Property Overview

Interra Realty has been exclusively engaged to market a twenty (20) unit apartment building located at 171 N 25th Ave in Melrose Park, a western suburb of Chicago with a population of 25,411.


The property consists of nine (9) one-bedroom and eleven (11) two-bedroom apartments, including one (1) two-bedroom/two-bath unit. The property underwent an extensive adaptive reuse project in 2019, where the ground floor was converted from retail space into ten (10) ADA accessible apartments. The units were built out with individual HVAC, in-unit hot water heaters, new electrical service and plumbing. Additional capital improvements include a new main electrical service, new steel porches, many new windows, installation of a sprinkler system on the ground floor, a new parking lot and a new pitched roof.

Highlights

 

 

  • Strong In-Place Cash Flow
  • Several Capital Upgrades Completed Over Course of Ownership
  • Strong Suburban Rental Sub-Market
  • Many Units are ADA Accessible
  • On-Site Parking

Key Details

SALE PRICE
$1,600,000
NUMBER OF UNITS
20
CAP RATE
7.76%
YEAR BUILT
1946