ON MARKET – MULTI-FAMILY
1625 Hinman Ave. Evanston, IL 60201
PRICE
Subject To Offer
NUMBER OF UNITS
91
CAP RATE
0%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale “The Homestead” located at 1625 Hinman Ave., Evanston, IL ("the Property"). The Homestead is currently listed on the National Register of Historic Places and has operated as a boutique hotel and short-term rental for over 90+ years and is now offered to the market as a unique investment opportunity with several value-add strategies. The Property consists of thirty-five (35) efficiency units, twenty-one (21) studio units, thirty-five (35) one bedroom units and also features approx. 4,000 SF of first floor restaurant and lounge space.

The Homestead is conveniently located on a quiet street, just 0.2 miles from Northwestern University and only a few blocks from downtown Evanston, Lake Michigan and public transportation. Many of the apartments have views of Lake Michigan. This location provides guests and residents with easy access to restaurants, entertainment, grocery and fitness options available in downtown Evanston while also making the commute to downtown Chicago easily accessible.

Because of its ideal location and unique attributes, a purchaser may seek to reposition The Homestead as an apartment property, student housing property, senior housing property or rebranded boutique hotel. The Property is zoned R-6. Current configuration is fifty-six (56) apartment units and thirty-five (35) efficiency units. The Homestead holds a lodging license for twenty-eight (28) units.

Any prospective buyer that plans to make changes or alterations to the property or its operations should review all applicable requirements to determine what is permissible and its impact on operations.

LOCATION DETAILS

The Homestead is conveniently located on a quiet street, just 0.2 miles from Northwestern University and only a few blocks from downtown Evanston, Lake Michigan and public transportation. Many of the apartments have views of Lake Michigan. This location provides guests and residents with easy access to restaurants, entertainment, grocery and fitness options available in downtown Evanston while also making the commute to downtown Chicago easily accessible.

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.

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. Several recent multi-family developments along Ridge Avenue as well as the renovation of commercial buildings in downtown Evanston have successfully attracted new residents and visitors as well as high-end  dining options to the downtown area. This is evidenced by the opening of nearly two dozen new restaurants and breweries since the start of 2013.

Because of its ideal location and unique attributes, a purchaser may seek to reposition The Homestead as an apartment property, student housing property, senior housing property or rebranded boutique hotel.

HIGHLIGHTS
  • Renowned Homestead Hotel, A+ Evanston Location
  • Historic, One of a kind, 91-unit property
  • Substantial Value-Add Opportunity
  • Zoned for Multi-Family
  • Unit Mix: (35) 1Bd/1Ba, (21) Studio, (35) Efficiencies
  • 2 blocks from Northwestern campus, the Purple Line and Lake Michigan.
LISTING BROKERS
Doug Imber
President
773.305.4902
Doug Fisher
Principal
773.305.4910
Matt Feo
Director
224.305.4102