March 15, 2024 – Kelsey Zurweller and John Preston of Horvath & Tremblay have successfully completed the sale of four (4) multi-family units in Evanston, Illinois. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,500,000.
The multi-family investment property, located at 1026 Garnett Place in Evanston, Illinois, contains a total of four (4) residential units. The Property features a well-maintained three-story building that was constructed in 1925 with an addition completed around 1955. The Property is comprised of one (1), 5-Bedroom/2-Bathroom unit, one (1), 4-Bedroom/3-Bathroom unit, one (1), 3-Bedroom/2-Bathroom unit, and one (1), 1-Bedroom/1-Bathroom unit with 4,876 square feet of living area in 5,000 square feet of gross area on a 0.13-acre parcel. The property features an on-site laundry facility and parking for 8 vehicles (five surface spaces and three garage bays). The vinyl siding was replaced in 2018 and a tear off roof was completed in 2021. 1026 Garnett Place is well-located in a highly sought-after market that is typically fully occupied with very low historical vacancy. There is a limited supply of multifamily housing in Evanston with a high demand for rental units. The Property is positioned on a quiet tree-lined street along the northern perimeter of Evanston’s central business district and offers convenient access to the Foster CTA “L” Station (0.2-miles) and the Davis Street/Evanston Metra and Davis CTA “L” Stations (0.4-miles). The Property is also just 500 feet from a Pace Suburban Bus stop and is 0.5-miles from Northwestern University. 1026 Garnett Place also enjoys convenient access to downtown Evanston, Emerson Street and Chicago Avenue, one of the area’s primary commercial corridors. The Property is within 0.6-miles of Walgreens, 7-Eleven, Target, Whole Foods, Chili’s, Lou Malnati’s Pizzeria, and countless local boutique shops, restaurants, and bars. The area also benefits from its proximity to the beaches along Lake Michigan.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.