Two-Unit Brick
For Sale
Contact for pricing
1103 SIMPSON ST, Evanston, IL 60201
Two-story residential income property with separate three-bedroom floor plans and on-street parking.
Property Size2,800 SF
Lot Size0.07 Acres
Price / SF$330.36
Days on Market64
Property Features for 1103 SIMPSON ST
General Information
Standard status
Active
Size
2,800 SF
Lot size
0.07 Acres
Property subtype
Multifamily
Net Operating Income
$67,085
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1924
Buildings
1
Stories
2
Units
2
Construction
brick
Listing Agency:
Horvath & Tremblay
(312) 361-1643
Listed By:
John Przybyla · License #471010441
Source:
Crexi
Added: Jun 30
Changed: Aug 31
Last Checked: Aug 31 at 1:04AM
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.
Built in 1924, this two-story brick duplex contains two residential units, each arranged with three bedrooms and one bathroom. The property provides 2,400 square feet of gross living area within 2,800 square feet of gross area, and occupies a 0.07-acre parcel. On-street parking serves the building.
The property is located in Evanston, Illinois, with access to Ridge Avenue, Green Bay Road, and Sheridan Road. Interstate 94 and U.S. Route 41 provide connections throughout the Chicago metropolitan area, while Evanston’s downtown district, neighborhood retail corridors, and the broader North Shore region are also accessible from the property.
The property is located in Evanston, Illinois, with access to Ridge Avenue, Green Bay Road, and Sheridan Road. Interstate 94 and U.S. Route 41 provide connections throughout the Chicago metropolitan area, while Evanston’s downtown district, neighborhood retail corridors, and the broader North Shore region are also accessible from the property.
Key Highlights
- Two‑unit duplex with 2,400 square feet of gross living area
- Each unit includes 3 bedrooms and 1 bathroom
- Two‑story brick building constructed in 1924
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
$36,333
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
3.93%
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%
$726,660
$726.7K
Cap Rate 7%
$519,043
$519.0K
Cap Rate 9%
$403,700
$403.7K
Market Conditions
NOI Build-Up for 2,800 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
$56.1K $20.04/SF
− Vacancy
−$4.2K −$1.50/SF
EGI
$51.9K $18.54/SF
− OpEx
−$15.6K −$5.56/SF
NOI
$36.3K $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%
$726,660
Cap Rate 7%
$519,043
Cap Rate 9%
$403,700
Alternative Uses
Best Use
Multifamily LT 5
$519.0K
$454.2K – $605.6K
NOI $36,333 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$464.0K
$406.0K – $541.4K
NOI $32,482 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$966.7K
$845.9K – $1.13M
NOI $67,670 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,816
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?
Duplex - Two-story residential income property with separate three-bedroom floor plans and on-street parking.
Where is this duplex located?
The property is located at 1103 SIMPSON ST Evanston, IL.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,400 square feet of gross living area; Each unit includes 3 bedrooms and 1 bathroom; Two‑story brick building constructed in 1924
