C-2 Commercial Land
For Sale
$1,250,000
2422 Dempster Street, Evanston, IL 60202
Commercial Sale, Evanston, IL
Property Size5,000 SF
Lot Size0.25 Acres
Price / SF$250
Days on Market34
Property Features for 2422 Dempster Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
Property is located on the south side of Dempster St just east of McCormick Blvd (North Shore Channel), near the Evanston/Skokie border.
Subdivision
Evanston
Standard status
Active
APN
10241000300000
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Cooling system
Central Air
Building Details
Year built
1955
Floors in Building
1
Number of units
1
Building materials
Brick
Roof type
Membrane
Listing Agency:
Real Broker, LLC
(217) 960-8605
Listed By:
Colleen Basinski · License #471006854
(630) 439-6385
Added: Jul 23
Changed: Aug 20
Last Checked: Aug 25 at 4:06AM
MLS# 12714061
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-parcel commercial assemblage combines approximately 11,000 SF of land, or +/- 0.25 acre, with an existing +/- 5,000 SF commercial building. The improvements include brick construction, central air, and a membrane roof, with approximately 20 private, gated, owned parking spaces included in the assemblage. The building shares a party wall on the west side with the adjoining Kabul House building.
C-2 Commercial District zoning supports a broad range of uses, subject to municipal verification. Current development standards allow construction up to 45 feet by right, while a Planned Development approval may allow up to 60 feet and a 2.0 FAR. The property is within a designated City of Evanston Community Development Block Grant Target Area, which may provide grant, loan, or subsidy pathways for qualifying nonprofit or community-facility buyers, subject to eligibility and program availability. The property is offered as a complete assemblage of the building and owned parking land.
C-2 Commercial District zoning supports a broad range of uses, subject to municipal verification. Current development standards allow construction up to 45 feet by right, while a Planned Development approval may allow up to 60 feet and a 2.0 FAR. The property is within a designated City of Evanston Community Development Block Grant Target Area, which may provide grant, loan, or subsidy pathways for qualifying nonprofit or community-facility buyers, subject to eligibility and program availability. The property is offered as a complete assemblage of the building and owned parking land.
Key Highlights
- Approximately 11,000 SF of land (+/- 0.25 acre) across 3 parcels
- Existing +/- 5,000 SF commercial building constructed in 1955
- C‑2 (Commercial District) zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$69,401
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.55%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,388,020
$1.4M
Cap Rate 7%
$991,443
$991.4K
Cap Rate 9%
$771,122
$771.1K
Market Conditions
NOI Build-Up for 5,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$108.0K $21.60/SF
− Vacancy
−$8.9K −$1.77/SF
EGI
$99.1K $19.83/SF
− OpEx
−$29.7K −$5.95/SF
NOI
$69.4K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,388,020
Cap Rate 7%
$991,443
Cap Rate 9%
$771,122
Alternative Uses
Best Use
Retail
$991.4K
$867.5K – $1.16M
NOI $69,401 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,839 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,179
Businesses Nearby
180k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Shops & Services 42%
Apparel 7%
Beauty & Spa 1%
McDonald's
Dining
31,792 visits/mo
0.4 miles
Dollar Tree
Shops & Services
20,710 visits/mo
0.3 miles
BP
Shops & Services
17,319 visits/mo
0.2 miles
Starbucks
Dining
17,060 visits/mo
0.4 miles
Dunkin' Donuts
Dining
13,474 visits/mo
0.4 miles
Demographics for 60202, IL
33,245
Population
15,024
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
96%
High-School Grad
3.1 sq mi
ZIP Area
10,724
Density / Sq Mi
$101,087
Median Household Income
$57,720
Median Earnings
$1,612
Median Rent
$381,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Three-parcel commercial assemblage with an existing building, gated parking, and redevelopment parameters under C-2 zoning.
Where is this commercial land located?
The property is located at 2422 Dempster Street Evanston, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Approximately 11,000 SF of land (+/- 0.25 acre) across 3 parcels; Existing +/- 5,000 SF commercial building constructed in 1955; C‑2 (Commercial District) zoning
