Essex Realty Group, Inc. is pleased to present 501-03 Sheridan Rd. a nine-unit, condominium building located a half block from South Boulevard Beach in the near north suburb of Evanston. Essex has been engaged to represent the 501-03 Sheridan association in the marketing of all the condominium units Per Section 15 of the Illinois Condominium Act.
The subject property is a three-story, L-shaped walkup style building. The unit mix consists of nine (9) two-bedroom one-bathroom units. The property has been modernized over the years to meet today’s rental needs with finishes varying from unit to unit. The rear of the building features a dedicated parking area with seven parking spaces, providing convenience for residents and additional income potential.
Recent improvements have further elevated the property’s appeal. Baseboard heat is provided by a Weil McLain boiler with R&D control system. The property benefits from separately metered electric with breaker panels located in the rear stairwell and a 600AMP main service. Additionally, domestic hot water is provided by an A.O. Smith hot water heater. The roof has been regularly maintained over the years and there is a mix of copper and galvanized plumbing throughout. Additionally, residents have access to two sets of coin operated laundry in the basement that is leased by the association.
Investors will find this opportunity particularly enticing, as there is substantial potential to increase rents across all layout types as well as additional income potential from the parking lot.
501-03 Sheridan Rd. represents a remarkable investment opportunity, offering an array of desirable features, recent improvements, and the potential for significant rental income in a A+ coveted lakefront location of Evanston.
*Sale will be subject to a formal HOA vote to enact Section 15 of the Illinois Condominium Act.*
Evanston, Illinois, a desirable suburb of Chicago, is located 14 miles north of the Chicago’s Central Business District. Bordered by Skokie to the west, Wilmette to the north and Lake Michigan to the east, Evanston is also the home of Northwestern University, which has student population of approximately 16,000 undergraduate and graduate students. Chicago’s Central Business District is easily accessible via the Davis Street and Central Street Metra Stations as well as several CTA Purple Line Stations conveniently located throughout central Evanston.
501-03 Sheridan Rd. is situated in the Evanston Township High School District 219. U.S.News & World Report ranked Evanston Township High School in their 2019, top 1,000 Public High Schools in the nations. Ranked in Forbes’ 2018 Top 25 Towns To Live Well List, Evanston, has a vibrant business community, healthcare, transportation systems and is surrounded by tree-lined streets, multi-million dollar single-family homes, beautiful parks, and lakefront access. Evanston has a diverse population that includes young professionals and community-minded families and features an abundance of high-end retail boutiques, trendy restaurants, cultural institutions, and outdoor activities.
The Evanston community has seen several recent multi-family developments along Ridge Avenue as well as the renovation of commercial buildings in downtown Evanston. These projects have successfully attracted new residents and visitors as well as high-end dining options to the downtown area.
- Prime Evanston Location
- Half Block from South Boulevard Beach & Park
- Condo Deconversion Opportunity
- Nine (9) Two Bedroom One Bathroom Layouts
- Many Recent Capital Improvements
- Phenomenal Rental Market with Significant Upside
- Seven (7) Exterior Parking Spaces