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1228 Oak Ave 6 Unit Apartment Building $1,525,722 CAD ($254,287 CAD/Unit) Evanston, IL 60202
Investment Highlights
- Top-rated schools within 0.5 miles
- 1.8 miles to Northwestern University — a 5-minute drive to campus, a major driver of steady rental demand in this submarket
- Under 1 mile to Downtown Evanston — close to the Davis St/Sherman Ave core, with shops, dining, and the CTA Purple Line at Davis St Station
- 13 miles to Downtown Chicago / The Loop — roughly 20 minutes by car or 26 minutes via Metra, making it commutable for Chicago-based renters.
Executive Summary
This legal six-unit multifamily property presents a value-add investment opportunity in the highly desirable Evanston market. With new management and continued rental growth, the property has the potential to achieve the cap rate in the 8%–9% range, offering investors strong cash flow and appreciation.
The building consists of six apartments with functional layouts that appeal to a broad tenant base. Several units have been renovated within the last two years, featuring modern kitchens, updated bathrooms, new flooring, and other interior improvements that enhance tenant appeal and rental value. These upgrades help minimize future capital expenditures while supporting strong occupancy and tenant retention. New bathrooms and kitchens, fresh paint.
Additionally, the property is just a 1-minute walk from a neighborhood park, providing residents with convenient access to green space and recreational amenities.
The property is conveniently located just a 5-minute walk from the Dempster Street Purple Line CTA station, approximately 0.4 miles away. It is also near the Evanston Davis Street Metra station, about 0.7 miles away, roughly a 3-minute drive or 15- minute walk. Additionally, the property is just a 1-minute walk from the neighborhood
park, offering residents easy access to green space and nearby amenities.
The building consists of six apartments with functional layouts that appeal to a broad tenant base. Several units have been renovated within the last two years, featuring modern kitchens, updated bathrooms, new flooring, and other interior improvements that enhance tenant appeal and rental value. These upgrades help minimize future capital expenditures while supporting strong occupancy and tenant retention. New bathrooms and kitchens, fresh paint.
Additionally, the property is just a 1-minute walk from a neighborhood park, providing residents with convenient access to green space and recreational amenities.
The property is conveniently located just a 5-minute walk from the Dempster Street Purple Line CTA station, approximately 0.4 miles away. It is also near the Evanston Davis Street Metra station, about 0.7 miles away, roughly a 3-minute drive or 15- minute walk. Additionally, the property is just a 1-minute walk from the neighborhood
park, offering residents easy access to green space and nearby amenities.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$142,429
|
$27.69
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$142,429
|
$27.69
|
| Taxes |
$34,670
|
$6.74
|
| Operating Expenses |
$24,285
|
$4.72
|
| Total Expenses |
$58,955
|
$11.46
|
| Net Operating Income |
$83,474
|
$16.23
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $142,429 |
| Annual Per SF | $27.69 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $142,429 |
| Annual Per SF | $27.69 |
| Taxes (CAD) | |
|---|---|
| Annual | $34,670 |
| Annual Per SF | $6.74 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $24,285 |
| Annual Per SF | $4.72 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $58,955 |
| Annual Per SF | $11.46 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $83,474 |
| Annual Per SF | $16.23 |
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $1,977 CAD | 800 |
| 2+1 | 1 | $3,121 CAD | - |
1 1
Very walkable
80/100
Fairly drivable
40/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 11-19-101-015-0000 | Total Assessment | $152,572 CAD (2025) |
| Land Assessment | $22,719 CAD (2025) | Annual Taxes | $34,670 CAD ($6.74 CAD/SF) |
| Improvements Assessment | $129,853 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
11-19-101-015-0000
Land Assessment
$22,719 CAD (2025)
Improvements Assessment
$129,853 CAD (2025)
Total Assessment
$152,572 CAD (2025)
Annual Taxes
$34,670 CAD ($6.74 CAD/SF)
Tax Year
2026
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1228 Oak Ave
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