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    Turnkey Restaurant Space in River North Title is generated by Realmo AI

    416 W Ontario Street, Chicago, IL 60654

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    For Lease
    $664,888 SF/Yr $238,251,533/Mo (calc)

    COMMERCIAL - Chicago, IL

    Type:Retail
    Property size:
    4,300 SF
    Added:
    Oct 22, 2025
    Days on Market:
    213
    Last Refresh:
    May 22 at 4:06 am

    Property Features for 416 W Ontario Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    Size
    4,300 SF

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    35299

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    2003
    Floors in Building
    1

    We can help!

    Listing Contact
    Larry Lazar
    Larry Lazar

    Listing agent Larry Lazar License #475189346

    Listing office Charles Rutenberg Realty of IL 3135 Book Road, Naperville, IL

    Listing date Oct 22, 2025

    MLS# 12501296

    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.

    HighLights

    • Turnkey Restaurant Space: Fully equipped with a commercial kitchen, dining room furnishings, and smallwares.
    • Prime River North Location: Situated in a high‑traffic area surrounded by restaurants, nightlife, and residences.
    • Fully Built‑Out: Features a finished dining and kitchen area.
    • Outdoor Seating: Includes a permitted outdoor patio area for alfresco dining.
    • Size and Layout: Approximately 4,300 SF with 15‑foot ceilings, exposed brick, and two ADA‑compliant restrooms.
    • Flexible Zoning: B3 zoning is ideal for a restaurant, retail, lounge, or cafe.

    Overview

    Located in the heart of Chicago's River North, this turnkey restaurant space offers approximately 4,300 square feet, including a 2,797-square-foot built-out dining and kitchen area. The space features 15-foot ceilings, exposed brick, and street-level visibility. It is situated on the ground floor of a boutique loft building. The property is suitable for a variety of retail uses or continuation as a dining establishment. The layout includes two ADA-compliant restrooms and an outdoor seating area. The space is equipped with a full commercial kitchen including a 22-foot ventilation hood, cook line, walk-in cooler, prep station, and dishwashing area. Kitchen equipment includes ranges, ovens, fryers, sinks, and refrigeration units. Dining room furnishings such as tables, chairs, a host stand, and bar equipment are included, along with smallware such as plates, bowls, silverware, glassware, cooking tools, and serving utensils. The property features central air conditioning, wood flooring, and loft-style architectural details. The zoning is B3, making it ideal for a restaurant, retail, lounge, or cafe. It is located steps from LaSalle & Ontario, surrounded by established restaurants, nightlife, galleries, and high-end residences, with heavy foot traffic and easy access to CTA, expressways, and downtown.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kaleidoscope Group Business Management Consultant Hutch American Cafe ... Specialty Food Shop Boca Loca Cantina ... Restaurant KaleidoServe Child Welfare Organization

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • One Eleven Events — 111 N State St #7, Chicago, IL 60602
    • 1st & Fresh Catering — 205 W Randolph St Ll1, Chicago, IL 60606
    • Just Like Home Catering — 111 N Wabash Ave, Chicago, IL 60602
    • Luke's Lobster City Hall — 134 N La Salle St, Chicago, IL 60602
    • Exquisite Soulz LLC — 111 N Wabash Ave Ste 100 #3187, Chicago, IL 60602

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6394214
    Latitude
    41.8933514

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    FAQs

    What type of property is this?
    Restaurant - Fully equipped restaurant space in Chicago's River North neighborhood.
    Where is this restaurant located?
    The property is located at 416 W Ontario Street Chicago, IL.
    What is the lease rate?
    The lease rate is $664,888.
    What are key features of this property?
    This property features: Turnkey Restaurant Space: Fully equipped with a commercial kitchen, dining room furnishings, and smallwares.; Prime River North Location: Situated in a high‑traffic area surrounded by restaurants, nightlife, and residences.; Fully Built‑Out: Features a finished dining and kitchen area.
    (630) 929-1100
    We can help!
    Listing Contact
    Larry Lazar
    Larry Lazar
    Real Estate License ID: 475189346
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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