Two-Building Multifamily
2307 Lake Street, Evanston, IL 60201
For Sale
$990,000
Separate residences provide flexible occupancy, with multiple HVAC systems and water heaters serving the property.
Property Size3,800 SF
Price / SF$260.53
Days on Market95
Property Features for 2307 Lake Street
General Information
Standard status
Size
Property subtype
Additional Details
Public Transit
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Buildings
Listing Agency:
Coldwell Banker Realty
(708) 704-1225
Listed By:
Karolina Klinowski · License #475193016
Source:
Bradlippitz
Added: Aug 7
Changed: Nov 8
Last Checked: Nov 8 at 4:37PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
Completed in 2021, this multifamily property comprises two separate buildings with approximately 3,800 square feet, 8 bedrooms, and 6 bathrooms. The property includes a 6-car garage and exterior parking for up to 6 cars. Mechanical and laundry features include 3 HVAC systems, 3 water heaters, 2 washer/dryer sets, and a ready hookup for a third set.
The property is 2 miles from Northwestern University and downtown Evanston, with shopping, dining, and public transit nearby. It is currently owner-occupied and offers separate building configurations for residential use.
The property is 2 miles from Northwestern University and downtown Evanston, with shopping, dining, and public transit nearby. It is currently owner-occupied and offers separate building configurations for residential use.
Key Highlights
- Two separate buildings with approximately 3,800 square feet total
- 8 bedrooms and 6 bathrooms
- Built in 2021
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,083
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$881,660
$881.7K
Cap Rate 7%
$629,757
$629.8K
Cap Rate 9%
$489,811
$489.8K
Market Conditions
NOI Build-Up for 3,800 SF
Gross rent
$86.2K $22.68/SF
− Vacancy
−$6.0K −$1.59/SF
EGI
$80.2K $21.09/SF
− OpEx
−$36.1K −$9.49/SF
NOI
$44.1K $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%
$881,660
Cap Rate 7%
$629,757
Cap Rate 9%
$489,811
Alternative Uses
Best Use
Apartment 5plus
$629.8K
$551.0K – $734.7K
NOI $44,083 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,144 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,073
Businesses Nearby
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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
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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 - Separate residences provide flexible occupancy, with multiple HVAC systems and water heaters serving the property.
Where is this multifamily property located?
The property is located at 2307 Lake Street Evanston, IL.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Two separate buildings with approximately 3,800 square feet total; 8 bedrooms and 6 bathrooms; Built in 2021
