Fully Leased 8-Unit Multifamily Gem Sells in Southeast Evanston: 200 South Blvd

Fully Leased 8-Unit Multifamily Gem Sells in Southeast Evanston: 200 South Blvd

Sale at a Glance

The sale of 200 South Blvd in Evanston marks another triumph for Triton Realty Group’s Luke Wojcik and Alex Summers, who secured $1,625,000 for this fully occupied 8-unit apartment building. Nestled in the heart of southeast Evanston, the property delivered a solid 6.51% cap rate and 9.88 gross rent multiplier, underscoring why repeat clients trust these brokers for consistent, top-tier results. Modern upgrades, prime walkability, and strong tenant demand make this a standout sale in Evanston’s multifamily market.

Sale Details

This transaction highlights the enduring appeal and strong fundamentals of high-performing multifamily assets in Evanston.

Brokers: Luke Wojcik and Alex Summers, Triton Realty Group
Sale Price: $1,625,000
Units: 8, all 2-bedroom/1-bath
Occupancy: 100% at time of sale
Location: Southeast Evanston, a block from the Purple Line, Lake Michigan, and popular shopping corridors
Annual Income: $174,440 in-place rent roll
Cap Rate: 6.51%
GRM: 9.88
Client Relationship: Recurring client

Property Highlights

This southeast Evanston apartment building seamlessly blends stability, lifestyle, and a compelling value-add story.

All Units Two-Bedroom: Each apartment offers spacious 2-bed/1-bath layouts, maximizing rental appeal.
Designated Parking: Every unit enjoys a private parking space, a rare amenity in the area.
Onsite Storage: Large basement storage cages for each unit add convenience and tenant value.
Recent CapEx Investments: Significant improvements include a new water heater (2024), electrical panels (2021), roof tear-off (2017), and windows (2013).
Turnkey Condition: Units are exceptionally maintained, allowing for immediate cash flow.
Top-Rated Schools: Located in the desirable Lincoln school district.

Key Investment Features

This property delivers a balanced offering of income, stability, and upside in one of Evanston’s most sought-after neighborhoods.

Fully Occupied at Sale: Provides instant, reliable cash flow from day one.
Rent Upside: Current rents below market offer long-term growth potential for the new owner.
Prime Walkability: Steps to transit, Lake Michigan, and vibrant retail on Chicago Ave.
Strong Tenant Profile: High demand due to location and unit mix ensures consistent occupancy.
Easy City Access: Seamless connectivity to downtown Evanston and Chicago.

Market Strategy and Positioning

This sale was propelled by a strategy focused on the property’s blend of stability and upside—an irresistible combination for today’s multifamily investors. By highlighting the recent capital improvements and the walk-to-everything lifestyle, Triton Realty Group positioned the asset as a turnkey investment with room for growth. Their deep-rooted relationships and precise marketing to proven buyers enabled a swift transaction at a competitive price, reinforcing the value of working with experienced brokers who truly know the Evanston market.

Frequently Asked Questions (FAQs)

This southeast Evanston multifamily sale inspires questions about investment returns, property features, and neighborhood appeal.

What recent improvements have been made to the building?
Major updates include a new water heater in 2024, electrical panels in 2021, a complete roof tear-off in 2017, and new windows in 2013.
Why do tenants choose this property over others in Evanston?
Tenants love the spacious two-bedroom layouts, dedicated parking, extra storage, and unbeatable walkable location.
Is there upside potential for new ownership?
Yes, current rents are below market, presenting significant opportunity for increased income.
How does the property’s location impact investment value?
Proximity to public transit, Lake Michigan, top schools, and retail corridors ensures lasting tenant demand and value appreciation.
What type of investor was attracted to this opportunity?
The asset appealed to buyers seeking stable income, low maintenance, and long-term growth in a high-demand submarket.