Restaurant Space with
For Sale
$848,888
C-1-416 W Ontario St, Chicago, IL 60654
Ground-floor dining property with commercial kitchen infrastructure, loft-style finishes, and permitted outdoor seating in River North.
Property Size4,300 SF
Price / SF$197.42
Days on Market239
Property Features for C-1-416 W Ontario St
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
Taxes and HOA fees
Annual Taxes
$35,299
Amenities
central air conditioning
wood flooring
exposed brick
two ADA-compliant restrooms
Listing Agency:
Charles Rutenberg Realty of IL
(312) 933-7822
Listed By:
Larry Lazar · License #3525348
(312) 933-7822
Source:
Exprealty
Added: Jan 5
Changed: Aug 30
Last Checked: Aug 31 at 7:21PM
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 at 416 W Ontario St. The space features 15-foot ceilings, exposed brick, wood flooring, central air conditioning, and a layout designed for dining and food preparation. A full commercial kitchen includes a 22-foot ventilation hood, cook line, walk-in cooler, prep station, dishwashing area, refrigeration, ranges, ovens, fryers, and sinks. Furniture, fixtures, equipment, tableware, and bar equipment are included. The property also has two ADA-compliant restrooms and 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. CTA and expressway access provide connectivity to downtown. B3 zoning supports restaurant, retail, lounge, and cafe uses.
Located in Chicago’s River North area near LaSalle and Ontario, the property is surrounded by restaurants, nightlife venues, galleries, and high-end residences. CTA and expressway access provide connectivity to downtown. B3 zoning supports restaurant, retail, lounge, and cafe uses.
Key Highlights
- Full commercial kitchen with 22‑foot ventilation hood, cook line, walk‑in cooler, prep area, and dishwashing station
- Seating for 50+ with dining furniture, host stand, bar equipment, and tableware included
- Two ADA‑compliant restrooms and permitted outdoor patio seating
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
32,702
Businesses Nearby
691k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Apparel 20%
Hotels & Casinos 18%
Shops & Services 6%
Nordstrom
Apparel
136,729 visits/mo
0.2 miles
Starbucks
Dining
132,317 visits/mo
0.3 miles
McDonald's
Dining
65,567 visits/mo
0.1 miles
McDonald's
Dining
52,443 visits/mo
0.3 miles
theWit Chicago - a DoubleTree by Hilton Hotel
Hotels & Casinos
35,939 visits/mo
0.5 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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Ground-floor dining property with commercial kitchen infrastructure, loft-style finishes, and permitted outdoor seating in River North.
Where is this conventional restaurant located?
The property is located at C-1-416 W Ontario St 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: Full commercial kitchen with 22‑foot ventilation hood, cook line, walk‑in cooler, prep area, and dishwashing station; Seating for 50+ with dining furniture, host stand, bar equipment, and tableware included; Two ADA‑compliant restrooms and permitted outdoor patio seating
