1615 Oak Avenue — Lease in Evanston, IL

  • Price: Contact for price
  • Listing type: For lease
  • Asset type: Retail Business
  • Location: Evanston, IL 60201

Description

Turn-key wood barrel-truss restaurant and brewery in a prime downtown Evanston location. The property features a generous open dining area anchored by a welcoming bar, plus a spacious mezzanine level with its own bar, ideal for private events. The outdoor patio accommodates 65 guests. The space showcases exposed dark wood beams, soaring vaulted ceilings, and a strikingb10-barrel brewhouse as a central focal point. A comfortable lounge area with fireplace provides an intimate gathering space. Situated just one block west of the Davis Street Metra and CTA stations, the property enjoys exceptional accessibility. The surrounding retail corridor generates substantial foot traffic supported by strong area demographics. Northwestern University, hotels, dining destinations, entertainment venues, and shopping are all within easy walking distance.

Market Context

This retail in Evanston, IL is listed for lease. Compare it against other retail listings for lease in Evanston, IL — view the full market.

As of Q4 2025, the Chicago retail market showed a 5.1% vacancy rate, average asking rents near $19.00/SF/yr, rents up 2.4% year over year, and cap rates around 7.9%. Source: multiple brokerage reports, Q4 2025.

Rising rents point to a competitive market where well-priced, well-located space leases quickly.

Retail market FAQ

What is the typical cap rate for retail in Chicago?
About 7.9% as of Q4 2025, per multiple brokerage reports.
Is the Chicago retail market tightening or softening?
Vacancy is around 5.1%, with asking rents rising year over year (Q4 2025).

Estimated Market Rate

$1.54/SF/mo – $2.08/SF/mo

Mid: $1.82/SF/mo

Based on comparable properties in similar markets rather than local sales.

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