Multifamily Apartment
1228 Oak Ave, Evanston, IL 60202
For Sale
$880,000
Apartments offer varied layouts across three floors, with most interiors renovated or improved within the past two years.
Property Size5,143 SF
Days on Market50
Property Features for 1228 Oak Ave
General Information
Standard status
Size
Class
Property subtype
Additional Details
Public Transit
Multifamily Units
Building Details
Building Size
Year Built
Year Renovated
Units
Listing Agency:
YOUMU Ventures
Listed By:
Tony Liu · License #471021591
(312) 888-5486
Source:
Commercialcafe
Added: Sep 21
Changed: Oct 26
Last Checked: Nov 8 at 2:26AM
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
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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 / Yr
$59,663
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
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
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 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
$1.97M
$1.73M – $2.30M
NOI $138,244 @ 7.0% cap · market cap 15.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,165
Businesses Nearby
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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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Market
Properties on Market for Apartment buildings in Cook County
Vacancy Rate% for Multifamily in Midwest region
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
