Property Description

Attractive mixed-use investment opportunity in Evanston's highly desirable Dempster corridor. Property features a 2,200 SF commercial restaurant space with basement storage, two second-floor residential units, a large shared sun deck, and separately rented garage spaces. Commercial and residential tenants are month-to-month, with one residential unit currently vacant, providing immediate leasing, owner-user, value-add, or repositioning potential. Current rents are well below market, creating significant upside potential. Based on conservative rent projections using the lowest competing rents currently being marketed in the area, the property has the potential for an approximate 11.2% pro forma cap rate at the current asking price. All units are separately metered, tenants pay their own utilities, and the commercial tenant pays approximately 70% of the water bill plus its own trash service. Formerly configured as a dental office, the entire second floor could easily be converted back to professional office use for medical, dental, legal, accounting, insurance, or similar users. Strong visibility, excellent traffic counts, flexible mixed-use configuration, and significant upside make this a compelling opportunity for investors and owner-users alike. Restaurant business is NOT for sale; real estate only. Property sold AS-IS. Seller is a licensed Illinois Real Estate Agent.

Property Features