$1,899,995
Investment Summary
- Monthly Cash Flow
- -$12,837
- Cap Rate
- -2.4%
- Cash-on-Cash Return
- -35.3%
- Debt Coverage Ratio
- -0.43
- Internal Rate of Return (5 years)
- -29.9%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
INSANE views from EVERY ROOM in this designer home in Evanston's Luxury residences at Optima Views. ZESTIMATE: $1,906,700. DUPLEX PENTHOUSE WITH AN IN-UNIT ELEVATOR DESIGNED BY AWARD-WINNING ARCHITECT- DAVID HOVEY. Elegant 3 beds- 3.5 baths- 3 parking in this Huge top floor unique Duplex Property with approximate 3,608 sq. ft. plus 227 sq. ft. in Balconies giving this amazing unit plenty of natural light from every room and endless panoramic breathtaking views of Downtown Chicago/Evanston and the Lake (Helicopter views), floor-to-ceiling windows, and extra high ceilings. The one-of-a-kind kitchen features top-of-the-line stainless steel appliances, new backsplash, an island, and white cabinets. The living room, dining room, kitchen, half bath, and balcony are located on the main floor, and the bedrooms, bathrooms, and storage rooms are on the second floor. The primary suite offers a huge walk-in closet, a primary bath with double vanity, a bathtub, and a standing shower with double shower heads. The unit is also appointed with three private balconies with amazing outdoor space, a laundry room, a private elevator, 3 indoor heated parking spaces, and a storage locker. This luxury property looks like a movie set! All of this is in a Well-Managed building with amenities that include a beautiful lobby with 24-hour door staff, an indoor pool, a jacuzzi, a 3,000 sq. ft. fitness center with state-of-the-art equipment, a large bike room, a recycling area, and a 4th-floor deck with Room & Board patio furniture & business center. Parking Spaces 149, 151, 152, and Storage Locker 87 are Limited Common Elements. Basic cable/Internet and gas are included in the assessment. The Optima Views building received the Distinguished Building Award from the Chicago Chapter of the American Institute of Architects in 2005. Home to world-class Northwestern University, Evanston residents have plenty to cheer about - from watching Big Ten sports and enjoying cultural events to exploring academic pursuits to vibrant lakefront wellness and romantic evenings at Amy Morton restaurants. Walker's Paradise score 95, you do not require a car to run daily errands, with easy access to the Lakefront, beaches, Music venues, wellness spas, Northwestern hospital & North shore Medical Care, highly-sought after restaurants, shopping, a new 12-screen AMC movie theatre, and we are proud Northlight Theatre is coming home. Feels like a traditional home soaring in the sky! Seller's Market in this building. Modern design pictures 2-41 are virtually staged to give you an idea of what you could bring to the table with your unique creative design. Special Assessment remaining balance: $31,162.50 due July 1st, 2025, for Building Chiller Replacement. Reserves: $2,540,651.37. Evanston is the #1 place to live in Cook County
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Location
Property Details
Parking
- Description: Garage
- Details: Garage Door Opener, Heated Garage, On Site, Attached, Garage
- Garage Spaces: 3
- Spaces Total: 3
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 3
- # of Baths (Partial): 1
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 7
- # of Stories: 27
- Basement Description: None
Exterior Features
- Foundation: Concrete Perimeter
HOA
- Has HOA: Yes
- HOA Fee: $5,385/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 11181170141197
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 2002
Tax Information
- Annual Tax: $56,882
Utilities
- Heating: Natural Gas
- Cooling: Central Air
Location
- County: Cook
Listing Details
Investment Summary
- Monthly Cash Flow
- -$12,837
- Cap Rate
- -2.4%
- Cash-on-Cash Return
- -35.3%
- Debt Coverage Ratio
- -0.43
- Internal Rate of Return (5 years)
- -29.9%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $1,899,995 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,519,996 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $379,999 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $57,000 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $436,999 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 0 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| n/a |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| n/a |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,519,996 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 5.875% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $8,991 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $4,740 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $637 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $14,368 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $9,100 | $109,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$546 | -$6,552 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $8,554 | $102,648 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 52% | -$4,740 | -$56,882 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$637 | -$7,644 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$728 | -$8,736 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$455 | -$5,460 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$455 | -$5,460 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 59% | -$5,385 | -$64,620 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 136% | -$12,400 | -$148,802 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| -$3,846 | -$46,152 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$8,991 | -$107,892 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $12,837 | $154,044 |