1228 Oak Ave 6 Unit Apartment Building $1,100,000 ($183,333/Unit) Evanston, IL 60202

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.