1300 Irving Park Rd 16,708 SF Vacant Retail Building Streamwood, IL 60107 $2,650,000 ($158.61/SF)

iReal Estate Commercial is proud to present a valuable opportunity for owner-users or investors in an affluent northwest suburb of Chicago—Streamwood, IL.
This property, originally built as a bank, is a two-story 16,708 square feet building with a large basement, on 2.37 acres of land, and is strategically situated at the signalized intersection of Irving Park and East Ave. It's fully sprinklered, comes with a fire alarm, and security cameras. It is ideal for owner-users, redevelopment, or investment. The first floor has been converted into a venue that includes a beautiful reception, a hallway with a buffet setting, a large, elegant banquet hall (occupancy of 250 people), a bar, an office, a bridal room, large bathrooms with coat checks, and a fully equipped commercial kitchen with a freezer and a cooler. Currently, the first floor and the basement is occupied by a banquet hall operator whose three-year lease, which began in 2022, has expired. The tenant is now on a month-to-month lease but is interested in signing a long-term contract with the new owner. The banquet hall tenant pays 70% of the landscaping and maintenance expenses, as well as the building insurance. The tenant also covers their own utilities, including electricity, gas, heat, water, and internet. This flexible month-to-month arrangement allows a new banquet hall operator to take over the existing buildout or enables an investor to collect rent from the established business upon signing a new lease.
The second floor currently has vacant units that were previously leased by an attorney, a hair salon, a media company, and a dance studio. These units could be utilized for a variety of retail or office purposes, with a suggested rental rate of $24.77 per square foot on a modified gross basis, potentially bringing the projected net operating income (NOI) to $190,511 per year.
This property is conveniently located on the busy Irving Park Road, with easy access to I-90 and I-290. It enjoys a prime location with excellent visibility and high traffic counts (28,309 cars daily). The property is just a 30-minute drive from O'Hare International Airport and 60 minutes from Downtown Chicago. The building is surrounded by national and local retail centers, shops, restaurants, and corporate businesses. Don’t miss this rare opportunity to own a prime real estate asset in a stable Chicago market.