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    940 Pitner Ave Evanston, IL 60202

    Sponsored
    For Sale
    $1,350,000

    Five Modern Lofts, Strong Cash Flow

    Property size:
    6,700 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    338
    This exceptional Evanston investment opportunity presents a portfolio of five (5) live-work loft-style apartments located at 940 Pitner Avenue. The 6,700 square foot property, originally a bow truss building, underwent a complete transformation in 2010, masterfully redesigned by a prominent local architect into a contemporary apartment community. This adaptive reuse project resulted in a highly desirable and unique property. Each of the five units boasts its own individual HVAC system and in-unit laundry facilities, enhancing tenant comfort and convenience. The building offers off-street parking, a valuable amenity in this location. The property's modern design and desirable features contribute to its strong cash flow, making it an attractive investment with minimal operational expenses. The location in Evanston, Illinois provides excellent access to local amenities and transportation. This is a rare chance to acquire a distinctive, high-quality, income-producing asset in a thriving market. The asking price is $1,350,000. The property sits on a lot with zero acres. This turnkey investment is ready for a new owner to enjoy immediate returns. The building's unique history and modern updates combine to create a truly exceptional investment opportunity.

    Property Features for 940 Pitner Ave

    General Information

    Property type
    Other commercial real estate
    Square Feet
    6,700 SF

    Building Details

    Year Built
    1955
    Property Profile Location Intelligence

    Current Use by Public Records

    Moving Dot Association Or Organization

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Cook
    State
    Illinois
    Longitude
    -87.70583
    Latitude
    42.03526

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    FAQs

    What type of property is this?
    Commercial real estate - Five Modern Lofts, Strong Cash Flow
    Where is this commercial real estate located?
    The property is located at 940 Pitner Ave Evanston, IL.
    What is the asking price?
    The asking price for this property is $1,350,000.
    (312) 506-3200
    Request Owner's contact information
    940 Pitner Ave Evanston, IL 60202
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    Evanston, IL 60202
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    940 Pitner Ave Evanston, IL 60202
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