Property Overview

Interra Realty has been exclusively engaged to market 450-480 West 16th Street in Chicago Heights for sale. The offering consists of 98 units across 4 adjacent buildings and 120 parking spaces.

The four buildings are comprised of 23, 23, 26 and 26 units and offer an attractive unit mix of studio, one, two and three bedroom units. The buildings all feature new tear-off roofs and 80% of the windows have been replaced. The properties are heated through hot water baseboard boiler systems and cooled through window A/C units.

Approximately 35% of the units are currently vacant, offering a new investor the opportunity to acquire value-add buildings, and stabilize the properties to achieve strong returns.

Highlights

  • Major Re-Positioning Opportunity
  • Long Term Owner, With High Vacancy
  • 98 Unit, Garden Style Complex
  • Four Total Buildings With Attractive Unit Mix
  • 120 Parking Spaces

Key Details

Asking Price
$4,700,000
Number of Units
98
Number of Buildings
4
Lot Size
88,862 SF
Building Size
75,250 SF
Stabilized Cap Rate
8.4%
Year Built
1971