1601 Simpson St, Evanston, IL 60201
- Retail space
- 6,400 SF
- 0.16 lot acres
Current Use by Public Records
- Brella Productions / Marketing & Advertising / (Bike/Boat/Book/etc) Store
- Kelley Management Consulting / Business Management Consultant
- Powering Campaigns / Consultant
Property Details for 1601 Simpson St
- Year built
- 1937
- Lot size
- 0.16 lot acres
- Property type
- Retail space
- Property subtype
- Storefront properties
- APN
- 10-12-421-022
- APU
- 1012421022
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 19, 2022 | — | Pono Hana LLC | — | Deed · related | $1M · Byline Bank |
| Jan 3, 2013 | $2,340,000 | Pono Hana LLC | 1601 Simpson Corp | Warranty Deed | $1.3M · J P Morgan Chase Bank |
| Jan 13, 2005 | — | 1601 Simpson Corp | — | Trustees Deed · related | $825k · North Shore Community Bank |
| Jul 17, 2002 | $375,000 | 1601 Simpson Corp | Parris,roger N & Kathleen | Grant Deed | $660k · North Shore Community Bank |
| — | — | Pono Hana LLC | — | Deed Of Trust · related | $1.1M · Somercor 504 |
Description
This three-story, 16,940 square foot building at 1601-1607 Simpson Street in Evanston, Illinois, offers a unique blend of creative and medical office spaces. Located in the vibrant Hill Arts District, this property boasts 11 suites, with a minimum divisible space of 900 square feet and a maximum contiguous space of 3,350 square feet. Currently, 10,440 square feet are available. The building, constructed in 1940 and extensively renovated in 2003, sits on a 12,948 square foot lot and is zoned B-1. One designated off-street parking space is included per suite, with ample street parking also available. Its prime location offers easy access to public transportation, including bus stops, CTA stops at Foster and Noyes, and the Metra station at Central Street. The property is just three blocks west of Green Bay Road, a major thoroughfare with high daily traffic volume. Nearby Northwestern University, numerous shops, restaurants, and entertainment venues provide a dynamic environment. The City of Evanston offers various incentives, including TIF, grants, and facade improvement programs, which can be explored with the building owner. Property taxes are $7.54 per square foot. This professionally managed building presents a compelling opportunity for businesses seeking a vibrant and convenient location.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,480,000
- 6.5%
- $1,365,000
- 7%
- $1,270,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,671,000
- AI Estimate
- $1,101,000
Market price range: $448k - $1.73MMarket price range: $287k - $1.30M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $955,000 Current use
- APARTMENT HOUSE (5+ UNITS)
- $1,525,000 Change: +60% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $1,405,000 Change: +47% Conversion: Moderate
- OFFICE BUILDING
- $855,000 Change: -10% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Evanston
- County
- Cook
- State
- Illinois
- Longitude
- -87.6944
- Latitude
- 42.056
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
