Commercial Redevelopment Site with
For Sale
$1,250,000
2422 Dempster Street, Evanston, IL 60202
COMMERCIAL - Evanston, IL
Property Size5,000 SF
Lot Size0.25 Acres
Price / SF$250
Days on Market8
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: Jul 24
Last Checked: Jul 30 at 3:06PM
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 for-sale assemblage consists of three parcels totaling approximately 0.25 acre of land, along with a +/- 5,000 SF commercial building. The site includes approximately 20 private, gated, owned on-site parking spaces. The building shares a party wall on its west side with the adjoining Kabul House building.
The property is located along the Dempster Street corridor in Evanston. Zoning is C-2 (Commercial District), which permits a broad range of uses, with redevelopment allowed up to 45 ft by right and up to 60 ft with a 2.0 FAR through Planned Development approval. The parcels are within a designated City of Evanston Community Development Block Grant (CDBG) Target Area, which may open federal grant, loan, or subsidy pathways for qualifying nonprofit or community-facility buyers; eligibility and program availability require buyer verification with the City of Evanston Community Development Department.
The seller is offering the building plus owned parking land as a full assemblage, and it is described as owned free and clear by a tax-exempt, non-profit owner. A plat of survey and title commitment are in process, and lot dimensions and parking count should be verified by survey. Buyer to verify all information and permitted uses with the City of Evanston.
The property is located along the Dempster Street corridor in Evanston. Zoning is C-2 (Commercial District), which permits a broad range of uses, with redevelopment allowed up to 45 ft by right and up to 60 ft with a 2.0 FAR through Planned Development approval. The parcels are within a designated City of Evanston Community Development Block Grant (CDBG) Target Area, which may open federal grant, loan, or subsidy pathways for qualifying nonprofit or community-facility buyers; eligibility and program availability require buyer verification with the City of Evanston Community Development Department.
The seller is offering the building plus owned parking land as a full assemblage, and it is described as owned free and clear by a tax-exempt, non-profit owner. A plat of survey and title commitment are in process, and lot dimensions and parking count should be verified by survey. Buyer to verify all information and permitted uses with the City of Evanston.
Key Highlights
- 3‑parcel assemblage on Dempster Street in Evanston totaling about 0.25 acre (+/-) and approximately 11,000 SF of land
- Includes +/-5,000 SF brick commercial building built in 1955 with central air and a membrane roof
- C‑2 Commercial District zoning with redevelopment up to 45 ft by right, or up to 60 ft with a 2.0 FAR and Planned Development approval
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $108.0k | $21.60 |
| − Vacancy | −$8.9k | −$1.77 |
| EGI | $99.1k | $19.83 |
| − OpEx | −$29.7k | −$5.95 |
| NOI | $69.4k | $13.88 |
5,000 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%
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
Location Intelligence
Trade Area within ½ mile
4,528
Businesses Nearby
95k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 72%
Dining 11%
Shops & Services 8%
Home Improvements & Furnishings 7%
Trader Joe's
Groceries
35,850 visits/mo
0.5 miles
Jewel-Osco
Groceries
32,560 visits/mo
0.4 miles
Lemoi Ace Hardware
Home Improvements & Furnishings
6,229 visits/mo
0.3 miles
Egg Harbor Cafe
Dining
4,569 visits/mo
0.5 miles
Philz Coffee
Dining
3,742 visits/mo
0.3 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?
Retail space - Three-parcel assemblage includes a small commercial building and about 20 private, gated, owned parking spaces.
Where is this retail space 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: 3‑parcel assemblage on Dempster Street in Evanston totaling about 0.25 acre (+/-) and approximately 11,000 SF of land; Includes +/-5,000 SF brick commercial building built in 1955 with central air and a membrane roof; C‑2 Commercial District zoning with redevelopment up to 45 ft by right, or up to 60 ft with a 2.0 FAR and Planned Development approval
