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11/09/2011

If you're in the market to buy a restaurant in Des Plaines, the former Black Ram can be had for as little as 20% its value.

The restaurant was foreclosed on in 2009 after 40 years serving Des Plaines patrons.

The property will be sold at auction at 7 p.m. Tuesday, Nov. 15 at the Chicago Marriott Suites O'Hare, 6155 N. River Rd., Rosemont. The starting bid is $300,000 - far less than the $1,475,000 value of the 50,065 sq. ft. site.

The auctioneers are Rick Levin & Associates, Inc., who act as real estate brokers for the bank that holds the property.

Rick Levin, who heads the company, said the low starting bid price was a result of the difficulty to determine what a property is worth these days.

"We've found that auctions are a good way for buyers to decide what things are worth," he said.

He said the 8,888 sq. ft. restaurant was still in good condition and even still had some restaurant equipment on site.

However, those who want to get a closer look at the property may do so during an open house from 10 a.m. to noon Nov. 10. An open house was also held yesterday (Thursday).

Potential buyers may also set up appointments to take a look at the building's condition.

Levin said the interest in the building has be light so far, but thinks it will attract many bidders.

"What a great location and a great opportunity for somebody," he said.

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