Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    500 Davis Street Evanston, IL 60201

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Office building in Evanston with spectacular Lake Michigan views.

    Type:Office
    Property size:
    125,285 SF
    Added:
    Jan 27, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 1 at 11:22 pm

    Property Features for 500 Davis Street

    General Information

    Standard status
    Active
    Size
    125,285 SF
    Property subtype
    Office

    Building Details

    Year Built
    1978

    Properties For Sale

    at 500 Davis Street Contact us

    We can help!

    Listing Contact
    Jack Reardon

    Listing agent Jack Reardon

    Listing office NAI Hiffman | Oakbrook Terrace

    Listing date Jan 27, 2026

    Source Naiglobal

    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 NAI Hiffman | Oakbrook Terrace

    Overview

    Evanston Office Building with Lake Views

    This Evanston office building offers spectacular Lake Michigan views, providing enhanced light. The property features Class A finishes throughout the lobby, elevators, and common areas. On-site management and engaged ownership are present. A four-story on-site parking garage offers reserved spaces. Boutique shopping and world-class dining options, along with quick-service restaurants, are available. The building is within walking distance of CTA and Metra rail lines, and near Northwestern University campus. Bike racks are located on-site, and fitness options are just blocks away. Hyatt, Hilton, and other lodging options are available within blocks. The property has a size of 125285 square feet.
    Location Intelligence

    Current Use by Public Records

    Evanston Dental Associates, ... Dental Office Susan E Yount, ... Physician Lehtman Craig D ... Dental Office Dr. Michael R. ... Dental Office Evanston Dentist Group Dental Office

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Cook
    State
    Illinois
    Longitude
    -87.6783
    Latitude
    42.0457

    Nearby Similar for Sale

    • $290,000

      Evanston Retail Condo For Sale

      Highly visible retail condo in the heart of Evanston Business District.
      2611 Prairie Avenue, Evanston, IL 60201
      View Details
    • $449,000

      Evanston Two-Unit Investment Opportunity

      Well-maintained two-unit property in Evanston's desirable neighborhood.
      1213 Darrow Avenue, Evanston, IL 60202
      View Details
    • $685,000

      Evanston Two-Flat with Modern Comforts

      Spacious two-flat in desirable Evanston neighborhood with updated amenities.
      1321 Brummel Street, Evanston, IL 60202
      View Details
    • $598,000

      Evanston Mixed-Use Commercial Property

      Historic 3-level property near downtown Evanston and Metra station.
      834 Custer Avenue, Evanston, IL 60202
      View Details
    • $599,000

      Evanston Mixed-Use Commercial Building

      Historic 3-level building near downtown Evanston and Metra station.
      834 Custer Avenue, Evanston, IL 60202
      View Details
    • $899,900

      Evanston Multifamily Property For Sale

      Multifamily property in Evanston, Illinois, available for purchase.
      704 Florence Avenue, Evanston, IL 60202
      View Details
    • $23
      7,500 SF

      Evanston Restaurant/Retail Opportunity For Sale

      7,500 SF restaurant/retail space in downtown Evanston, Illinois.
      1557-63 Sherman Avenue, Evanston, IL 60201
      View Details
    • $485,000

      Evanston Free-Standing Building For Sale

      Free-standing building with long-term lease in place.
      1723 Simpson Streets, Evanston, IL 60201
      View Details
    • $795,000
      2,949 SF

      Evanston Retail Property For Sale

      Retail property in Evanston, available for the first time in 42 years.
      1900-1902 Green Bay Rd, Evanston, IL
      View Details
    • $550,000
      4,400 SF

      Evanston Mixed-Use Investment Opportunity

      Two-unit mixed-use building in Evanston's Central Street corridor.
      2950 Central Street, Evanston, IL 60201
      View Details
    • $40
      85,895 SF

      Evanston Office Building For Sale

      Downtown Evanston office building with flexible floorplans and modern atmosphere.
      820 Davis Street, Evanston, IL 60201
      View Details
    • $1,500,000
      5,636 SF

      Vintage Masonry Evanston Office Building

      Freestanding, newly rehabbed Class A office building in Evanston, Illinois.
      1817 Church St, Evanston, IL 60201
      View Details

    FAQs

    What type of property is this?
    Office building - Office building in Evanston with spectacular Lake Michigan views.
    Where is this office building located?
    The property is located at 500 Davis Street Evanston, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Spectacular Lake Michigan views; Four‑story on site parking garage with reserved spaces available; CTA and Metra rail lines within walking distance
    (630) 693-0647
    We can help!
    Listing Contact
    Jack Reardon
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!