Downtown Evanston Restaurant & Bar/Retail Opportunity

1557-63 Sherman Avenue, Evanston, IL 60201

Property Information

  • For Lease $23.00/SF/YR
  • Property Type Retail - Restaurant
  • Property Size 7,500 SF
  • Lot Size 0.34 Acre
  • Date Updated May 18, 2026

Description

This high-profile location is in downtown Evanston, IL on Sherman Ave between Davis St. and Grove St. Downtown Evanston is always a coveted destination for retail and restaurant tenants, offering prospective retail tenants a dynamic mix of local shops, cutting-edge dining experiences, entertainment hotspots, hotels, office buildings and thousands of area residents with disposable income. Its immediate proximity to the massive Northwestern University campus, only steps away, provides a non-stop, diverse and affluent customer base. Evanston draws retail and restaurant traffic from both the north side of Chicago and all of the adjacent north shore suburban communities. With its proximity to Lake Michigan and easy access to public transportation, tenants in this area are in a prime position to captivate local residents, students, and visitors alike. Join the thriving community of entrepreneurs and culinary innovators in this dynamic and sought-after market.SVN Chicago Commercial is pleased to present an exceptional second-generation restaurant/retail opportunity in downtown Evanston, IL, steps from the Northwestern University campus. This 7,500 SF space has served Chicago's North Shore community as a high-volume restaurant space for many years. The lease includes substantial existing infrastructure, including several hoods with black-iron venting, walk-in coolers and freezers, prep tables, cooking appliances, tables, and chairs. The restaurant space has a large horseshoe-shaped bar. There is also a partial basement under the space for storage, back of the house, etc. This opportunity also comes with a parking lot adjacent to the property that can be used for valet on nights and weekends. The property could also be suitable for other uses, including daycare, fitness, medical office, and other retail and service uses. The property boasts long-term, stable ownership. Available immediately.

Highlights

  • ±7,500 SF Restaurant/Retail space in Downtown Evanston
  • 2nd Generation space with a fully functional kitchen
  • Basement for storage and back-of-the-house operations included
  • Close to both Metra and CTA Purple Line stations
  • Great demographics with approx. $130k Avg HH income and $624k home value within 1 mile
  • High traffic, high visibility location
  • Immediate availability
  • Join Giordano's Pizza- Opening in 2026
  • Many possible uses
  • On-site parking lot for valet and daytime parking
  • Seating for approx. 200 with multiple areas for standard service, banquets, parties, etc.
  • Steps to Northwestern University campus, many shops, restaurants, office buildings and thousands of area residents
  • Substantial restaurant infrastructure and FF&E included

1 Space Available

1557-1563 Sherman

Space Type

Restaurant

Lease Rate

$23.00/SF/YR

Total Space

7,500 SF

Divisible Space

7,500 - 7,500 SF

Available Date

Immediate

Lease Type

NNN

Renewal Option

Yes

Sublease

No

7,500 Sq. Ft. of Second-Generation restaurant retail space available in the heart of downtown Evanston.

Contacts

Wayne Caplan

SVN | Chicago Commercial

Location

Contact Listing Broker
Wayne Caplan

SVN | Chicago Commercial

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