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    Property profile & analytics

    Evanston, IL 60201

    • Retail space
    OFF-MARKET
    Last Sale
    Nov 24, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3444929
    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

    • Retail space

    Property Details

    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    11-18-126-021
    APU
    1118126021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Evanston
    County
    Cook
    State
    Illinois
    Longitude
    -87.6823
    Latitude
    42.0492
    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
    $131,898
    $54,512
    $504,238
    $558,750
    -
    $218,048
    $2,016,952
    $2,235,000

    Comparable in this City

    • 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
      $460,000
      0.27 Acres

      1026 Davis St

      STORE, RETAIL OUTLET • 0.27 Acres
      1026 Davis St, Evanston, IL 60201-3610
      View Details
    • Value Estimation
      $410,000
      0.15 Acres

      618 Davis St, Unit 20

      STORE, RETAIL OUTLET • 0.15 Acres
      618 Davis St, Evanston, IL 60201-4419
      View Details
    • Value Estimation
      $425,000
      0.50 Acres

      2121 Ashland Ave

      STORE, RETAIL OUTLET • 0.50 Acres
      2121 Ashland Ave, Evanston, IL 60201-3014
      View Details
    • Value Estimation
      $385,000
      0.10 Acres

      3008 Central St

      STORE, RETAIL OUTLET • 0.10 Acres
      3008 Central St, Evanston, IL 60201-1101
      View Details
    • Value Estimation
      $400,000
      0.13 Acres

      1565 Sherman Ave

      STORE, RETAIL OUTLET • 0.13 Acres
      1565 Sherman Ave, Evanston, IL 60201-4421
      View Details

    Similar Nearby for Sale

    • $795,000
      2,949 SF

      Evanston Retail Property For Sale

      Retail property in Evanston, available for the first time in 42 years.
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    • $499,000
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      Evanston Retail Business Opportunity

      Established Evanston liquor store business for sale in prime location.
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    • 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
    • Contact for pricing

      Evanston Retail Intersection Location

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

      Evanston Multifamily Investment

      14-Unit Apartment Building, High ROI
      2725-27 Central St, Evanston, IL 60201
      View Details

    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.
      2603-2609 Broadway Ave, Evanston, IL 60201
      View Details
    • $36 SF/Yr

      Prime Evanston Retail Corner Space

      Retail corner space in high-traffic Evanston location near Northwestern.
      1000 Foster 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
      View Details
    • $2,500 /Mo
      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
    • $12 SF/Yr
      5,527 SF

      Evanston Office Space: Free Rent!

      Downtown Evanston office suites, 600-1327 sq ft.
      518 Davis St, Evanston, IL 60201
      View Details
    • $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
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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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