The Homestead, a 91-unit boutique hotel at 1625 Hinman Ave. in Evanston, has been listed for sale with Essex Realty Group in Chicago.
The property, owned since 1992 by a venture headed by David Reynolds, was constructed in 1927 and is listed on the National Register of Historic Places.
Essex says the building has 35 efficiency units, 21 studios and 35 one-bedroom units, along with 4,000 square feet of ground floor restaurant and lounge space. It is located a couple blocks south of the Northwestern University campus.
The listing, which doesn’t mention a price, suggests a purchaser might want to reposition the building as “an apartment property, student housing property, senior housing property or rebranded boutique hotel.”
After an appeal, the Cook County Assessor recently valued the property at $1.7 million, less than half the value the assessor had initially applied to the property earlier this year.