Essex Realty Group, LLC has been exclusively engaged to market for sale 718-724 Hinman Ave., a stately 32-unit vintage courtyard apartment building located in Evanston, Illinois. The Property presents a compelling investment opportunity with multiple value-creation strategies in one of Chicago’s most stable and sought-after submarkets.

The Property consists of 18 one-bedroom and 14 two-bedroom apartments with 4 outdoor parking spaces. Each unit includes a dedicated storage space. The apartments are well-maintained but have older finishes, including older cabinetry, white appliances, and Formica countertops, though 10 units feature stone countertops. Furthermore, most kitchens have dishwashers and built-in microwaves.

Current in-place rents average $1,400 for one-bedroom units and $1,650 for two-bedroom units. Market analysis proves immediate upside potential of approximately $100,000 in additional annual gross income by bringing rents to current market rates in as-is condition. Strategic unit renovations incorporating modern finishes—updated cabinetry, stainless steel appliances, and contemporary countertops—can unlock rental premiums of 50% above current rents, translating to approximately $250,000 in additional income.

The Property is located in one of Evanston’s most desirable neighborhoods, approximately one-half mile from Lake Michigan and less than two miles from Northwestern University’s campus. The property is just a short walk from both the CTA Purple Line and Metra Union Pacific North Line service. Restaurants, retail, grocery, and shopping are also within walking distance.

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 total enrollment of approximately 22,000 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 of approximately 76,000 residents includes students, university faculty, young professionals, and communityminded families. Evanston is ranked #1 Best Place to Live in Cook County, #1 Best Suburb for Young Professionals in Illinois, and #59 Best Suburb to Live in America according to Niche’s 2025 rankings. Evanston Township High School is ranked 39th in Illinois and 933rd in the nation by U.S. News & World Report, and the city has received recognition for excellence in urban planning and community development. 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.

• 32 units with 18 1Bd/1Ba and 14 2Bd apartments
• Value-add opportunity through normalizing significantly below-market rents and/or unit upgrades
• 4 outdoor parking spaces and dedicated storage for each unit
• Prime Evanston location half a mile from Lake Michigan, less than two miles from Northwestern University, with walkable access to CTA Purple Line, Metra service, and downtown retail and dining