Multifamily Apartment
New
For Sale
$880,000
1228 Oak Ave, Evanston, IL 60202
Apartments offer varied layouts across three floors, with most interiors renovated or improved within the past two years.
Property Size5,143 SF
Days on Market4
Property Features for 1228 Oak Ave
General Information
Standard status
Active
Size
5,143 SF
Class
C
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
5
Building Details
Building Size
5,143 SF
Year Built
1967
Year Renovated
2025
Units
5
Listing Agency:
YOUMU Ventures
Listed By:
Tony Liu · License #471021591
(312) 888-5486
Source:
Commercialcafe
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 24 at 6:48AM
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 YOUMU Ventures
Investment Insights
Based on property information with market context.
Built in 1967, this multifamily apartment property contains apartments arranged across three floors with a mix of studio, one-bedroom, two-bedroom, and three-bedroom layouts. The first floor includes a recently renovated studio, a converted one-bedroom apartment, and another one-bedroom residence. The second floor is divided into one- and three-bedroom living areas, while the third floor offers a two-bedroom apartment with private stair access. Most apartments have been renovated or improved within the past two years, and the third-floor residence was refreshed last year.
The property is located at 1228 Oak Ave in Evanston, Illinois. The Dempster Street Purple Line CTA station is approximately 0.4 miles away, with the Evanston Davis Street Metra station approximately 0.7 miles away. A neighborhood park is within a one-minute walk, providing nearby access to outdoor space and local amenities.
The property is located at 1228 Oak Ave in Evanston, Illinois. The Dempster Street Purple Line CTA station is approximately 0.4 miles away, with the Evanston Davis Street Metra station approximately 0.7 miles away. A neighborhood park is within a one-minute walk, providing nearby access to outdoor space and local amenities.
Key Highlights
- Apartments arranged across three floors with studio, one‑bedroom, two‑bedroom, and three‑bedroom layouts
- Most apartments renovated or improved within the past two years
- Third‑floor two‑bedroom apartment has private stair access and was refreshed last year
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
$59,663
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
6.78%
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%
$1,193,260
$1.2M
Cap Rate 7%
$852,329
$852.3K
Cap Rate 9%
$662,922
$662.9K
Market Conditions
NOI Build-Up for 5,143 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
$116.6K $22.68/SF
− Vacancy
−$8.2K −$1.59/SF
EGI
$108.5K $21.09/SF
− OpEx
−$48.8K −$9.49/SF
NOI
$59.7K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
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%
$1,193,260
Cap Rate 7%
$852,329
Cap Rate 9%
$662,922
Alternative Uses
Best Use
Apartment 5plus
$852.3K
$745.8K – $994.4K
NOI $59,663 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,295 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,165
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartments offer varied layouts across three floors, with most interiors renovated or improved within the past two years.
Where is this apartment building located?
The property is located at 1228 Oak Ave Evanston, IL.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Apartments arranged across three floors with studio, one‑bedroom, two‑bedroom, and three‑bedroom layouts; Most apartments renovated or improved within the past two years; Third‑floor two‑bedroom apartment has private stair access and was refreshed last year
