Interra Realty announced the $5.2 million sale of 908 Main Street, a 27-unit vintage apartment building in Evanston, Illinois, a north suburb of Chicago. The price per unit was $192,600.
Interra senior managing partner Brad Feldman represented seller, Robinson Rental, an Evanston-based, family-owned company that has owned the property since the 1980s. Feldman also represented the confidential international buyer, which plans to increase rents to market rate as units turn over.
Despite COVID-19 challenges and some uncertainty around Cook County commercial real estate assessments, Feldman was able to secure more than 24 tours of the property and six written offers, which drove the price above list.
“Evanston is a highly sought-after submarket, and buildings of this size don’t trade often here,” said Feldman. “This is a beautiful, updated vintage property close to the trains for commuting downtown, which is still a draw even though many people are working from home for now. We were able to guide the longtime owners to national and even international prospective buyers, ensuring they received a great price.”
Built in 1913 and last renovated in the 2000s, 908 Main includes 15 one-bedroom and 12 two-bedroom units. It also has 24 parking spaces. The building was fully occupied at the time of the sale and had 100 percent rent collections in 2020.
908 Main is about 10 miles from downtown Chicago and served by several bus routes. In addition, the CTA Purple Line and Metra Union Pacific North Line stations at Main Street are just two blocks east of the property.