Turnkey Restaurant with Outdoor
New
For Sale
$848,888
416 W Ontario Street C-1, Chicago, IL 60654
Fully equipped ground-floor space includes a commercial kitchen, dining furnishings, two ADA-compliant restrooms, and permitted patio seating.
Property Size4,300 SF
Price / SF$197.42
Days on Market3
Property Features for 416 W Ontario Street C-1
General Information
Standard status
Active
Size
4,300 SF
Zoning
B3
Space & Availability
Floor
Ground
Furnished
Yes
Restaurant
Commercial Hood
Yes
Patio
Yes
Equipment Included
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
2003
Listing Agency:
Charles Rutenberg Realty of IL
Listed By:
Larry Lazar · License #3525348
(312) 933-7822
Source:
Realtopiare
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:12AM
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 Charles Rutenberg Realty of IL
Investment Insights
Based on property information with market context.
This ground-floor restaurant property occupies Unit C-1 in a boutique loft building and features 15-foot ceilings, exposed brick, wood flooring, central air conditioning, and loft-style architectural elements. The layout includes a commercial kitchen with a 22-foot ventilation hood, cook line, walk-in cooler, preparation area, dishwashing station, ranges, ovens, fryers, sinks, and refrigeration. Dining furniture, host stand, bar equipment, smallwares, and other FF&E are included. Two ADA-compliant restrooms and an outdoor seating area support restaurant operations.
Located at 416 W Ontario Street in Chicago’s River North area, the property is surrounded by restaurants, nightlife venues, galleries, and high-end residences. The setting also benefits from nearby CTA access, expressway connections, and proximity to downtown. B3 zoning supports restaurant, retail, lounge, or cafe uses, while the prior full-service restaurant build-out allows an operator to occupy an established commercial configuration.
Located at 416 W Ontario Street in Chicago’s River North area, the property is surrounded by restaurants, nightlife venues, galleries, and high-end residences. The setting also benefits from nearby CTA access, expressway connections, and proximity to downtown. B3 zoning supports restaurant, retail, lounge, or cafe uses, while the prior full-service restaurant build-out allows an operator to occupy an established commercial configuration.
Key Highlights
- Ground‑floor restaurant property in a boutique loft building at 416 W Ontario Street, Unit C‑1
- 15‑foot ceilings, exposed brick, wood flooring, central air conditioning, and loft‑style details
- Commercial kitchen with 22‑foot ventilation hood, walk‑in cooler, cook line, and dishwashing area
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
$26,965
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
3.18%
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%
$539,300
$539.3K
Cap Rate 7%
$385,214
$385.2K
Cap Rate 9%
$299,611
$299.6K
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
$40.5K $9.43/SF
− Vacancy
−$2.0K −$0.47/SF
EGI
$38.5K $8.96/SF
− OpEx
−$11.6K −$2.69/SF
NOI
$27.0K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /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%
$539,300
Cap Rate 7%
$385,214
Cap Rate 9%
$299,611
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
Current Use
Lease Details
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully equipped ground-floor space includes a commercial kitchen, dining furnishings, two ADA-compliant restrooms, and permitted patio seating.
Where is this conventional restaurant located?
The property is located at 416 W Ontario Street C-1 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: Ground‑floor restaurant property in a boutique loft building at 416 W Ontario Street, Unit C‑1; 15‑foot ceilings, exposed brick, wood flooring, central air conditioning, and loft‑style details; Commercial kitchen with 22‑foot ventilation hood, walk‑in cooler, cook line, and dishwashing area
