1383 North Milwaukee AvenueChicago, IL 60622Price: $1,150,000

  • Price: $1,150,000
  • 133 Days on Market
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Federal 30-year interest rate: 6.09% last updated on Feb 2, 2023
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • 3,550Square Feet

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Just listed! Free standing real estate with desirable tavern license and finished basement in highly sought after Wicker Park location! The Property is currently a single-story, 3,550 square foot commercial building situated upon 2,500 square feet of land on the Milwaukee Avenue Shopping Corridor Milwaukee Avenue is the heart and soul of the Wicker Park neighborhood and attracts thousands of daily shoppers visiting the endless mix of both national and local retailer options. Combined with countless restaurants and bars in the immediate area, Wicker Park has become a world-class destination for both Chicagoans and tourists alike. This unique offering includes both the real estate and business licenses, making for a turn-key bar and restaurant opportunity. Currently operated as a cabaret and piano bar for over 24 years, this property makes for a hospitality operator's dream because it is properly licensed to accommodate a wide range of business concepts that would fit perfectly in the Wicker Park neighborhood. Bring your creative concepts to life in this charming space or continue to operate its current pristine condition. Possibilities include a cabaret, boutique cocktail lounge, neighborhood bar, performing arts venue, restaurant, bistro, event space, cafe or more! The tavern license allows operates to sell liquor without maintaining a kitchen whereas the retail food license gives the operator the ability to sell food at any time to their guests. The cherry on top is the rare and coveted Public Place of Amusement license, which allows the business to book entertainment and charge guests an entry or ticket fee for special events or performances. Upon entering the front double doors you'll notice 10" foot tall tin ceilings in Great condition. The first floor space is divided amongst 2 rooms, 3 individual restrooms, a back bar area and janitor closet. The front room includes hardwood flooring, a large bar, built-in banquette seating and 2 bay window nooks on each side of the double door, making for perfect seating or display areas. The rear room features a full stage lighting & sound system with A/V booth in addition to built-in banquette seating. The dry basement was professionally dug out to provide ample 8"+ headspace and finished to include a commissary kitchen, employee restroom, sitting room (green room), management office, storage room, coat check closet and utility room. The kitchen is equipped with a rented ice machine, dishwashing station, coolers and grease trap and can be upgraded to include a wide range of kitchen hoods and cooking equipment depending on menu requirements. The storage room allows for plenty of liquor, dry food and cold food storage and can easily be converted into prep-kitchen space or walk-in cooler while still maintaining abundant storage space. The frontage on Milwaukee avenue is highly walkable and can also be granted a sidewalk cafe patio license, which would allow for additional exterior seating. Additional opportunity exists in the form of expanding into the rooftop to offer even more exterior space. Overall this property is in pristine condition and has a clean corporation and licenses, a bustling business can be opened here very quickly and with limited expenditure. This property also includes a loading zone permit in front of the building. All owned furniture, fixture and equipment is included with the purchase. Speak with listing agent for full list of FF&E. Do not disturb any employees or customers of the business.

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Listed by Philip Higgins of Compass

Based on information submitted to MRED  as of February 7, 2023 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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