The Reservoir
844 W Montrose Ave, Chicago, IL 60613
Marketing description
For the last 15 years, The Reservoir has been an immaculately-appointed, high-grossing, family owned & operated, hospitality business. The Incidental Liquor & Retail Food licenses; plus, the Sidewalk Cafe' Permit are corporately held and transferable. The total interior square footage is approximately 2,700 SF. The bar/dining area is 23.5' X 60.5' with a 12.5-foot ceiling; the solid wood, bar-top is 36 linear feet long. The kitchen area is 21' X 60.5' feet with an 8-foot ceiling. The 7' X 5' keg room is located on the first floor with a glycol refrigeration system that delivers ice-cold beer to 16 tap handles. The food walk-in cooler is 8' X 5.5'. A 5-year gross lease starting at $6,500 per month with three 5-year options. https://www.reservoirchicago.com/ Proof of funds is required prior to scheduling a showing. Do not disturb the business and its employees. Co-Op commission: 3% on sale; Co-Op lease commission: 2.5% for initial 5-year term.
Investment highlights
- Lease Commencement Date: To Be Determined Possession Date.
- Lease Expiration Date: 5 years from Possession Date.
- Lease Type: GROSS.
- Gross Leasable Area: 2,700 SF.
- Current Base Rent: $6,500/monthly.
- Additional Options: Three 5-year Renewal Option Periods. To activate renewal option, Tenant must provide written notice no later than 6 months prior to the end of the current lease term.
- Escalations: 3% annual escalations, including all Renewal Option Periods.
- RE Taxes: Landlord is responsible for annual real estate tax bill.
- Utilities: Tenant is responsible for electric and gas used. Tenant is responsible for 15% of the property's water bill.
- Scavenger: Tenant is responsible for refuse disposal for the commercial premise.
- Security Deposit: $13,000.
- Co-Op commission: 3% on sale; Co-Op lease commission: 2.5% for initial 5-year term.
- For the last 15 years, The Reservoir has been an immaculately-appointed, high-grossing, family owned & operated, hospitality business.
- The Incidental Liquor & Retail Food licenses; plus, the Sidewalk Cafe’ Permit are corporately held and transferable.
- The total interior square footage is approximately 2,700 SF.
- The bar/dining area is 23.5’ X 60.5’ with a 12.5-foot ceiling height; the solid wood, bar-top is 36 linear feet long.
- The kitchen area is 21’ X 60.5’ feet with an 8-foot ceiling.
- The 7’ X 5’ keg room is located on the first floor with a glycol refrigeration system that delivers ice-cold beer to 16 tap handles. The food walk-in cooler is 8’ X 5.5’.
- A 5-year gross lease starting at $6,500 per month with three 5-year options.
- https://www.reservoirchicago.com/
- Co-Op commission: 3% on sale; Co-Op lease commission: 2.5% for initial 5-year term.
- Proof of funds is required prior to scheduling a showing.
- Do not disturb the business and its employees.
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