Property Overview

Interra Realty has been exclusively engaged to market 1 North Chestnut Avenue, Arlington Heights for sale. The offering consists of a 5 story, 40 unit condominium building in the Village of Arlington Heights with an exterior parking lot. Currently one entity owns 19 of 40 units in the complex. The property is being offered for sale as a whole via condominium deconversion, pending approval by 75% of the ownership.

The unit mix consists of 21 one-bedroom and 19 two-bedroom, two-bath units. Additionally, there are 24 garage spaces and 30 exterior spaces. The property was converted to condominiums in 2005 and is ideally situated in downtown Arlington Heights, close to public transportation, parks, retail and restaurants.

The subject investment offers a qualified investor the rare opportunity to acquire a generational asset within a low velocity submarket. Immediate value can be added through operational efficiencies and branding the property as a true rental community.

Learn more about this transaction here

Highlights

  • Condo Deconversion Opportunity
  • Rarely Available Five Story Elevator Building
  • Currently One Entity Owns 19 of 40 Units
  • Located in Downtown Arlington Heights, Steps from Metra Train, Shops & Restaurants
  • Twenty-Four Garage and Thirty Off -Street Parking Spaces
  • Brick & Flexicore Construction

Key Details

SALES PRICE
$9,700,000
NUMBER OF UNITS
Forty (40)
NUMBER OF PARKING SPACES
Fifty-Four (54)
SUBMARKET
Northwest Suburbs
Transaction Date
2022