling entertainment corridor. The property includes a spacious basement offering additional bathrooms, office space, ample storage, and coolers. Included in the sale are the existing Retail Food and Incidental Liquor licenses. The building's zoning is B3-2. The property's 2022 property taxes totaled $28,793.15. This turnkey establishment offers immediate operational capabilities, with the potential for expansion by re-applying for a PPA. The purchase price is negotiable. This is a rare chance to acquire a thriving business with significant upside potential in a highly desirable location. The building's size includes the basement area.

• CAP approach

  CAP return

  Valuation

  6%

  $1,718,335

  6.5%

  $1,586,155

  7%

  $1,472,858

• Comparable approach

  Method

  Valuation

  Relative Method

  $870,539

  Geo Method

  $870,539

• Alternative Use

  Use

  Valuation

  Residential

  $1,586,155

  Hospitality

  $1,452,910

  Educational

  $1,208,804

  Medical

  $1,250,376

  Retail

  $1,880,362

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9231

Longitude

-87.6451

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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