Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1607 Simpson St Evanston, IL 60201-3084

    • Residential income homes
    • 5,022 SF
    • 0.11 lot acres
    OFF-MARKET
    Value Estimations
    $855,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1894923
    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.

    Current Use by Public Records

    • Kindred Spirits Healing Arts / Veterinary Clinic

    Property Details for 1607 Simpson St

    Year built
    1957
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.11 lot acres
    Property size
    5,022 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    10-12-421-025
    APU
    1012421025

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,085,000
      6.5%
      $1,005,000
      7%
      $930,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $903,000
      Market price range: $903k - $1.51M
      AI Estimate
      $654,000
      Market price range: $655k - $978k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,195,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,100,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Cook
    State
    Illinois
    Longitude
    -87.6946
    Latitude
    42.056
    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
    $13,240
    $5,542
    $51,457
    $56,999
    -
    $55,420
    $514,570
    $569,990

    Comparable in this City

    • Value Estimation by Request
      1,813 SF

      2028 Dodge Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,813 SF
      2028 Dodge Ave, Evanston, IL 60201-3434
      View Details
    • Value Estimation
      $575,000
      2,800 SF

      2618 Eastwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,800 SF
      2618 Eastwood Ave, Evanston, IL 60201-1523
      View Details
    • Value Estimation
      $690,000
      3,368 SF

      2755 Eastwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,368 SF
      2755 Eastwood Ave, Evanston, IL 60201-1524
      View Details
    • Value Estimation by Request
      2,598 SF

      1427 Elmwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,598 SF
      1427 Elmwood Ave, Evanston, IL 60201-4307
      View Details
    • Value Estimation
      $870,000
      5,124 SF

      1321 Emerson St

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,124 SF
      1321 Emerson St, Evanston, IL 60201-3526
      View Details
    • Value Estimation by Request
      2,058 SF

      1323 Emerson St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,058 SF
      1323 Emerson St, Evanston, IL 60201-3526
      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
    • $325,000
      1,400 SF

      Evanston Retail Condo - Prime Location

      High-visibility retail space, ideal Evanston location.
      2611 Prairie Ave, Evanston, IL 60201
      View Details
    • $550,000
      4,400 SF

      Evanston Mixed-Use Investment Opportunity

      Two-unit mixed-use building in Evanston's Central Street corridor.
      2950 Central St, 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
      583 SF

      Retail Condo on Benson Avenue

      Commercial retail condo space for sale, 583 sq ft.
      1831 Benson Ave, Evanston, IL 60201
      View Details
    • $599,000
      4,888 SF

      Renovated Office Building For Sale

      Renovated two-story office building with modern amenities and prime location.
      2600 Gross Point Rd, Evanston, IL 60201
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Evanston Retail Space For Rent

      Retail space available at a desirable Evanston intersection.
      1600 Sherman Ave, Evanston, IL 60201
      View Details
    • Contact for pricing
      1,150 SF

      Evanston Retail Space For Lease

      Retail space for lease in Evanston near downtown.
      810-832 Dempster St, Evanston, IL 60201
      View Details
    • Contact for pricing
      3,000 SF

      Evanston Retail & Restaurant Space

      Retail and restaurant spaces with outdoor seating available for lease.
      1705-1765 Maple Ave, Evanston, IL 60201
      View Details
    • Contact for pricing
      1,700 SF

      Evanston Retail/Office Space Available

      Modern, open-plan space suitable for retail, office, or medical use.
      2672 Green Bay Rd, Evanston, IL 60201
      View Details
    • $30 SF/Yr
      2,800 SF

      Modern Office Space in Evanston

      Open floor plan with natural light in a prime location.
      1606 Maple Ave, Evanston, IL 60201
      View Details
    • Contact for pricing
      37,145 SF

      Evanston Office Space For Lease

      Office space available for lease in Evanston, Illinois.
      909-930 Church 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.
    1607 Simpson St
    Evanston, IL 60201-3084
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!