Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$2,570,000
Motels
1566 Oak Ave Evanston, IL 60201-4234
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US28-5434483
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1924
Total area
22,204 SF
Lot
0.31 ac (13,332 SF)
APN
11-18-308-009
UPID
US28-5434483
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
European Inn Temple Spiritual Center
-
Margarita European Inn Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.56M
Comparable Approach
Comparable
$1.81M
Blend (final)
Blend
$2.57M
Owner & transaction history
Connections Margarita Inn LLC · 2 yrs held
Connections Margarita Inn LLC
since 2023
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Evanston submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Evanston submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,770,000
6.5%
$2,555,000
7%
$2,375,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$3,810,000
Current use
RETAIL STORES
$3,310,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$2.57M
Range $2.31M – $2.83M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$116 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$155,352
Tax year 2022
Assessed value
$668,791
Assessed 2022
Previous assessed
$827,511
-19.2% YoY
Effective rate
23.23%
On assessed value
Assessed land
$66,660
Assessed improvement
$602,131
Land market value
$266,640
Improvement market value
$2,408,524
Total market value
$2,675,164
Applied tax rate
17,001.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Motels
Use group
MOTEL
Status
Off-Market
Year built
1924
Heating
NONE
Stories
5
Total area
22,204 SF
Lot
0.31 ac (13,332 SF)
APN
11-18-308-009
UPID
US28-5434483
Jurisdiction
COOK
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$3.8M
RETAIL STORES
Est. value
$3.3M
HOTEL/MOTEL Current
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1924
Heating
NONE
Stories
5
Lot
0.31 ac
Current owner
From public records · entity-resolved
Connections Margarita Inn LLC
Entity
Mailing address
1566 OAK AVE, EVANSTON, IL 60201-4234
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
14 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 14, 2023
—
Connections Margarita Inn LLC
1566 Oak Avenue LLC
Special Warranty Deed
$7,000,000 · County Of Cook
Feb 28, 2013
—
1566 Oak Avenue LLC
—
Trustees Deed
related
$1,575,000 · Ridgestone Bank
Sep 21, 2010
—
1566 Oak Avenue LLC
—
Trustees Deed
related
—
Apr 8, 2010
—
1566 Oak Avenue LLC
—
Trustees Deed
related
$2,690,000 · First Equity Bank
Mar 19, 2008
$3,200,000
1566 Oak Avenue LLC
Gorham Barbara Trust
Grant Deed
$2,560,000 · First Equity Bank
Feb 16, 2005
—
Gorham Barbara Trust
Trust L-1456
Quit Claim Deed
related
—
—
—
Harris Bank Hinsdale NA
—
Deed Of Trust
related
$700,000 · North Shore Community Bank
—
—
1566 Oak Avenue LLC
—
Deed Of Trust
related
$2,500,000 · Ridgestone Bank
—
—
1566 Oak Avenue LLC
—
Deed Of Trust
related
—
—
—
1566 Oak Avenue LLC
—
Deed Of Trust
related
—
—
—
1566 Oak Avenue LLC
—
Deed Of Trust
related
—
—
—
1566 Oak Avenue LLC
—
Loan Modification
related
$1,575,000 · Ridgestone Bank
—
—
1566 Oak Avenue LLC
—
Deed Of Trust
related
$2,690,000 · First Equity Bank
—
—
1566 Oak Avenue LLC
—
Deed Of Trust
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1566 Oak Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
