Smokey's BBQ restaurant For Sale - Jefferson Park

5481 N. Northwest Highway , $950,000.00

They're still up and running. Here's the recent DNAinfo.com article with details:

http://www.dnainfo.com/chicago/20141219 ... our-chance

$950,000? I'd love to see the numbers they're putting out there to justify that price.

Rental income from 2 the apartments in Jefferson Park can't be worth all that much. The building sold as residential property in 2009 for $100,000. Let's say a 2-flat at that location is worth $200,000 as an investment property (I actually think that's generous).

That'd mean they're valuing the restaurant/space at $750,000. The pictures look nice - like they put a decent chunk of money into the place. But the restaurant, which is BYOB (presumably no liquor license), doesn't seem all that great. Mixed reviews in 14 posts here (none since July 2010) and 3 1/2 stars on Yelp (much more negative in recent months). Also, for most people in Chicagoland, getting there means driving past Smoque to eat there.

I could very, very well be wrong, but I'll be surprised if the sale price is close to $950K.

MarlaCollins'Husband wrote:
I could very, very well be wrong, but I'll be surprised if the sale price is close to $950K.

I'd be surprised if the sale price for the BBQ business is much above the salvage cost of the equipment. They might get MarlaCollins'Husband's $200,000 for the building, but it will be a tough sell. there's lots of property for sale on that stretch of Northwest Highway.

Agreed. At a glance, the price seems insane.

=R=