$ 362,000
2147 Ridge Avenue #2D Evanston, IL 60201
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$ 362,000
Est. payment /mo
Active
2147 Ridge Avenue #2D Evanston, IL 60201
4 Beds
2 Baths
UPDATED:
11/12/2024 06:07 AM
Key Details
Property Type Condo
Sub Type Condo
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12204434
Bedrooms 4
Full Baths 2
HOA Fees $485/mo
Year Built 1957
Annual Tax Amount $5,172
Tax Year 2023
Lot Dimensions CONDO
Property Description
This spacious 4-bedroom, 2-bath unit is located in a Northwestern University "student apartment" building, just a 13-minute walk from campus. Nestled on a peaceful and quiet street, it's highly popular with a range of tenants, including Northwestern students, faculty, staff, and other young professionals. The property is only 0.5 miles (a 10-minute walk) from the Purple Line's Noyes Station, with convenient access to local amenities including convenience stores, restaurants, and banks. A park is just a 3-minute walk away. Recently renovated in 2023, the unit is currently fully leased to Northwestern students, all of whom are on their second-year leases until 08/31/25. The annual rental income is 38,400 (parking not included). After deducting property taxes, insurance, and the HOA, the unit achieves a 7.5+ cap rate. With a 10-year equity multiple of 3.3X, an annual return rate of 22.97/100, and a projected cash-on-cash return of over 10/100 by year three, this is an ideal investment. The current owner has held the property for nearly 20 years, benefiting from stable and lucrative returns.
Location
State IL
County Cook
Rooms
Basement None
Interior
Heating Natural Gas
Cooling Window/Wall Units - 3+
Fireplace N
Exterior
Garage Attached
Garage Spaces 1.0
Waterfront false
View Y/N true
Building
Water Public
New Construction false
Schools
Elementary Schools Orrington Elementary School
Middle Schools Haven Middle School
High Schools Evanston Twp High School
School District 65, 65, 202
Others
Pets Allowed Cats OK, Dogs OK
HOA Fee Include Water,Insurance,Snow Removal
Ownership Condo
Special Listing Condition None
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Listed by Xiansong Liu • YOUMU VENTURES LLC