Property Overview

Warwick apartments is a 32 unit walk up style apartment building located in the Westmont Suburb of Chicago. The property features spacious 1 bedroom and 2 bedroom layouts. 28 of the 32 units have been fully renovated featuring stainless appliances, quartz counters, white shaker cabinets, wide plank vinyl flooring, updated bathrooms, in-bedroom vanity with sinks, modern lighting fixtures and freshly painted. The units are heated via hot water circulated baseboard heat. Major capital items have been addressed including replacing windows and roof repairs in 2018, copper plumbing, and in-unit breakers. In addition, there are 60 parking spaces, leased laundry, over-sized storage units, and a bonus room that can be used as an office or gym.

Warwick apartments is a very well performing property with strong in-place cash flow. New ownership has the opportunity to add value through operational efficiencies, pushing rents, utilizing the unused office space, or charging rent for the additional amenities.

Highlights

  • Great Suburban Location (Westmont)
  • Close Proximity to Train Station
  • Desirable Unit Mix
  • Strong In-Place Cash Flow
  • Value-Add Through Amenities & Operations

Key Details

Asking Price
$4,750,000
Number of Units
32
Lot Size
46,173 SF
Building Size
35,200 SF
Cap Rate
7.03%
Year Built
1973