Retail Condo on Benson
For Sale
Contact for pricing
1831 Benson Ave, Evanston, IL 60201
Commercial retail condo space for sale, 583 sq ft.
Property Size583 SF
Price / SF$334.48
Days on Market161
Property Features for 1831 Benson Ave
General Information
Standard status
Active
Size
583 SF
Class
A
Property subtype
Office, Retail
Zoning
D-4
Investment Type
Owner/User
Building Details
Year Built
2005
Listing Agency:
@properties Commercial
(847) 977-5389
Listed By:
Mike Levin · License #IL
Source:
Crexi
Added: Mar 13
Changed: Aug 13
Last Checked: Aug 19 at 6:24PM
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 @properties Commercial
Investment Insights
Based on property information with market context.
This commercial retail condo space, located on Benson Avenue, offers 583 square feet of ground floor area. The property is suitable for retail or office use.
Key Highlights
- Commercial retail condo space for sale
- Located on Benson Avenue
- 583 sq ft ground floor space**
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
$8,092
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
4.15%
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%
$161,840
$161.8K
Cap Rate 7%
$115,600
$115.6K
Cap Rate 9%
$89,911
$89.9K
Market Conditions
NOI Build-Up for 583 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
$12.6K $21.60/SF
− Vacancy
−$1.0K −$1.77/SF
EGI
$11.6K $19.83/SF
− OpEx
−$3.5K −$5.95/SF
NOI
$8.1K $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%
$161,840
Cap Rate 7%
$115,600
Cap Rate 9%
$89,911
Alternative Uses
Best Use
Retail
$115.6K
$101.2K – $134.9K
NOI $8,092 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$201.3K
$176.1K – $234.8K
NOI $14,090 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,580
Businesses Nearby
133k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Groceries 21%
Shops & Services 9%
Hotels & Casinos 7%
Whole Foods Market
Groceries
27,788 visits/mo
0.2 miles
Chili's Grill & Bar
Dining
16,800 visits/mo
0.1 miles
Giordano's
Dining
8,543 visits/mo
0.3 miles
Le Peep
Dining
8,108 visits/mo
0.1 miles
Hilton Garden Inn Chicago North Shore/Evanston
Hotels & Casinos
6,792 visits/mo
0.2 miles
Demographics for 60201, IL
44,652
Population
18,890
Households
2.4
Avg Household Size
33
Median Age
74%
College-Educated
97%
High-School Grad
4.5 sq mi
ZIP Area
9,923
Density / Sq Mi
$92,101
Median Household Income
$42,412
Median Earnings
$1,792
Median Rent
$577,800
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?
Retail space - Commercial retail condo space for sale, 583 sq ft.
Where is this retail space located?
The property is located at 1831 Benson Ave Evanston, IL.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Commercial retail condo space for sale; Located on Benson Avenue; 583 sq ft ground floor space**
