Retail Space Near
For Sale
$250,000
2611 Prairie Avenue, Evanston, IL 60201
The Evanston Business District location includes one bathroom and one parking space, with additional street parking nearby.
Property Size1,400 SF
Price / SF$178.57
Days on Market95
Property Features for 2611 Prairie Avenue
General Information
Standard status
Active
Size
1,400 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
RTAIL
Taxes and HOA fees
Annual Taxes
$22,477
Building Details
Building Size
1,400 SF
Year Built
2008
Stories
1
Units
1
Listing Agency:
Baird & Warner
(312) 242-1000
Listed By:
Steve Genyk
(312) 242-1000
Source:
Gia-sells
Added: May 11
Changed: Aug 12
Last Checked: Aug 12 at 11:56AM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This retail condominium contains 1,400 SF and was built in 2008. The space includes one bathroom and one parking space, with street parking also available nearby. Zoning is identified as RTAIL.
The property is located at 2611 Prairie Avenue in Evanston’s Business District, near boutiques, restaurants, and other retail businesses. Northwestern’s new football stadium is also down the street, placing the space within an established commercial area with reported foot traffic.
The property is located at 2611 Prairie Avenue in Evanston’s Business District, near boutiques, restaurants, and other retail businesses. Northwestern’s new football stadium is also down the street, placing the space within an established commercial area with reported foot traffic.
Key Highlights
- 1,400 SF retail condominium
- One bathroom and one included parking space
- Additional street parking available nearby
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
$19,432
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
7.77%
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%
$388,640
$388.6K
Cap Rate 7%
$277,600
$277.6K
Cap Rate 9%
$215,911
$215.9K
Market Conditions
NOI Build-Up for 1,400 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
$30.2K $21.60/SF
− Vacancy
−$2.5K −$1.77/SF
EGI
$27.8K $19.83/SF
− OpEx
−$8.3K −$5.95/SF
NOI
$19.4K $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%
$388,640
Cap Rate 7%
$277,600
Cap Rate 9%
$215,911
Alternative Uses
Best Use
Retail
$277.6K
$242.9K – $323.9K
NOI $19,432 @ 7.0% cap · market cap 7.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.4K
$422.9K – $563.9K
NOI $33,835 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,033
Businesses Nearby
80k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 42%
Shops & Services 29%
Dining 26%
Electronics 2%
Whole Foods Market
Groceries
33,735 visits/mo
0.3 miles
The Original Pancake House
Dining
11,960 visits/mo
0.5 miles
Chase Bank
Shops & Services
6,908 visits/mo
0.1 miles
Dunkin' Donuts
Dining
5,350 visits/mo
0.1 miles
FedEx Office Print & Ship Center
Shops & Services
4,975 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 - The Evanston Business District location includes one bathroom and one parking space, with additional street parking nearby.
Where is this retail space located?
The property is located at 2611 Prairie Avenue Evanston, IL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,400 SF retail condominium; One bathroom and one included parking space; Additional street parking available nearby
