Property 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
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Property Details
Property Type
Mixed Use
Year Built
1924
Year Renovated
Current Cap-Rate
5.30%
Pro Forma Cap-Rate
8.00%
Property 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.