A 43-unit apartment building at 612 Sheridan Road in Evanston has changed hands for the first time in over 80 years for a price of $10.3 million.

The deal was announced Monday by Interra Realty, whose agents represented both the buyer and seller in the deal.

The sale price works out to a value of just under $240,000 per unit.

The building, at the intersection of Sheridan Road and Keeney Street, is just a block from Lake Michigan and two blocks from the city’s South Boulevard beach.

The seller is a private family group that has owned the property for more than 80 years and over three generations.

The property, 95% occupied at the time of sale, has 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units.

Built in 1918, 612 Sheridan Road has undergone recent capital expenditures by the former owners. Interra says the buyer, identified in the announcement only as a local real estate investor, plans to continue investing in the property, modernizing units and raising rents to improve cash flow.

“It’s understandable why the previous owners held onto 612 Sheridan Road for so many years, given its great condition and access to the lakefront and all the public amenities Evanston has to offer,” said Interra Senior Managing Partner Brad Feldman. “The exceptional location and the building’s solid bones are the main reasons why the asset commanded such a high price per unit.” 

Bill Smith is the editor and publisher of Evanston Now.

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