Brick Mixed-Use Building with
For Sale
$1,399,000
1132 Florence Avenue, Evanston, IL 60202
Mixed-use configuration combines storefront office space, apartments, heated garages, and on-site vehicle parking.
Property Size8,100 SF
Price / SF$172.72
Days on Market165
Property Features for 1132 Florence Avenue
General Information
Standard status
Active
Size
8,100 SF
Total Parking Spaces
8
Zoning
COMMR
Additional Details
Public Transit
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$16,030
Building Details
Year Built
1927
Year Renovated
2003
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
@properties Christie's International Real Estate
(847) 644-3413
Listed By:
Donna Agnew · License #475133954
(847) 644-3413
Source:
Compass
Added: Mar 19
Changed: Aug 29
Last Checked: Aug 29 at 9:10PM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This 8,100-square-foot brick mixed-use property combines two storefront office areas with updated apartments, supporting office, retail, residential, and live-work configurations. Apartment features include skylights, spacious bathrooms, and in-unit washer/dryers, while a 550-square-foot rear deck adds outdoor space. Two heated garages provide 14-foot ceilings and accommodate two 12-by-16-foot overhead doors. The property also includes parking for 7–8 vehicles.
Built in 1927, the building was expanded and updated in 2003, with additional remodeling completed over the years. It is partially leased and includes owner-occupied space. The property is near the 206 bus line, with CTA and Metra access, shopping, dining, Starbucks, fitness facilities, and Robert Crown Community Center nearby. Zoning is COMMR.
Built in 1927, the building was expanded and updated in 2003, with additional remodeling completed over the years. It is partially leased and includes owner-occupied space. The property is near the 206 bus line, with CTA and Metra access, shopping, dining, Starbucks, fitness facilities, and Robert Crown Community Center nearby. Zoning is COMMR.
Key Highlights
- 8,100‑square‑foot brick mixed‑use building with two storefront offices and apartments
- Two heated garages with 14' ceilings and two 12' x 16' overhead doors
- Parking for 7‑8 vehicles plus a 550 SF rear deck
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
$112,429
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
8.04%
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%
$2,248,580
$2.2M
Cap Rate 7%
$1,606,129
$1.6M
Cap Rate 9%
$1,249,211
$1.2M
Market Conditions
NOI Build-Up for 8,100 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
$175.0K $21.60/SF
− Vacancy
−$14.3K −$1.77/SF
EGI
$160.6K $19.83/SF
− OpEx
−$48.2K −$5.95/SF
NOI
$112.4K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$2,248,580
Cap Rate 7%
$1,606,129
Cap Rate 9%
$1,249,211
Alternative Uses
Best Use
Mixed Use
$1.95M
$1.71M – $2.28M
NOI $136,688 @ 7.0% cap · market cap 9.77%
Second Best
Retail
$1.61M
$1.41M – $1.87M
NOI $112,429 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,759 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,778
Businesses Nearby
Explore this area
Business Placement
Demographics for 60202, IL
33,245
Population
15,024
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
96%
High-School Grad
3.1 sq mi
ZIP Area
10,724
Density / Sq Mi
$101,087
Median Household Income
$57,720
Median Earnings
$1,612
Median Rent
$381,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use configuration combines storefront office space, apartments, heated garages, and on-site vehicle parking.
Where is this mixed-use property located?
The property is located at 1132 Florence Avenue Evanston, IL.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 8,100‑square‑foot brick mixed‑use building with two storefront offices and apartments; Two heated garages with 14' ceilings and two 12' x 16' overhead doors; Parking for 7‑8 vehicles plus a 550 SF rear deck
