1228 Oak Ave

Investment Overview

A well-located multifamily investment opportunity in desirable Evanston with value-add potential. With professional management, continued rent growth, and further operational improvements, the property offers an opportunity to increase NOI and potentially achieve a double-digit cap rate while providing investors with strong cash flow and long-term appreciation potential. The property consists of five legal apartment units with functional layouts that appeal to a broad tenant base. Most units have been renovated or improved within the past two years. The first floor includes three units. The first is a studio that was recently renovated. The second was originally configured as a two-bedroom, one-bath unit and has been converted by the current owner into a spacious one-bedroom apartment. The third is a one-bedroom unit currently occupied by a long-term tenant. The second floor was previously configured as a four-bedroom, two-bath apartment. The current owner divided the space into two separate living areas: a one-bedroom, one-bath unit and a three-bedroom, one-bath unit. The third floor features a two-bedroom, one-bath apartment with private stair access and a functional, well-sized layout. The unit was refreshed last year. The property is conveniently located near public transportation, neighborhood amenities, and green space. The Dempster Street Purple Line CTA station is approximately 0.4 miles away, about a five-minute walk. The Evanston Davis Street Metra station is approximately 0.7 miles away, about a three-minute drive or 15-minute walk. A neighborhood park is also just a one-minute walk from the property, providing residents with convenient access to outdoor and recreational space.

Investment Highlights

• Most units have been renovated within the last 3 years, plus a fully built-out 3b/1b garden unit
• 1.8 miles to Northwestern University — a 5-minute drive to campus, providing access to a strong tenant pool of students, faculty, and university staff.
• Besides many PhD/J1 students from Northwestern University, the top-rated schools nearby attract family tenants as well.
• 0.4 miles to Dempster Station, 10-minute walk to Trader Joe's, Jewel-Osco, and neighborhood banks/restaurants.