Vintage Masonry Evanston Office
For Sale
Contact for pricing
1817 Church St, Evanston, IL 60201
Freestanding, newly rehabbed Class A office building in Evanston, Illinois.
Property Size5,636 SF
Lot Size0.13 Acres
Price / SF$266.15
Days on Market179
Property Features for 1817 Church St
General Information
Standard status
Active
Size
5,636 SF
Class
B
Lot size
0.13 Acres
Property subtype
Mixed Use, Office
Zoning
B-1
Building Details
Year Built
1930
Year Renovated
2021
Stories
3
Listing Agency:
@properties Commercial
(847) 977-5389
Listed By:
Mike Levin · License #IL
Source:
Crexi
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 10 at 2:32PM
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 @properties Commercial
Investment Insights
Based on property information with market context.
This vintage masonry, freestanding Class A professional office building is located in the heart of Evanston, Illinois. The newly rehabbed commercial property, zoned B1, offers premium build quality and exceptional functionality. The three-level building has a total area of 5636 square feet and sits on a 5778 square foot land site. The first floor features an attractive open reception area and foyer, slate and hardwood floors, five office rooms, one ADA-compliant bathroom, two utility rooms, two storage rooms, and a full modern kitchen. The second level includes ten offices with high ceilings that can be reconfigured, a large conference room, and one ADA-compliant bathroom. Many offices have large windows with sunny exposure. The third level features four offices, one open conference room, and one ADA-compliant bathroom. All floors have access to the rear porch and fenced, landscaped backyard suitable for outdoor use or meetings. The building has a slate tile roof and a rear parking lot that can accommodate four cars. The property has excellent road access, located just east of the intersection of Dodge and Church, with a traffic volume of 7,600 vehicles per day. It is easily accessible to the Evanston shopping and business district to the east. The building utilizes a 200+ amp electric system and is impeccably maintained with a fully landscaped backyard. The property is ideal for professional or medical use, such as a law firm, insurance, technology, financial trading, accounting office, real estate or investment firm, medspa, hospice care, medical center, surgical center, dental or podiatry practice, or redevelopment.
Key Highlights
- Rare freestanding Class A vintage masonry office building in a prime Evanston location with B1 zoning.
- Newly rehabbed with a high‑end office build‑out, offering exceptional functionality and home‑like design.
- Features high security entrance and cameras, ensuring a secure environment.
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
$77,711
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
5.18%
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%
$1,554,220
$1.6M
Cap Rate 7%
$1,110,157
$1.1M
Cap Rate 9%
$863,456
$863.5K
Market Conditions
NOI Build-Up for 5,636 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
$138.0K $24.48/SF
− Vacancy
−$34.4K −$6.10/SF
EGI
$103.6K $18.38/SF
− OpEx
−$25.9K −$4.60/SF
NOI
$77.7K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$1,554,220
Cap Rate 7%
$1,110,157
Cap Rate 9%
$863,456
Alternative Uses
Best Use
Office B
$1.11M
$971.4K – $1.30M
NOI $77,711 @ 7.0% cap · market cap 5.18%
Second Best
Healthcare Medical
$1.07M
$933.3K – $1.24M
NOI $74,666 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,210 @ 7.0% cap · market cap 9.08%
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Freestanding, newly rehabbed Class A office building in Evanston, Illinois.
Where is this office building located?
The property is located at 1817 Church St Evanston, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Rare freestanding Class A vintage masonry office building in a prime Evanston location with B1 zoning.; Newly rehabbed with a high‑end office build‑out, offering exceptional functionality and home‑like design.; Features high security entrance and cameras, ensuring a secure environment.
