For Sale
Evanston, IL
Commercial Real Estate Market Trends & Data
$222
Avg asking sale price
$25
Avg asking lease rate
3,858 SF
Avg unit lease size
14,301 SF
Avg building size for sale
7.43%
Average cap rate
Evanston's Demographic Profile
Evanston has 31,407 households and a median income of $88,721, providing context for rent absorption and tenant demand across retail and multifamily assets. A -2% five-year population trend is a key signal for evaluating long-term demand in this market.
| Key Demographic Metric | Value |
|---|---|
| Population | 78,046 |
| # Households | 31,407 |
| Median age | 38 |
| Median household income | $88,721 |
| Avg household size | 2.0 |
| Renter-occupied housing units | 14,872 |
| 5-year population change | -2% |
{{marketTabHeadings[activeMarketTab]}} Market Metrics Near Evanston, IL
↻ Updated Monthly{{marketTabDescriptions[activeMarketTab]}}
| Nearby Office Markets | Avg Cost/SF | Typical Size | Cap Max |
|---|---|---|---|
| Evanston | $182 | 9,468 SF | 8.90% |
| Skokie | $211 | 6,602 SF | 8.90% |
| Lincolnwood | $107 | 32,472 SF | 7.70% |
| Morton Grove | $309 | 2,848 SF | 8.50% |
| Nearby Industrial Markets | Avg Cost/SF | Typical Size | Cap Max |
|---|---|---|---|
| Evanston | $160 | 18,319 SF | 8.90% |
| Skokie | $142 | 26,327 SF | 8.90% |
| Nearby Retail Markets | Avg Cost/SF | Typical Size |
|---|---|---|
| Evanston | $233 | 7,254 SF |
| Skokie | $267 | 6,309 SF |
| Wilmette | $213 | 6,690 SF |
| Lincolnwood | $197 | 9,199 SF |
| Morton Grove | $240 | 5,750 SF |
| Nearby Multifamily Markets | Avg Cost/SF | Typical Size | Cap Max |
|---|---|---|---|
| Evanston | $305 | 8,783 SF | 8.40% |
| Skokie | $239 | 7,227 SF | 6.27% |
| Des Plaines | $207 | 13,000 SF | 7.47% |
| Mount Prospect | $207 | 14,000 SF | 7.47% |
Commercial Properties For Sale in Evanston
The listings below reflect how current market pricing and building scale translate into active opportunities available today.
For Sale
Average Price For Sale
↻ Updated MonthlyAverage Price For Lease
↻ Updated MonthlyNumber of Listings
↻ Updated MonthlyCap Rate
↻ Updated MonthlyHow Investors Evaluate Commercial Real Estate Markets
Nearby Commercial Markets
Comparing nearby markets helps investors see whether Evanston pricing and building scale sit above, below, or in line with surrounding areas.
| Commercial Markets | Avg Cost/SF | Average Size |
|---|---|---|
| Evanston | $222 | 14,301 SF |
| Skokie | $213 | 18,437 SF |
| Wilmette | $183 | 20,567 SF |
| Lincolnwood | $163 | 29,201 SF |
| Morton Grove | $211 | 21,737 SF |
Regional Demographic Comparison
This comparison places Evanston alongside nearby cities to show how population size, household counts, and income levels differ across the region. Viewing these markets side by side helps investors understand whether local demand and income characteristics are concentrated in Evanston or distributed across surrounding areas.
| City | Population | # Households | Age | Median Household Income | Avg Household Size | Renter Occupied Housing Units | Five Yr Pop Growth % |
|---|---|---|---|---|---|---|---|
| Evanston | 78,046 | 31,407 | 38 | $88,721 | 2 | 14,872 | -2% |
| Skokie | 69,525 | 24,554 | 44 | $81,042 | 3 | 7,823 | -1% |
| Wilmette | 27,753 | 9,736 | 46 | $178,728 | 3 | 1,507 | -2% |
| Lincolnwood | 14,088 | 4,643 | 46 | $95,582 | 3 | 783 | -1% |
| Morton Grove | 24,225 | 8,552 | 46 | $93,314 | 3 | 1,088 | -3% |
Disclaimer: The figures on this page reflect LoopNet's active commercial listings in Evanston, IL and update as inventory changes. Averages can shift between periods or vary across property types depending on the mix of listings available at a given time, so individual metrics may not reflect broader market trends. These figures are best used as directional benchmarks for early market evaluation. For comprehensive commercial real estate data and analytics, subscribe to CoStar.
FAQs About Commercial Investing in Evanston
View All Commercial Real Estate For Sale in Evanston
Is Evanston a good market for a first-time commercial real estate investor?
Evanston offers commercial properties across a wide range of sizes and price points. By reviewing the market data and benchmarks on this page, first-time investors can better understand what a typical commercial property looks like before committing capital and narrowing in on specific listings.
How can this market data help me decide whether to buy commercial property for my business in Evanston?
The pricing and size metrics on this page help business owners compare the cost of ownership against leasing in Evanston. Typical building sizes and asking prices provide a starting point for evaluating space needs, budget fit, and long term occupancy costs before engaging lenders or brokers.
What should conservative investors focus on when evaluating commercial properties in Evanston?
Conservative investors often prioritize manageable deal sizes, stable pricing ranges, and cap rate benchmarks shown for Evanston. These metrics help assess whether current market conditions support steady income potential without relying on aggressive assumptions.
How does Evanston compare to nearby commercial real estate markets?
Nearby market comparisons highlight differences in pricing, building scale, and cap rate ranges relative to Evanston. Reviewing these side by side helps experienced investors identify relative value, pricing premiums, or alternative markets that may better align with return targets.
How can this page support early-stage deal screening for Evanston acquisitions?
This page provides high-level benchmarks for pricing, deal size, and observed cap rates in Evanston, which are useful for initial market filtering. Institutional and data-driven investors often use these signals to prioritize listings that meet size, pricing, and return thresholds before deeper underwriting.
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