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    Downtown Renovated Office Suite Title is generated by Realmo AI

    1609 Sherman Avenue #210, Evanston, IL 60201

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    New
    For Lease
    $32 SF/Yr

    Renovated suite in a historic building with central A/C, elevator service, and secured 24-hour entrances.

    Type:Commercial
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 1:53 am

    Property Features for 1609 Sherman Avenue #210

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1927

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    Listing Contact
    JOHN RUCKDAESCHEL

    Listing agent JOHN RUCKDAESCHEL

    Listing office FULTON GRACE REALTY

    Listing date Jun 4, 2026

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of FULTON GRACE REALTY

    HighLights

    • Renovated office suite in The Hahn Building (built 1927) in downtown Evanston
    • 24‑hour secured entrances with elevator service and central A/C
    • Offices feature 9'+ ceilings, newer doors, trim, and lighting
    • Suite includes its own sink with space for two separate offices
    • Tenant pays electricity, internet, and cable; on‑street parking available
    • Garage parking across the street available at $130/month; near Davis EL and Metra stations

    Overview

    The Hahn Building offers a renovated historic office setting with modern building systems, including upgraded electrical, mechanical, plumbing, and communications. The building features 24-hour secured entrances and elevator service, along with central A/C. Within the offices, suites include 9'+ ceilings, newer doors, trim, and updated lighting. The available unit includes its own sink and offers space suitable for two separate offices.

    Situated in the heart of downtown Evanston at 1609 Sherman Avenue, this location supports convenient transit and retail access. The property is one block from the Davis El and Metra stations and is surrounded by daily amenities, including Target, Starbucks, Whole Foods, and multiple dining and fitness options. Parking includes on-street spaces, along with hourly, daily, and monthly garage parking available across the street ($130).

    This suite is well suited for office tenants seeking a renovated space with building security and elevator access, plus central A/C. The tenant is responsible for electricity, internet, and cable, aligning well with users who manage their own services and connectivity.
    Location Intelligence

    Current Use by Public Records

    Integrated Physical Therapy ... Medical Clinic Agila Rangarajan, PsyD Physician Mdai Foster Care Service An Apple A Day Counseling ... Physician Lewandowski Linda Foster Care Service

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Cook
    State
    Illinois
    Longitude
    -87.6816045
    Latitude
    42.0474817

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    FAQs

    What type of property is this?
    Office units - Renovated suite in a historic building with central A/C, elevator service, and secured 24-hour entrances.
    Where is this office units located?
    The property is located at 1609 Sherman Avenue #210 Evanston, IL.
    What is the lease rate?
    The lease rate is $32 SF/Yr.
    What are key features of this property?
    This property features: Renovated office suite in The Hahn Building (built 1927) in downtown Evanston; 24‑hour secured entrances with elevator service and central A/C; Offices feature 9'+ ceilings, newer doors, trim, and lighting
    (773) 698-6648
    We can help!
    Listing Contact
    JOHN RUCKDAESCHEL
    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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