Mixed-Use Five-Unit
1529 Greenleaf Street Evanston, IL 60202
1529 Greenleaf Street, Evanston, IL, 60202
$895,000
For Sale
$895,000
Five-unit mixed-use building with two commercial spaces and three apartments, featuring recent updates and an unfinished basement.
Property Size3,350 SF
Price / SF$267.16
Days on Market77
Property Features for 1529 Greenleaf Street
General Information
- Standard status
- Active
- Size
- 3,350 SF
Building Details
- Year Built
- 1927
Listing agency
Horvath & Tremblay IL, LLC
(312) 436-1019
Listed by
Kelsey Zurweller · License #475205364
(312) 436-1019
Source
Compass
Added: May 6 Updated: Jul 21 at 4:34PM Checked: Jul 21 at 4:34PM
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 IL, LLC
Investment Insights
Based on property information with market context.
This mixed-use five-unit building includes two commercial units and three apartments. The residential component consists of (2) two-bedroom, one-bath units and (1) one-bedroom, one-bath unit. An unfinished basement is also present. A larger commercial unit is expected to be vacant at the end of May.
The apartments were freshly updated in 2017 and each has an in-unit washer and dryer, along with shared outdoor space on the second floor. Windows were replaced in 2017, two water heaters were replaced within the last two years, and the lower portion of the roof was replaced in 2022. The building was fully tuck-pointed in 2017.
The property currently produces $87,840 in gross income. The owner notes there is potential to increase rents while the building is in its current condition.
The apartments were freshly updated in 2017 and each has an in-unit washer and dryer, along with shared outdoor space on the second floor. Windows were replaced in 2017, two water heaters were replaced within the last two years, and the lower portion of the roof was replaced in 2022. The building was fully tuck-pointed in 2017.
The property currently produces $87,840 in gross income. The owner notes there is potential to increase rents while the building is in its current condition.
Key Highlights
- 5‑unit mixed‑use building (2 commercial spaces and 3 apartments) in an arts district neighborhood
- Commercial unit approx. 1,650 SF scheduled to be vacant at end of May
- Apartment mix: two 2‑bed/1‑bath units and one 1‑bed/1‑bath unit
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $100.5k | $30.00 |
| − Vacancy | −$10.1k | −$3.00 |
| EGI | $90.5k | $27.00 |
| − OpEx | −$33.9k | −$10.13 |
| NOI | $56.5k | $16.88 |
3,350 SF · lease $30.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$807.6K
$706.6K – $942.2K
NOI $56,531 @ 7.0% cap · market cap 6.32%
Second Best
Retail
$664.3K
$581.2K – $775.0K
NOI $46,499 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,962 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Blueprint Shops - Evanston
Construction Company
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Five-unit mixed-use building with two commercial spaces and three apartments, featuring recent updates and an unfinished basement.
Where is this mixed-use property located?
The property is located at 1529 Greenleaf Street Evanston, IL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 5‑unit mixed‑use building (2 commercial spaces and 3 apartments) in an arts district neighborhood; Commercial unit approx. 1,650 SF scheduled to be vacant at end of May; Apartment mix: two 2‑bed/1‑bath units and one 1‑bed/1‑bath unit
