Commercial Land with Existing
For Sale
$1,250,000
2422 Dempster St, Evanston, IL 60202
C-2 zoning supports multiple commercial uses, with redevelopment parameters reaching 60 feet through Planned Development approval.
Property Size5,000 SF
Price / SF$250
Days on Market94
Property Features for 2422 Dempster St
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Commercial
Building Details
Year Built
1955
Listing Agency:
Real Broker, LLC
Listed By:
Colleen Basinski (708) 740-5883 · License #471006854
(708) 612-2248
Source:
Illianahomesource
Added: Jun 11
Changed: Sep 11
Last Checked: Sep 11 at 11:37AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This three-parcel assemblage includes approximately 11,000 SF of land, or about 0.25 acre, together with an approximately 5,000 SF commercial building constructed in 1955. The sale includes approximately 20 private, gated parking spaces located on owned on-site parking land. The building shares a west-side party wall with the adjoining Kabul House building.
The property is located at 2422 Dempster St in Evanston and carries C-2 Commercial District zoning. Current development standards allow construction up to 45 feet by right, with potential for up to 60 feet and a 2.0 FAR through Planned Development approval. The site lies within a designated City of Evanston CDBG Target Area, which may provide grant, loan, or subsidy pathways for qualifying nonprofit or community-facility buyers, subject to verification.
The property is located at 2422 Dempster St in Evanston and carries C-2 Commercial District zoning. Current development standards allow construction up to 45 feet by right, with potential for up to 60 feet and a 2.0 FAR through Planned Development approval. The site lies within a designated City of Evanston CDBG Target Area, which may provide grant, loan, or subsidy pathways for qualifying nonprofit or community-facility buyers, subject to verification.
Key Highlights
- Three‑parcel assemblage totals approximately 11,000 SF of land (+/- 0.25 acre)
- Approximately 5,000 SF commercial building constructed in 1955
- Approximately 20 private, gated, owned on‑site parking spaces
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
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Commercial land - C-2 zoning supports multiple commercial uses, with redevelopment parameters reaching 60 feet through Planned Development approval.
Where is this commercial land located?
The property is located at 2422 Dempster St 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: Three‑parcel assemblage totals approximately 11,000 SF of land (+/- 0.25 acre); Approximately 5,000 SF commercial building constructed in 1955; Approximately 20 private, gated, owned on‑site parking spaces
