This spacious top-floor 4-bedroom, 2-bath unit is located in a Northwestern University "student apartment" building, just a 13-minute walk from campus. Nestled on a peaceful and quiet street, it's highly popular with a range of tenants, including Northwestern students, faculty, staff, and other young professionals. The property is only 0.5 miles (a 10-minute walk) from the Purple Line's Noyes Station, with convenient access to local amenities including convenience stores, restaurants, and banks. A park is just a 3-minute walk away. Recently renovated in 2023, the unit is currently fully leased to Northwestern students, all of whom are on their second-year leases until 08/31/25. The annual rental income is 38,400 (parking not included). After deducting property taxes, insurance, and the HOA, the unit achieves a 7.5+ cap rate. With a 10-year equity multiple of 3.3X, an annual return rate of 22.97/100, and a projected cash-on-cash return of over 10/100 by year three, this is an ideal investment. The current owner has held the property for nearly 20 years, benefiting from stable and lucrative returns.
Room Features
Basement DescriptionNone
Lot & Building Features
CoolingWindow/Wall Units - 3+
HeatingNatural Gas
Parking DescriptionGarage
Tax Year2023
WaterPublic
Lot DimensionsCONDO
Community and Schools
Elementary School65
Junior High SchoolHaven Middle School
Senior High SchoolEvanston Twp High School
Price History of 2147 Ridge, Evanston, IL
Date
Name
Price
Difference
12/31/1969
Listing Price
$365,000
N/A
*Information provided by REWS for your reference only. The accuracy of this information cannot be verified and is not guaranteed.
2147 Ridge (MLS #12204718) is a single family home located in Evanston, IL.
This property was listed on 11/06/2024 and has been priced for sale at $365,000.
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Listing information courtesy of: YOUMU VENTURES LLC