Other Multifamily
1703 Darrow Ave, Evanston, IL 60201
For Sale
$3,750,000
For sale other multifamily asset with stabilized income and recent significant capital expenditures noted in remarks.
Property Size20,000 SF
Days on Market121
Property Features for 1703 Darrow Ave
General Information
Standard status
Size
Property subtype
Building Details
Building Size
Year Built
Listing Agency:
InSite Commercial Realty
Listed By:
Ross Goldstein · License IL #471017886
(312) 203-3199
Source:
Thebrokerlist
Added: Jul 15
Changed: Oct 25
Last Checked: Nov 10 at 5:12AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$232,016
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
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
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 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
$7.68M
$6.72M – $8.96M
NOI $537,600 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Properties on Market for Multifamily properties in Cook County
Vacancy Rate% for Multifamily in Midwest region
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
