Package Deal – Restaurant w/Parking & 2 Rental Houses Melrose Park, IL – Corner of Division St and N 15th Ave!
Bring All Offers - Seller Is Negotiable
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Summary:
Incredible opportunity to purchase a 4-parcel property in the vibrant Melrose Park community.
Includes a longtime restaurant that operated as Abruzzo's for 10 years from Jul 2013 to Nov 2023 (currently Division Street Lounge - recently purchased by a local investor from the Abruzzo family). As well as a 4,922 sqft paved parking lot for 17 vehicles. Also, a two-unit frame home and a single-family brick home that rent for a total of $5,000 a month.
Independent restaurant - no royalty, advertising or transfer fees. All furniture, fixtures and equipment (FF&E) included.
Package deal - current owner looking for one contract and one closing, properties will NOT be sold separately.
$899,000 asking price - priced below market value. The owner is looking for a quick sale from an experienced operator and serious investor. Bring all offers - seller is negotiable!
Can also fast track its liquor license and gaming approval. Gaming revenue (location’s take) over $66,000 in 2022 & over $40,000 Jan-May 2023!
Feel free to stop by the location first. If interested, contact EatZ for more information. All inquiries are required to sign an NDA and show proof of funds before showing.
Business Website: https://www.divisionstlounge.com
Competition:
The former restaurant, Abruzzo's, was founded in 1969 by Frank and Nancy Abruzzo, who brought their passion for Italian cuisine to Melrose Park. The restaurant quickly gained a reputation for its delicious homemade dishes, warm hospitality and cozy atmosphere.
Growth and Expansion:
Bring your own creativity to the area and have the added income from the rental properties next door!
Location:
Prime retail space in the heart of Melrose Park, a great place to call home. Recently named by Chicago Magazine as one of the best suburbs for first-time home buyers and recipient of the Governor’s Hometown Award.
Located only 12 miles west of downtown Chicago, Melrose Park is perfectly situated just north of Maywood, west of River Forest/Oak Park and south of Franklin Park.
Boasts a thriving cultural scene with restaurants, events and festivals year-round. And the Taste of Melrose Park Festival is 2nd only to the legendary Taste of Chicago in size and variety!
County: Cook
Facilities:
Property Information: 17,000 sqft of land with a 3,125 sqft restaurant, 4,922 parking lot and over 2,800 sqft in the adjacent homes. These two homes at 1502 &1506 15th Ave were purchased in 2001 for $235,000 and $260,000. 2022 real estate taxes $14,969.
Square Feet: 3,125 (Restaurant).
Seating: 100+ (Restaurant).
Days/Hrs of Operation: Currently closed.
Real Estate: Owned.
Value of FF&E: Included In Asking Price.
Value of Inventory: Not Included In Asking Price.
Seller Financing Available: No.
Reason for Selling: Other interests.
