Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Evanston Retail/Office Building For Rent Title is generated by Realmo AI

    626 Grove St, Evanston, IL 60201

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Two-story retail/office building near Northwestern University and public transportation.

    Type:Retail, Office
    Added:
    May 8, 2023
    Days on Market:
    1124
    Last Refresh:
    May 12 at 9:39 pm

    Property Features for 626 Grove St

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Spaces For Lease

    at 626 Grove St Contact us

    1511 Sherman Ave $30/Mo

    Size
    1,400 SF
    Type
    Office
    Unique Office Spot in the Heart of Downtown Evanston.nGood for any type of business.
    Contact us

    We can help!

    Listing Contact
    John Mavrakis

    Listing agent John Mavrakis License #IL 475.198599

    Listing office Mavrakis Properties

    Listing date May 8, 2023

    Source Crexi

    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 Mavrakis Properties

    HighLights

    • Close proximity to Northwestern University
    • Heart of Evanston location with access to amenities
    • Block to CTA Purple Line (Davis Station)
    • Block to Metra (Evanston – Davis Street Station)
    • Charming 2‑story building
    • Traditional retail/office space

    Overview

    This charming two-story building offers traditional retail and office spaces for rent. It is situated in the heart of Evanston, providing convenient access to hotels, shops, and restaurants. The property is located in close proximity to Northwestern University. Transportation options are readily available, with the CTA Purple Line's Davis Station and the Metra's Evanston – Davis Street Station both located just a block away. Additionally, the building is next to a city garage. The surrounding area features a high concentration of businesses within a 3-mile radius.
    Location Intelligence

    Current Use by Public Records

    Prager Company Company Michelle Gossett Marriage Or Relationship Counselor Modiv Group Advertising Agency Hansa Marketing Services Advertising Agency MG CPA Group, ... Accounting Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Cook
    State
    Illinois
    Longitude
    -87.6815303
    Latitude
    42.0452361

    Nearby Similar for Lease

    • Sponsored
      $129-$5,364/Mo
      11-1,292 SF

      Orrington Plaza

      1603 Orrington Ave, Unit 600, Evanston, IL 60201
      View Details
    • $1,850/Mo
      250 SF

      Evanston Office Space For Rent

      Executive suites and traditional office spaces available for rent.
      1740 Ridge Ave, Evanston, IL 60201
      View Details
    • Contact for pricing
      500 SF

      Evanston Office Space For Rent

      Private office space in Evanston's arts district. Move-in ready.
      1124 Florence Avenue, Evanston, IL 60202
      View Details
    • $750/Mo
      21,000 SF

      Evanston Class B Office Building

      Four-story office building near downtown Evanston and Northwestern University.
      1740 Ridge Avenue, Evanston, IL 60201
      View Details
    • $21 SF/Yr
      425 SF

      Evanston Office Space Available

      Office spaces available in multi-tenant professional building near CTA.
      1316-1320 Sherman Ave, Evanston, IL 60201
      View Details
    • $33 SF/Yr
      1,350 SF

      Evanston Retail Space For Rent

      Retail space in a dynamic downtown location near Northwestern University.
      1611 Chicago Ave, Evanston, IL
      View Details
    • $31 SF/Yr
      500 SF

      Evanston Office Space For Rent

      Private office space in Evanston's arts district. Move-in ready.
      1124 Florence Avenue #G, Evanston, IL 60202
      View Details
    • $29 SF/Yr
      800 SF

      Evanston Storefronts Near Transportation Center

      Highly visible storefronts in downtown Evanston near transportation.
      830 Davis Street, Evanston, IL 60201
      View Details
    • $2,950/Mo
      732 SF

      Evanston Retail or Office Space

      732 SF retail/office space in Downtown Evanston.
      617-627 Grove St, Evanston, IL
      View Details
    • $35 SF/Yr
      1,250 SF

      Evanston Retail Space For Rent

      1,250 SF retail space with flexible configuration in Evanston.
      2603-2609 Broadway Ave, Evanston, IL
      View Details
    • $30 SF/Yr
      2,800 SF

      Modern Office Space in Evanston

      Open floor plan with natural light in a prime location.
      1606 Maple Ave, Evanston, IL
      View Details
    • Contact for pricing
      12,000 SF

      Evanston Restaurant and Brewery Space

      Turn-key restaurant and brewery in downtown Evanston with prime location.
      1615 Oak Ave, Evanston, IL, 60201
      View Details

    FAQs

    What type of property is this?
    Retail space - Two-story retail/office building near Northwestern University and public transportation.
    Where is this retail space located?
    The property is located at 626 Grove St Evanston, IL.
    What is the lease rate?
    The lease rate is $30 SF/Yr.
    What are key features of this property?
    This property features: Close proximity to Northwestern University; **Heart of Evanston location with access to amenities**; Block to CTA Purple Line (Davis Station)
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    John Mavrakis
    Real Estate License ID: IL 475.198599
    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

    Thank You for Inquiry
    626 Grove St, Evanston, IL 60201
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!