Updated Townhouse Income
For Sale
$415,000
1834 Ridge Avenue Unit 102, Evanston, IL 60201
Two-level residence with a loft, private deck, heated garage parking, and recent system and interior improvements.
Property Size1,380 SF
Price / SF$300.72
Days on Market9
Property Features for 1834 Ridge Avenue Unit 102
General Information
Standard status
Active
Size
1,380 SF
Total Parking Spaces
1
Property subtype
Condo-Duplex
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,324
Amenities
private deck
storage closet
Building Details
Building Size
1,380 SF
Listing Agency:
RE/MAX LOYALTY
(786) 474-0477
Listed By:
Maria Buitron · License #475203870
Source:
Dawnmckennagroup
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 11:33AM
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 RE/MAX LOYALTY
Investment Insights
Based on property information with market context.
This 1,380-square-foot townhouse in Evanston offers two bedrooms, one full and one half bathroom, a loft, and a private deck. Recent improvements include windows, door and lock hardware, carpet, kitchen cabinetry and countertops, a farmhouse sink, faucet, garbage disposal, lower-level bathroom fixtures, and deck flooring. The water heater was replaced in 2024, while the Samsung washer and dryer were added in 2024 and the HVAC system was installed in 2022. A skylight replacement is underway at the seller’s expense.
The property includes one heated garage parking space with additional storage and a separate storage closet. HOA services cover water, exterior maintenance, trash removal, and snow removal. The building is investor- and pet-friendly. Metra and L service are a 5-minute walk away, while Northwestern University and Clark Street Beach are within a 15-minute walk. Shops, coffee shops, and restaurants are also nearby.
The property includes one heated garage parking space with additional storage and a separate storage closet. HOA services cover water, exterior maintenance, trash removal, and snow removal. The building is investor- and pet-friendly. Metra and L service are a 5-minute walk away, while Northwestern University and Clark Street Beach are within a 15-minute walk. Shops, coffee shops, and restaurants are also nearby.
Key Highlights
- 2‑bed/1.5‑bath townhouse with loft and private deck
- 1,380 SF residential income property in Evanston
- One heated garage parking spot plus extra storage and separate storage closet
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
$16,009
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
3.86%
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%
$320,180
$320.2K
Cap Rate 7%
$228,700
$228.7K
Cap Rate 9%
$177,878
$177.9K
Market Conditions
NOI Build-Up for 1,380 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
$31.3K $22.68/SF
− Vacancy
−$2.2K −$1.59/SF
EGI
$29.1K $21.09/SF
− OpEx
−$13.1K −$9.49/SF
NOI
$16.0K $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%
$320,180
Cap Rate 7%
$228,700
Cap Rate 9%
$177,878
Alternative Uses
Best Use
Apartment 5plus
$228.7K
$200.1K – $266.8K
NOI $16,009 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$476.5K
$416.9K – $555.9K
NOI $33,352 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,425
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level residence with a loft, private deck, heated garage parking, and recent system and interior improvements.
Where is this residential income property located?
The property is located at 1834 Ridge Avenue Unit 102 Evanston, IL.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2‑bed/1.5‑bath townhouse with loft and private deck; 1,380 SF residential income property in Evanston; One heated garage parking spot plus extra storage and separate storage closet
