Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1566 Oak Ave Evanston, IL 60201-4234
    Back to Search
    Property profile & analytics

    1566 Oak Ave, Evanston, IL 60201-4234

    View on Map
    • Motels
    • 22,204 SF
    • 0.31 lot acres
    Off-Market
    Last Sale Dec 14, 2023
    Property ID
    US28-5434483
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $2,570,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • European Inn / Temple / Spiritual Center
    • Margarita European Inn / Hotel & Motel

    Property Details for 1566 Oak Ave

    Year built
    1924
    Lot size
    0.31 lot acres
    Property type
    Motels
    APN
    11-18-308-009
    APU
    1118308009

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 14, 2023 — Connections Margarita Inn LLC 1566 Oak Avenue LLC Special Warranty Deed $7M · County Of Cook
    Feb 28, 2013 — 1566 Oak Avenue LLC — Trustees Deed · related $1.6M · Ridgestone Bank
    Sep 21, 2010 — 1566 Oak Avenue LLC — Trustees Deed · related —
    Apr 8, 2010 — 1566 Oak Avenue LLC — Trustees Deed · related $2.7M · First Equity Bank
    Mar 19, 2008 $3,200,000 1566 Oak Avenue LLC Gorham Barbara Trust Grant Deed $2.6M · First Equity Bank
    Feb 16, 2005 — Gorham Barbara Trust Trust L-1456 Quit Claim Deed · related —
    — — Harris Bank Hinsdale NA — Deed Of Trust · related $700k · North Shore Community Bank
    — — 1566 Oak Avenue LLC — Deed Of Trust · related $2.5M · 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 $1.6M · Ridgestone Bank
    — — 1566 Oak Avenue LLC — Deed Of Trust · related $2.7M · First Equity Bank
    — — 1566 Oak Avenue LLC — Deed Of Trust · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,770,000
      6.5%
      $2,555,000
      7%
      $2,375,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,813,000
      Market price range: $234k - $2.81M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $3,810,000
      Current use
      RETAIL STORES
      $3,310,000
      Change: -13% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Cook
    State
    Illinois
    Longitude
    -87.6874
    Latitude
    42.0463
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $155,352
    $66,660
    $602,131
    $668,791
    -
    $266,640
    $2,408,524
    $2,675,164

    Comparable in this City

    • Value Estimation
      $17,705,000
      0.80 Acres

      1818 Maple Ave, Unit 24

      MOTEL
      1818 Maple Ave, Evanston, IL 60201-3136
      View Details
    • Value Estimation
      $36,125,000
      0.38 Acres

      1710 Orrington Ave

      MOTEL
      1710 Orrington Ave, Evanston, IL 60201-3828
      View Details
    • Value Estimation
      $36,125,000
      0.34 Acres

      1710 Orrington Ave

      MOTEL
      1710 Orrington Ave, Evanston, IL 60201-3828
      View Details
    • Value Estimation
      $620,000
      0.52 Acres

      1515 Chicago Ave

      MOTEL
      1515 Chicago Ave, Evanston, IL 60201-4405
      View Details
    • Value Estimation
      $620,000
      0.28 Acres

      1625 Hinman Ave

      MOTEL
      1625 Hinman Ave, Evanston, IL 60201-6021
      View Details
    • Value Estimation by Request

      1501 Sherman Ave

      MOTEL
      1501 Sherman Ave, Evanston, IL 60201-4416
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Evanston Mixed-Use Investment Opportunity

      Mixed-use building near Metra station with retail and apartments.
      2540 Green Bay Rd, Evanston, IL 60201
      View Details
    • Contact for pricing

      Evanston Office Building For Sale

      Downtown Evanston office building with flexible floorplans and modern atmosphere.
      820 Davis St, Evanston, IL 60201
      View Details
    • Contact for pricing
      3,545 SF

      Evanston Triplex with Garage Parking

      Two-story triplex in Evanston with convenient access to transportation.
      1029 Garnett Pl, Evanston, IL 60201
      View Details
    • $485,000

      Evanston Free-Standing Building For Sale

      Free-standing building with long-term lease in place.
      1723 Simpson St, Evanston, IL 60201
      View Details
    • $3,500,000
      15.07 Acres

      Monteverde Land with Waterfalls

      Pristine 15-acre land in Monteverde, Costa Rica.
      Evanston, IL 60201
      View Details
    • Contact for pricing
      7,500 SF

      Evanston Restaurant/Retail Opportunity For Sale

      7,500 SF restaurant/retail space in downtown Evanston, Illinois.
      1557-63 Sherman Ave, Evanston, IL 60201
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      12,000 SF

      Evanston Restaurant and Brewery Space

      Turn-key restaurant and brewery in downtown Evanston with prime location.
      1615 Oak Ave, Evanston, IL 60201
      View Details
    • $23 SF/Yr

      Evanston Retail Space For Lease

      Highly visible commercial space in the heart of Evanston.
      1321 Emerson St, Evanston, IL 60201
      View Details
    • Contact for pricing

      Orrington Plaza Office Space

      20-story tower with views, natural light, and amenities.
      1603 Orrington Ave, Evanston, IL 60201
      View Details
    • Contact for pricing
      1,250 SF

      Evanston Retail Space For Rent

      1,250 SF retail space with flexible configuration in Evanston.
      2603-2609 Broadway Ave, Evanston, IL 60201
      View Details
    • Contact for pricing
      3,737 SF

      Modern Plug-and-Play Office Suite

      Modern office suite with parking, natural light, and amenities.
      1881 Oak Ave, Evanston, IL 60201
      View Details
    • Contact for pricing
      5,092 SF

      Evanston Office Space Sublease

      Office space available for sublease in The Chandler's Building.
      630 Davis St, Evanston, IL 60201
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1566 Oak Ave
    Evanston, IL 60201-4234
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1566 Oak Ave, Evanston, IL, 60201
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!