Essex Realty Group, Inc. has been exclusively engaged to market for sale 531-539 Hinman Ave., a 26-unit vintage courtyard apartment building located in Evanston, Illinois.
The Property, also known as Cheltenham Court Mansions, is available for sale for the first time in more than 50 years. The units are remarkably large, averaging 1,323 SF. All apartments feature separate kitchen, dining, and living rooms, a foyer, and large bedrooms. Apartments also feature vintage finishes with crown molding and hardwood floors throughout. Six of the twenty-six units have updated kitchens. Additional income is generated by 12 garage parking spaces and shared laundry in the basement.
The apartment rents are materially below market. For example, the three-bedroom units average $2,058, while the market rents for competing units are $2,400. There is significant rental upside with renovation, as three-bedroom units in the market are leasing for $3,500 and above.
531-539 Hinman Ave. is conveniently situated 0.1 miles from Chicago Avenue and South Blvd Purple Line, providing residents easy access to shopping and public transportation. The property is situated less than half a mile from Main St Purple Line and the Main UP-N Metra Station, providing access throughout Chicagoland. 531-539 Hinman Ave. is also ideally located less than half a mile from Lake Michigan, and 1.5 miles from Northwestern University.
Evanston, Illinois, an affluent suburb of Chicago, is located 14 miles north of Chicago’s Central Business District and is bordered by Skokie to the west, Wilmette to the north, and Lake Michigan to the east. Evanston is home to Northwestern University, which has a student population of approximately 16,000 undergraduate and graduate students. In addition, 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. The city’s diverse population includes students, university faculty, young professionals, and community-minded families.
According to Livability, in 2021 Evanston was ranked the 28th Best Place to Live in America, and according to Niche.com, Evanston is ranked as the 19th Best Town in America. 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 areas. Residents benefit from the multitude of community amenities including local eateries, boutiques, cafes, fitness options, parks, and trails.
- Extraordinary Courtyard Apartment Building in Premier Evanston Location with Units Averaging 1,323 SF
- First Time on the Market in 50+ Years
- One, Two, & Three Bedroom Units with Potential to add Bedrooms
- Multiple Value-Add Strategies
- Steps from Lake Michigan, Main St. Metra, and South Blvd. Purple Line Stations