Other Multifamily
For Sale
$3,750,000
1703 Darrow Ave, Evanston, IL 60201
For sale other multifamily asset with stabilized income and recent significant capital expenditures noted in remarks.
Property Size20,000 SF
Days on Market42
Property Features for 1703 Darrow Ave
General Information
Standard status
Active
Size
20,000 SF
Property subtype
MultiFamily Apartments
Building Details
Building Size
20,000 SF
Year Built
1927
Listing Agency:
InSite Commercial Realty
(312) 203-3199
Listed By:
Ross Goldstein · License #471017886
(312) 203-3199
Source:
Thebrokerlist
Added: Jul 15
Changed: Aug 16
Last Checked: Aug 25 at 4:47AM
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 InSite Commercial Realty
Investment Insights
Based on property information with market context.
Available for sale is an other multifamily property in Evanston, Illinois, presented in connection with a stabilized income profile. The seller remarks indicate significant capital expenditure over the last two years and note potential rent upside.
The offering is positioned within Evanston’s established North Shore community, described as a mixed-use environment where residential neighborhoods, businesses, education, arts, and entrepreneurship coexist. Public transportation and lakefront amenities are highlighted as part of the surrounding lifestyle and accessibility. Evanston High School is identified as an institutional anchor intended to support neighborhood stability.
This listing is best suited for buyers looking at multifamily residential income properties, with the current narrative centered on stabilized performance, recent investment, and upside considerations mentioned in the remarks.
The offering is positioned within Evanston’s established North Shore community, described as a mixed-use environment where residential neighborhoods, businesses, education, arts, and entrepreneurship coexist. Public transportation and lakefront amenities are highlighted as part of the surrounding lifestyle and accessibility. Evanston High School is identified as an institutional anchor intended to support neighborhood stability.
This listing is best suited for buyers looking at multifamily residential income properties, with the current narrative centered on stabilized performance, recent investment, and upside considerations mentioned in the remarks.
Key Highlights
- Built in 1927
- Multifamily asset with stabilized income
- Recent significant capital expenditures completed in the last two years
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
$232,016
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
6.19%
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%
$4,640,320
$4.6M
Cap Rate 7%
$3,314,514
$3.3M
Cap Rate 9%
$2,577,956
$2.6M
Market Conditions
NOI Build-Up for 20,000 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
$453.6K $22.68/SF
− Vacancy
−$31.8K −$1.59/SF
EGI
$421.8K $21.09/SF
− OpEx
−$189.8K −$9.49/SF
NOI
$232.0K $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%
$4,640,320
Cap Rate 7%
$3,314,514
Cap Rate 9%
$2,577,956
Alternative Uses
Best Use
Apartment 5plus
$3.31M
$2.90M – $3.87M
NOI $232,016 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.91M
$6.04M – $8.06M
NOI $483,356 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,213
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?
Multifamily property - For sale other multifamily asset with stabilized income and recent significant capital expenditures noted in remarks.
Where is this multifamily property located?
The property is located at 1703 Darrow Ave Evanston, IL.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Built in 1927; Multifamily asset with stabilized income; Recent significant capital expenditures completed in the last two years
