Essex Realty Group Closes Sale of 18-Unit Multifamily Property in Melrose Park, IL
CHICAGO, IL – Essex Realty Group, LLC announced the successful sale of 1910–1912 Division Street, an 18-unit multifamily property in Melrose Park, Illinois. Director Karla Galva represented both the seller and buyer in the transaction.
Transaction Summary
| Sale Price | Not Provided |
|---|---|
| Property | 1910–1912 Division Street |
| Neighborhood | Melrose Park, IL |
| Property Type | Multifamily Apartment Building |
| Unit Count | 18 units |
| Representation | Seller and buyer representation by Essex Realty Group |
| Transaction Team |
Karla Galva, Director
|
1910–1912 Division Street Property Overview
The 18-unit apartment building at 1910–1912 Division Street consists of twelve one-bedroom, one-bathroom apartments and six two-bedroom, one-bathroom apartments. In addition, the property has benefited from several capital improvements.
Recent upgrades include new electrical and plumbing systems, a boiler, hot water heater, windows, and tuckpointing. The apartments also feature remodeled kitchens and bathrooms. Furthermore, the building was 100% occupied at the time of sale and generates supplemental income through on-site laundry facilities.
As a result, the property offers an established income stream and a solid foundation for continued investment.
Multifamily Investment Opportunity and Rental Upside
The offering attracted strong investor interest due to its stable in-place income and below-market rents. This opportunity was particularly evident among the two-bedroom apartments.
Consequently, the incoming owner has an opportunity to increase rental revenue through natural lease turnover. This strategy provides potential income growth without requiring a significant renovation program.
Broker Representation
Essex Realty Group Director Karla Galva represented both the seller and buyer in the sale of 1910–1912 Division Street. The transaction achieved a record-breaking price per unit for a multifamily property in Melrose Park with more than 12 units.
“Investor demand for quality multifamily assets throughout Chicagoland’s western suburbs remains strong. 1910–1912 Division Street presented a compelling opportunity to acquire immediate scale in a highly desirable location, with extensive capital improvements adding to its appeal. The record-breaking price per unit for a multifamily property in Melrose Park with more than twelve units underscores the strength of the market and investors’ willingness to pay a premium for well-positioned assets,” said Director Karla Galva.
Melrose Park Location and Neighborhood Amenities
Located in Melrose Park, Illinois, 1910–1912 Division Street offers convenient access to public transportation and major roadways. The property is near the Melrose Park Metra station on the Union Pacific West Line. Additionally, residents benefit from access to Interstates 290 and 294.
Nearby employment centers include Gottlieb Memorial Hospital and Loyola University Medical Center. These major employers support the property’s appeal to renters seeking convenient access to jobs throughout the western suburbs.
Work With Essex Realty Group
Essex Realty Group provides specialized investment sales advisory for multifamily and mixed-use properties throughout Chicago and the surrounding suburbs.
Contact our team to discuss your next multifamily acquisition or disposition.
About Essex Realty Group
Essex Realty Group is a Chicago-based commercial real estate brokerage specializing in the sale and acquisition of mid-market multifamily and mixed-use properties.
Since 1990, the firm has provided investment sales expertise to owners, investors, and developers throughout Chicago and the surrounding suburbs.
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