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Listed by:

EatZ & Associates

Broker license number: 471021331

Iconic Tavern+Liquor Store+Apartment Chicago, IL - Mixed-Use Property! For Sale

Chicago, Illinois, US
Asking Price:
$900,000 Furniture / Fixtures included
Sales Revenue:
Undisclosed
Cash Flow:
Undisclosed

Iconic Tavern + Liquor Store + Apartment, Chicago, IL - Mixed-Use Property For Sale!

"Coveted Chicago Tavern License, Liquor Store License & Applied Gaming License Included"

A unique opportunity to acquire a long-standing neighborhood institution and income-producing property in one of Chicago’s established northwest neighborhoods.

This offering includes two connected freestanding commercial buildings, operating as a sports bar and liquor store, along with a residential apartment above—creating multiple revenue streams from bar operations, retail liquor sales, and rental income.

Even more valuable, the sale includes both on-premise and off-premise liquor licenses, including a highly coveted Chicago Tavern License, which is extremely limited and difficult to obtain in today’s regulatory environment.

Opportunities combining real estate, two liquor licenses, and established neighborhood businesses are exceptionally rare in the City of Chicago!

Investment Overview:
Tavern—A classic neighborhood sports bar offering a welcoming atmosphere for locals to watch games, enjoy drinks, and socialize.

Liquor Store—The adjoining retail liquor store serves the surrounding neighborhood with a convenient selection of beer, wine, spirits, and convenience beverage sales.

Current Entertainment Revenue—The sports bar and liquor store also feature a jukebox, dartboard, pool table, and ATM, which bring in $3,000-$5,000 a month or $35,000-$60,000 a year in supplemental revenue.

This dual-concept model captures both on-premise and off-premise alcohol sales, plus entertainment sales, maximizing revenue opportunities.

This offering also includes multiple Chicago liquor licenses, an increasingly scarce asset —

On-premise City of Chicago tavern license, which allows for:

  • Bar service and sports bar operation
  • Full alcohol service for consumption on the premises
  • Late operating hours typical for neighborhood taverns

Off-Premise Retail Liquor License which allows for:

  • Retail sales of beer, wine and spirits
  • Package carry-out alcohol sales
  • Complementary business with the tavern operation

Owning both license types in one location is a significant competitive advantage.

Plus, the ability to add video gaming.

Gaming Potential—The gaming application is already in process. A new buyer would inherit this positioning, potentially receiving activation approval shortly after acquisition, eliminating the typical 6–12 month lead time. The property meets zoning and licensing requirements for VGT placement.

And passive residential income from its 3-bedroom apartment upstairs.

Rental Income—Above the commercial space sits a residential apartment providing:

  • Additional rental income
  • Potential owner-operator housing
  • Investment upside

Overall, this configuration allows for multiple profit centers under one roof —

  • Bar operations
  • Amusement devices
  • Liquor store sales
  • Video gaming revenue
  • Residential rent

Very few listings offer real estate, multiple liquor licenses, two complementary alcohol businesses, and the opportunity to add video gaming in one package!

Feel free to stop by the location as a customer first. This is a HIGHLY confidential listing; DO NOT talk to any owners, employees, or patrons. If interested, please click on the orange Contact Broker button on the right to complete the short contact form. Showings by appointment only outside of business hours.

Property Information

Real Estate:

Real Property Included

Living Accommodation:

1,500 sqft 3-bedroom apartment upstairs that rents for $2,000/mth gross.

Location:

Prime retail space in a freestanding building with a few parking spots in the rear and ample street parking.

Perfectly situated on a well-traveled east-west corridor with 18,000-22,000 vehicles per day serving Chicago’s northwest side and connecting the city with nearby suburbs.

Key location benefits include:

  • High visibility along a busy avenue
  • Dense surrounding residential population
  • Strong demographics with a population of ~39,000 within a 1-mile radius, ~320,000 within a 3-mile radius and ~900,000 within a 5-mile radius with average household incomes between $80,000 and $92,000
  • Large base of multi-generational households and long-term residents
  • Strong working-class and middle-income residential communities
  • High concentration of blue-collar, healthcare, logistics and retail workers
  • Consistent demand for neighborhood bar gathering spots/convenient liquor retail
  • Easy access to other high-traffic arterials and 3 interstates
  • In close proximity to other densely populated northwest side neighborhoods

Neighborhood taverns with liquor stores often thrive in these established Chicago communities due to long-term loyal customer bases and consistent neighborhood traffic.

Premises Details:

Year Established: 2003.

Property Information: Two connected buildings under 1 pin. Built in 1908. On .193 acres. Total of 4,500 sqft on the first floor and a 1,500 sqft 3-bedroom apartment upstairs that rents for $2,000/mth gross. Zoning B1-2 neighborhood shopping district. Real estate taxes ~$24,000 a year.

Seating: 27.

Owners Role: Supervisory - oversees the operation.

Size in square feet:
6,000 (1,500 SqFt Tavern + 3,000 SqFt Liquor Store + 1,500 SqFt Apartment)

Business Operation

Management type:
This business is owner operated.
Expansion Potential:

1. Full commercial Kitchen Build Out — The property has ample space and infrastructure for a full commercial kitchen. Adding a food program would significantly expand revenue potential, increase customer spend and extend dwell time, also strengthening video gaming compliance.
2. Food-Driven Sports Bar Concept — The existing license, infrastructure and kitchen potential create an ideal foundation for a modern food-and-entertainment-driven sports bar. This is a proven and profitable hospitality concept in the Chicagoland market.
3. Liquor Store Footprint Integration — The liquor store space offers flexibility for reconfiguration, allowing expansion of the bar or creation of a hybrid taproom-and-retail concept. This seamless integration can optimize the layout for higher revenue per square foot.
4. Owner-User Repositioning — An owner-operator can reposition this property into a destination concept, leveraging the rare license and high traffic. This allows for creation of something entirely new while retaining existing economic advantages.

And the property's B1-2 zoning provides exceptional flexibility, supporting a wide range of uses and unlocking significant repositioning potential!

Competition / Market:
  • Freestanding Property — Full ownership of a large mixed- use building. This provides complete operational control, a rarity in Chicago.
  • Rare Tavern License — Chicago's limited supply of tavern licenses makes this a scarce and appreciating intangible asset.
  • Built-In Tax Shield — The $24,000/year residential apartment income fully offsets annual property taxes.
  • Gaming Upside — Application already submitted for gaming. Once activated, video gaming terminals could generate $60,000-$180,000+ annually with minimal incremental cost.
Reasons for selling:

Retiring.

Trading hours:

Tavern Open Daily 11a-11p & Liquor Store Open Daily 11a-8p

Employees:
6 (4 Bartenders & 2 Liquor Store Employees)
Years established:
23 Years

Other Information

Support & training:

Negotiable on-site comprehensive training.

Financing available:

No.

Furniture / Fixtures value:
$150,000 - included in the asking price
Inventory / Stock value:
$20,000
Related Documents:

Listed by

EatZ & Associates

Broker license number: 471021331

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