Essex Realty Group, LLC has been exclusively engaged to market for sale 1400 Chicago Ave., a 63-unit, eight-story apartment building located in downtown Evanston. The Property consists of twenty (20) studios and forty-three (43) one-bedroom apartments. The Offering also includes a surface parking lot with ten (10) spaces.
The apartments feature a range of finishes. Seventeen (17) apartments have been fully renovated, featuring updated kitchens and baths with new granite countertops, stainless steel appliances, and cabinetry as well as upgraded electrical, plumbing, and flooring. Six (6) apartments have been partially updated with new flooring, countertops, and appliances. Forty (40) units maintain vintage finishes.
Heat is provided via a central boiler with baseboard distribution. All units have at least one through-the-wall air conditioner. The Property offers shared laundry facilities with three washers and three dryers (leased). 1400 Chicago has been well maintained by current ownership, investing heavily in several recent capital improvements including all new windows throughout (2020), new boiler (2019) and full elevator system replacement (2024).
As the enclosed rental survey demonstrates, current rents are approximately 20% below market as-is, or $235/unit/month on average. New ownership may be able to increase annual rental income by roughly 20% by increasing rents to market as units turn. Alternatively, new ownership may pursue a property modernization plan that includes upgrading common areas as well as the 46 vintage and partially rehabbed units. Such improvements may provide a new owner with a 30% increase in annual rental income.
The Property is ideally situated steps from the Dempster CTA Station CTA (Purple Line), providing direct service to Chicago’s Central Business District. 1400 Chicago’s desirable location also provides residents close proximity to downtown Evanston’s vibrant mix of shopping, dining, and entertainment, as well as Northwestern University, the Davis St. Metra Station (UP-N) and the Evanston Lakefront.
Evanston, Illinois, is an affluent suburb 13 miles north of downtown Chicago, bordered by Skokie, Wilmette, and Lake Michigan. Home to Northwestern University’s 22,000 students, Evanston features a strong business community, excellent transit, and a mix of tree-lined streets, high-value homes, and lakefront access. The city, ranked the #1 suburb for young professionals in Illinois by Niche.com, has seen new multifamily and commercial developments that continue to attract residents, businesses, and high-end dining. Residents enjoy abundant amenities including local eateries, boutiques, cafés, fitness options, parks, and trails.
- Rarely Available Downtown Evanston Asset
- Significant Rental Upside – 20% As-Is, 30% Rehabbed
- Several Recent Capital Improvements, Including New Boiler, Windows, and Elevator
- Forty-Three (43) 1Bd/1Ba and Twenty (20) Studios
- Steps to Dempster CTA, Davis St. Metra, and Northwestern University