Homes for Sale - 2147 Ridge AVE #3D, Evanston, IL 60201 (MLS#12204718)

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Curtis Crotty

curtis@thecrottygroup.com +1(847) 602-3296

$ 365,000

Est. payment -/mo

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Active Under Contract

2147 Ridge AVE #3D Evanston, IL 60201

4 Beds

2 Baths

UPDATED:

11/21/2024 06:31 PM

Key Details

Property Type Condo

Sub Type Condo

Listing Status Active Under Contract

Purchase Type For Sale

MLS Listing ID 12204718

Bedrooms 4

Full Baths 2

HOA Fees $485/mo

Rental Info Yes

Year Built 1957

Annual Tax Amount $5,981

Tax Year 2023

Lot Dimensions CONDO

Property Description

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.

Location

State IL

County Cook

Area Evanston

Rooms

Basement None

Interior

Heating Natural Gas

Cooling Window/Wall Units - 3+

Fireplace N

Exterior

Parking Features Attached

Garage Spaces 1.0

Building

Dwelling Type Attached Single

Story 3

Water Public

New Construction false

Schools

Elementary Schools Orrington Elementary School

Middle Schools Haven Middle School

High Schools Evanston Twp High School

School District 65 , 65, 202

Others

HOA Fee Include Water,Insurance,Snow Removal

Ownership Condo

Special Listing Condition None

Pets Allowed Cats OK, Dogs OK

Listed by Xiansong Liu • YOUMU VENTURES LLC