[Calc Review] Help me analyze this deal- Commercial mixed use

[Jeff Borrelli]

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I am in a negotiation to acquire a mixed use building in the suburbs of Chicago.
This is my first mixed use building, I own 3 2-flats and used to own a
single family I rented out but now am living in myself.

The
property I am trying to acquire has 2 restaurant spaces on the first
floor, (only 1 kitchen), and 4 apartments on the second floor, (1-2bed
and 3 1-bed). The restaurant spaces were gutted for a particular
restaurant group who was going to build to their concept. They ran new
plumbing all around, HVAC, sprinkler work and did a lot of behind the
scenes stuff like fortifying the ceiling, moving a stair case etc. I
have partners in the deal who run restaurants so we would open 1 LLC for
the building and a separate for the restaurant space. However, the
restaurant spaces will need a few hundred thousand dollars to get them
finished and open.

The property is a very high traffic A+ area/historic building.

Here are the general specs. Negotiations are in the $1.2-1.3 million range;
conventional financing with 25% down and financing 75%. Right now,
apartments rent for a total of $5200/month and ultimately we expect to
raise those and with the performing restaurants, a total monthly income
of $17-18k gross. I ran it through the biggerpockets calculator and I
show that if we can get the total building rent to $18k, we would have
to put $300k down, probably another $100k to update it enough for the
restaurant to pick up part of the tab for their concept:

Does this sound like a terrible idea or a decent deal? IF we weren't going
to open one of the restaurant spaces ourselves, I would have a tough
time thinking this is a good deal but I'm open to any advice on
valuation, (I have no idea how to value the property. The building was
purchased 2 years ago for $1.1M, the group put probably $250k into it,
(which doesn't necessarily all benefit our concept), and now we're close
to closing and just want some verification on this deal or not.

Thanks!
Jeff