Evanston Apartments Fetch Nearly $175K Per Unit
Interra Realty’s Brad Feldman represented both the seller, Robinson Rentals, and private buyer in the $6.4-million sale of 909 Washington St., a 37-unit apartment building in the northern suburb of Evanston, IL. The price per unit was $173,000.
“One fundamental that has been reinforced during the pandemic is the importance of location, location, location,” said Feldman. “Evanston is a highly sought-after submarket where vintage buildings like this don’t trade often. The fact that the property retained near 100% occupancy and rent collection over the past year only added to its appeal, as reflected by the strong price per unit.”
909 Washington includes 19 one-bedroom and 18 two-bedroom units. Robinson Rentals had owned the building for 43 years and completed renovations on about half of the apartments, which have updated kitchens and baths. The new owner plans to continue unit upgrades, increasing rents to market value upon completion.
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