Turnkey Restaurant Space with
For Sale
$848,888
416 W Ontario Street, Chicago, IL 60654
COMMERCIAL - Chicago, IL
Property Size4,300 SF
Lot Size0.11 Acres
Price / SF$197.42
Days on Market209
Property Features for 416 W Ontario Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
Take the I-94 E/I-90 E freeway Take exit 50B on the right onto N Orleans St Turn left onto N Orleans St Keep right at N Orleans St Turn left onto Ontario
Subdivision
CHI - Near North Side
Standard status
Active
APN
17091270361235
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
35299
Utilities
Cooling system
Central Air
Building Details
Year built
2003
Floors in Building
1
Listing Agency:
Charles Rutenberg Realty of IL
(630) 929-1100
Listed By:
Larry Lazar · License #475189346
(630) 929-1100
Added: Jan 4
Changed: Jun 8
Last Checked: Aug 1 at 2:06AM
MLS# 12540273
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 turnkey ground-floor restaurant space is located in a boutique loft building and is configured for full-service dining and food preparation. The offering includes a commercial kitchen with a ventilation hood, cook line, walk-in cooler, prep station, and dishwashing area, along with kitchen equipment such as ranges, ovens, fryers, sinks, and refrigeration. The dining area is supported by included furnishings and bar equipment, plus smallwares. The space also provides two ADA-compliant restrooms and a patio seating area. Interior highlights include 15-foot ceilings, exposed brick, central air conditioning, and wood flooring, supporting a finished, operational-ready layout.
The space is situated at 416 W Ontario Street, Unit C 1 in Chicago’s River North area, with street-level visibility. The property is positioned near LaSalle & Ontario and is surrounded by restaurants, nightlife, galleries, and high-end residences. It also offers access to CTA and expressways for staff and customer convenience.
This asset is a practical fit for restaurateurs seeking a downtown location with a built-out kitchen and dining room already in place, including ADA restrooms and patio seating. It may also work for operators looking for a restaurant-oriented space within an existing retail condo configuration, with the option to keep the operation as a dining concept based on its prior restaurant use and current restaurant buildout.
The space is situated at 416 W Ontario Street, Unit C 1 in Chicago’s River North area, with street-level visibility. The property is positioned near LaSalle & Ontario and is surrounded by restaurants, nightlife, galleries, and high-end residences. It also offers access to CTA and expressways for staff and customer convenience.
This asset is a practical fit for restaurateurs seeking a downtown location with a built-out kitchen and dining room already in place, including ADA restrooms and patio seating. It may also work for operators looking for a restaurant-oriented space within an existing retail condo configuration, with the option to keep the operation as a dining concept based on its prior restaurant use and current restaurant buildout.
Key Highlights
- Turnkey Restaurant Space: Fully equipped and ready for immediate operation.
- Prime River North Location: Situated in a high‑traffic area.
- Fully Built‑Out: Includes a 2,797 SF finished dining and kitchen area.
Financial Insights For Industrial
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 | $40.5k | $9.43 |
| − Vacancy | −$2.0k | −$0.47 |
| EGI | $38.5k | $8.96 |
| − OpEx | −$11.6k | −$2.69 |
| NOI | $27.0k | $6.27 |
4,300 SF · lease $9.43/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$1.14M
$1.00M – $1.33M
NOI $80,032 @ 7.0% cap · market cap 9.43%
Second Best
Industrial
$385.2K
$337.1K – $449.4K
NOI $26,965 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$2.03M
$1.77M – $2.37M
NOI $141,921 @ 7.0% cap · market cap 16.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
Single-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
16,090
Businesses Nearby
285k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Groceries 20%
Hotels & Casinos 16%
Shops & Services 11%
McDonald's
Dining
65,567 visits/mo
0.4 miles
Jewel-Osco
Groceries
37,290 visits/mo
0.4 miles
Fogo de Chao
Dining
28,749 visits/mo
0.4 miles
Hyatt Place Chicago/River North
Hotels & Casinos
22,052 visits/mo
0.5 miles
Binny's Beverage Depot
Groceries
18,399 visits/mo
0.3 miles
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Market Creations — 101 N Wacker Dr, Chicago, IL 60606
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Ground-floor restaurant condo features a full commercial kitchen, ADA restrooms, and outdoor patio seating for immediate operations.
Where is this conventional restaurant located?
The property is located at 416 W Ontario Street Chicago, IL.
What is the asking price?
The asking price for this property is $848,888.
What are key features of this property?
This property features: Turnkey Restaurant Space: Fully equipped and ready for immediate operation.; Prime River North Location: Situated in a high‑traffic area.; Fully Built‑Out: Includes a 2,797 SF finished dining and kitchen area.
