2147 Ridge AVE #3D Save Request In-Person Tour Request Virtual Tour
Evanston,IL 60201
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
Year Built 1957
Annual Tax Amount $5,981
Tax Year 2023
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
Interior
Heating Natural Gas
Cooling Window/Wall Units - 3+
Exterior
Garage Attached
Garage Spaces 1.0
Waterfront false
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
Special Listing Condition None
Pets Description Cats OK,Dogs OK