Property Overview
Interra Realty has been exclusively engaged to market, 11001 Ridgeland Ave, an 11-unit California style brick building in Chicago Ridge. The property is comprised of of eleven (11) 1Bdr/1Ba apartments and an additional non-conforming studio apartment (not included in the financials and currently vacant).
All units are equipped with electric baseboard heat and gas stoves. Each unit has dedicated storage and an exterior parking space. Additionally, there is a common laundry room, which provides ownership supplemental income. Current ownership has renovated 5 of the 11 units with new flooring, counter tops and updated bathroom vanities.
Capital Improvements include main drain and sewer line upgrade, deck/porch reinforcements, windows and entry door replacements.
The subject investment property offers qualified investors a great opportunity to acquire a well-maintained property with a value-add component.
Highlights
- Excellent Southwest Suburban Location
- Value Add Opportunity Via Modernization of Apartments to Increase Rents by 13%
- Close Proximity to the Worth & Chicago Ridge Metra Stations and the
- Chicago Ridge Park District
- Low Sale Velocity in High Demand Neighborhood