Evanston Triplex with Garage
For Sale
Contact for pricing
1029 Garnett Place, Evanston, IL 60201
Two-story triplex in Evanston with convenient access to transportation.
Property Size3,545 SF
Lot Size0.40 Acres
Price / SF$449.93
Days on Market108
Property Features for 1029 Garnett Place
General Information
Standard status
Active
Size
3,545 SF
Total Parking Spaces
2
Lot size
0.40 Acres
Property subtype
Multifamily
Net Operating Income
$108,755
Building Details
Year Built
1904
Buildings
1
Stories
2
Units
2
Listing Agency:
Horvath & Tremblay
(312) 361-1643
Listed By:
Kelsey Zurweller · License #475205364
Source:
Crexi
Added: May 11
Changed: Aug 16
Last Checked: Aug 25 at 11:39PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
The multi-family investment property at 1029 Garnett Place in Evanston, IL, is a two-story building featuring three 4-bedroom/1-bathroom units. The property offers 3,500 square feet of gross living area within a 3,545 square foot building situated on a 0.40-acre parcel. Garage parking spaces are available. The property's location in Evanston provides access to the city’s downtown area, neighborhood retail corridors, and residential communities. It benefits from connectivity to Interstate 94 (Edens Expressway) and U.S. Route 41, as well as proximity to the CTA Purple Line and Metra Union Pacific North Line, facilitating access to Chicago and the North Shore region.
Key Highlights
- Three (3) large 4‑Bedroom units offer substantial living space with 3,500 sq ft GLA.
- Located in Evanston, providing convenient access to downtown, retail, and residential areas.
- Excellent transportation access via Interstate 94, U.S. Route 41, CTA Purple Line, and Metra Union Pacific North Line.
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
$46,000
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
2.88%
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%
$920,000
$920.0K
Cap Rate 7%
$657,143
$657.1K
Cap Rate 9%
$511,111
$511.1K
Market Conditions
NOI Build-Up for 3,545 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
$71.0K $20.04/SF
− Vacancy
−$5.3K −$1.50/SF
EGI
$65.7K $18.54/SF
− OpEx
−$19.7K −$5.56/SF
NOI
$46.0K $12.98/SF
Area
Cook County, IL
Vacancy
7.50%
Lease Rate
$20.04 /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%
$920,000
Cap Rate 7%
$657,143
Cap Rate 9%
$511,111
Alternative Uses
Best Use
Multifamily LT 5
$657.1K
$575.0K – $766.7K
NOI $46,000 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$587.5K
$514.1K – $685.4K
NOI $41,125 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,675 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,901
Businesses Nearby
Explore this area
Business Placement
Demographics for 60201, IL
44,652
Population
18,890
Households
2.4
Avg Household Size
33
Median Age
74%
College-Educated
97%
High-School Grad
4.5 sq mi
ZIP Area
9,923
Density / Sq Mi
$92,101
Median Household Income
$42,412
Median Earnings
$1,792
Median Rent
$577,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Two-story triplex in Evanston with convenient access to transportation.
Where is this triplex located?
The property is located at 1029 Garnett Place Evanston, IL.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Three (3) large 4‑Bedroom units offer substantial living space with 3,500 sq ft GLA.; Located in Evanston, providing convenient access to downtown, retail, and residential areas.; Excellent transportation access via Interstate 94, U.S. Route 41, CTA Purple Line, and Metra Union Pacific North Line.
