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    Property profile & analytics

    1941 Central St Evanston, IL 60201-2277

    • Retail space
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2363242
    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

    • The Spice House / Spice Store

    Property Details for 1941 Central St

    Year built
    1910
    Lot size
    0.04 lot acres
    Property type
    Retail space
    APN
    05-34-422-014
    APU
    534422014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $310,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Cook
    State
    Illinois
    Longitude
    -87.7008
    Latitude
    42.0645
    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
    $17,537
    $9,750
    $62,684
    $72,434
    -
    $39,000
    $250,736
    $289,736

    Comparable in this City

    • Value Estimation
      $300,000
      0.13 Acres

      917 Foster St

      RETAIL STORES (PERSONAL SERVICES) • 0.13 Acres
      917 Foster St, Evanston, IL 60201-3102
      View Details
    • Value Estimation
      $325,000
      0.10 Acres

      1000 Foster St

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
      1000 Foster St, Evanston, IL 60201-3104
      View Details
    • Value Estimation
      $315,000
      0.10 Acres

      821 Noyes St

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
      821 Noyes St, Evanston, IL 60201-2824
      View Details
    • Value Estimation
      $460,000
      0.48 Acres

      1629 Orrington Ave

      STORE, RETAIL OUTLET • 0.48 Acres
      1629 Orrington Ave, Evanston, IL 60201-3982
      View Details
    • Value Estimation
      $330,000
      0.16 Acres

      2736 Central St

      RETAIL STORES (PERSONAL SERVICES) • 0.16 Acres
      2736 Central St, Evanston, IL 60201-1220
      View Details
    • Value Estimation
      $320,000
      0.15 Acres

      2600 Gross Pt Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.15 Acres
      2600 Gross Pt Rd, Evanston, IL 60201-4992
      View Details

    Similar Nearby for Sale

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      0.22 Acres

      Evanston Retail Business Opportunity

      Established Evanston liquor store business for sale in prime location.
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      Evanston Restaurant/Retail Opportunity For Sale

      7,500 SF restaurant/retail space in downtown Evanston, Illinois.
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      Evanston Retail Property For Sale

      Retail property in Evanston, available for the first time in 42 years.
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    • $200,000
      12,000 SF

      Turn-key Brewery/Restaurant in Evanston

      Operational brewery/restaurant with dining area, mezzanine, and outdoor patio.
      1615 Oak Ave, Evanston, IL 60201
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      Evanston Retail Intersection Location

      Located at Evanston's most desirable retail intersection.
      1600-1620 Sherman Ave, Evanston, IL 60201
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    • $2,750,000

      Evanston Multifamily Investment

      14-Unit Apartment Building, High ROI
      2725-27 Central St, Evanston, IL 60201
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    Similar Nearby for Lease

    • $35 SF/Yr
      1,250 SF

      Evanston Retail Space For Rent

      1,250 SF retail space with flexible configuration in Evanston.
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    • $15 SF/Yr

      Evanston Retail or Flex Space

      5,880 SF retail/flex space with bow truss roof.
      3012 Central St, Evanston, IL 60201
      View Details
    • $35 SF/Yr

      Evanston Retail Space For Lease

      Retail space in high-traffic Evanston location near Northwestern University.
      523 Davis St, Evanston, IL 60201
      View Details
    • Contact for pricing
      5,312 SF

      Evanston Retail Space For Rent

      10,061 SF retail space near Northwestern University.
      1700-1704 Sherman Ave, Evanston, IL 60201
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    • Contact for pricing
      2,720 SF

      Evanston Retail Space For Rent

      Retail space available at luxury apartment building near Northwestern.
      1890 Maple Ave, Evanston, IL 60201
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    • $23 SF/Yr

      Corner Retail Space Available

      1750 SF corner space ideal for restaurant or retail.
      1934 Maple Ave, Evanston, IL 60201
      View Details

    Property Visit Statistics

    • Visits by month
      2.9k
    • Visitors by month
      2.8k
    • Avg Time on site
      27 min
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    1941 Central St
    Evanston, IL 60201-2277
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    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
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