Turnkey Restaurant Space with
For Sale
$848,888
416 W Ontario Street, Chicago, IL 60654
Commercial Sale, Chicago, IL
Property Size4,300 SF
Lot Size0.11 Acres
Price / SF$197.42
Days on Market255
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 #3525348
(312) 933-7822
Added: Jan 4
Changed: Aug 19
Last Checked: Sep 16 at 9:06AM
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 ground-floor restaurant property at 416 W Ontario Street includes a commercial kitchen with a 22-foot ventilation hood, cook line, walk-in cooler, prep station, and dishwashing area. The existing setup also includes ranges, ovens, fryers, sinks, refrigeration, bar equipment, dining furnishings, and smallwares. Two ADA-compliant restrooms, central air conditioning, wood flooring, exposed brick, loft-style details, and 15-foot ceilings are in place, along with permitted outdoor patio seating.
Located in Chicago’s River North area near LaSalle and Ontario, the property is surrounded by restaurants, nightlife venues, galleries, and high-end residences. The setting offers access to CTA service, expressways, and downtown. B3 zoning supports restaurant, retail, lounge, or cafe use, while the existing improvements and FF&E package provide an established foundation for continued restaurant operations.
Located in Chicago’s River North area near LaSalle and Ontario, the property is surrounded by restaurants, nightlife venues, galleries, and high-end residences. The setting offers access to CTA service, expressways, and downtown. B3 zoning supports restaurant, retail, lounge, or cafe use, while the existing improvements and FF&E package provide an established foundation for continued restaurant operations.
Key Highlights
- Fully equipped commercial kitchen with 22‑foot ventilation hood, walk‑in cooler, prep station, and dishwashing area
- Seating for 50+ with dining furniture, bar equipment, and smallwares included
- B3 zoning supports restaurant, retail, lounge, or cafe use
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
$59,490
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
7.01%
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%
$1,189,800
$1.2M
Cap Rate 7%
$849,857
$849.9K
Cap Rate 9%
$661,000
$661.0K
Market Conditions
NOI Build-Up for 4,300 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
$92.9K $21.60/SF
− Vacancy
−$7.9K −$1.84/SF
EGI
$85.0K $19.76/SF
− OpEx
−$25.5K −$5.93/SF
NOI
$59.5K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
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%
$1,189,800
Cap Rate 7%
$849,857
Cap Rate 9%
$661,000
Alternative Uses
Best Use
Specialty Retail
$1.14M
$1.00M – $1.33M
NOI $80,032 @ 7.0% cap · market cap 9.43%
Second Best
Retail
$849.9K
$743.6K – $991.5K
NOI $59,490 @ 7.0% cap · market cap 7.01%
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
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Current Use
Lease Details
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Ground-floor restaurant property with commercial kitchen equipment, ADA-compliant restrooms, and B3 zoning in River North.
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: Fully equipped commercial kitchen with 22‑foot ventilation hood, walk‑in cooler, prep station, and dishwashing area; Seating for 50+ with dining furniture, bar equipment, and smallwares included; B3 zoning supports restaurant, retail, lounge, or cafe use
