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32731618
32731634

629 W HOWARD ST, EVANSTON, IL 60202 For Sale

LW
IL IL 475139979
Triton Realty Group LLC
Listed by Triton Realty Group LLC
$769,000
62 days on market
Updated 62 days ago

629 W HOWARD Street

Details
APN 11302090240000
Property Type Mixed Use
Square Footage 4,941
Units 3
Cap Rate 5.30%
NOI $40,825
Occupancy 100%
Tenancy Multi
Rent Bumps Yes
Pro-Forma Cap Rate 8.00%
Pro-Forma NOI $61,525
Year Built 1924
Year Renovated 2012
Buildings 1
Stories 3
Lot Size (SqFt) 3,278
Zoning b3
Parking Spaces 3 spaces
Parking per 1,000 SqFt 0.61
Investment Type Stabilized
Ground Lease No

Rehabbed Mixed Use 3 Unit Investment Opportunity

Marketing description

Triton Realty Group presents 629 Howard - an attractive brick mixed use 3 unit building that offers a blend of immediate, stable cash flow and strong upside potential in Evanston's Howard corridor. The first floor is occupied by a well-established cocktail lounge/restaurant with an outdoor patio, providing reliable commercial income. Above are two spacious residential units. The property underwent a full gut rehab in 2012, including new electrical service, new copper plumbing, new windows, and completely updated unit interiors. The owner installed high-efficiency forced-air furnaces in 2017, completed a full roof tear-off in 2021, and performed extensive tuckpointing in 2024 - leaving the building in excellent structural and mechanical condition. Both second- and third-floor units are generously sized two-bedroom, one-bathroom residences featuring separate dining rooms and dens, in-unit laundry, and individual forced-air heating and cooling. Tenants pay their own utilities. There are three rear parking spaces that generate extra monthly income and a full, usable basement perfect for tenant storage or future expansion. This turnkey mixed-use asset combines dependable income with substantial rental upside - an ideal opportunity for investors seeking both cash flow and equity growth

Investment highlights

  • Turnkey Asset: Fully gut-rehabbed in 2012 with all-new mechanicals, electric, plumbing, in-unit laundry and a recent roof tear off.

  • Large residential units: (2) 2-Bed / 1-Bath (plus den) apartments with separate dining rooms.

  • Stable commercial tenant: Established cocktail lounge leases the ground floor commercial.

  • Value add components: Residential leases are severely under market. New owner can also monetize on the parking and basement space.

Listing Contacts

LW
IL IL 475139979
Triton Realty Group LLC
Listed by Triton Realty Group LLC

Valuation Calculator

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$40,825.00
$3,402.08/mo

Valuation Metrics

0
DSCR
5.31%
Cap Rate
5.31%
ROI

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Additional Information

Name
Luke Wojcik
License
IL 475139979
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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