Two-Unit Brick
New
For Sale
$824,900
704 Florence Avenue, Evanston, IL 60202
Two apartments feature hardwood flooring, central air, and three on-site parking spaces.
Property Size3,000 SF
Price / SF$274.97
Days on Market2
Property Features for 704 Florence Avenue
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
3
Property subtype
Two to Four Units
Zoning
MULTI
Units
Unit Mix
1 x 5BR/3BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$13,256
Amenities
hardwood floors
central air
Finished,Full
Separate Shower,Double Sink
Recreation Room
5
8
2
Garden
Lake Michigan
3
34X125
No
Yes
Building Details
Year Built
1958
Buildings
1
Construction
brick
Listing Agency:
(708) 787-2808
Listed By:
Christina Rafidia
Source:
Kawashgroup
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 30 at 12:31AM
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 Christina Rafidia
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Investment Insights
Based on property information with market context.
At 704 Florence Avenue in Evanston, this 3,000-square-foot brick duplex dates to 1958 and contains two apartments. The lower unit is described as a five-bedroom, three-bathroom layout, while the upper apartment has three bedrooms and two bathrooms. Hardwood flooring runs through both units, and the property has central air conditioning. Zoning is listed as MULTI.
The property is near parks, public transportation, and schools. Three parking spaces are provided on site. Tenants pay gas and electric service.
The property is near parks, public transportation, and schools. Three parking spaces are provided on site. Tenants pay gas and electric service.
Key Highlights
- Two apartments: one with 5 bedrooms and 3 bathrooms, the other with 3 bedrooms and 2 bathrooms
- 3,000 square feet in a brick building constructed in 1958
- Hardwood flooring in both apartments and central air conditioning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,928
Cap Rate
4.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$778,560
$778.6K
Cap Rate 7%
$556,114
$556.1K
Cap Rate 9%
$432,533
$432.5K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$60.1K $20.04/SF
− Vacancy
−$4.5K −$1.50/SF
EGI
$55.6K $18.54/SF
− OpEx
−$16.7K −$5.56/SF
NOI
$38.9K $12.98/SF
Area
Cook County, IL
Vacancy
7.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$778,560
Cap Rate 7%
$556,114
Cap Rate 9%
$432,533
Alternative Uses
Best Use
Multifamily LT 5
$556.1K
$486.6K – $648.8K
NOI $38,928 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$497.2K
$435.0K – $580.0K
NOI $34,802 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$1.04M
$906.3K – $1.21M
NOI $72,503 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,288
Businesses Nearby
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Business Placement
Demographics for 60202, IL
33,245
Population
15,024
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
96%
High-School Grad
3.1 sq mi
ZIP Area
10,724
Density / Sq Mi
$101,087
Median Household Income
$57,720
Median Earnings
$1,612
Median Rent
$381,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments feature hardwood flooring, central air, and three on-site parking spaces.
Where is this duplex located?
The property is located at 704 Florence Avenue Evanston, IL.
What is the asking price?
The asking price for this property is $824,900.
What are key features of this property?
This property features: Two apartments: one with 5 bedrooms and 3 bathrooms, the other with 3 bedrooms and 2 bathrooms; 3,000 square feet in a brick building constructed in 1958; Hardwood flooring in both apartments and central air conditioning
