Bulk Condo Opportunity Comes to Market in Skokie

May 26, 2022

Chicago-based investment real estate brokerage firm Essex Realty Group, Inc. is exclusively marketing an exceptional garden-style condominium property located at 10111-10117 Old Orchard Ct. in the north Chicago suburb of Skokie, IL. There are 48 condo units total in the complex, and this bulk condo opportunity is comprised of 32 units, a mix of one- and two-bedroom units, and 32 parking spaces. The property is being offered as a bulk condominium opportunity with a likely path to a condominium deconversion under Section 15 of the Illinois Condominium Act, provided the investor acquires four additional units.

The units were converted to condos in 2007 and feature hardwood floors, granite countertops, stainless steel appliances, built-in microwave, dishwasher, and a private patio or balcony. Additionally, the property participates in a master association that covers all common area expenses such as common area cleaning, trash removal, landscaping, snow removal, common insurance, driveway maintenance and common area maintenance creating several management efficiencies.

“With such high demand for suburban apartment communities of larger scale, and a lack of supply, this is a fantastic opportunity for investors to acquire a sizeable property in a great location at the border of Wilmette and Skokie.” explains Essex director and listing broker Matt Feo. Feo and Brian Karmowski are the brokers on the transaction. This opportunity is listed for sale at $4,480,000.

10111-10117 Old Orchard Ct. is extremely well-located 0.5 miles from Interstate 94, 1.5 miles from Skokie Swift (CTA Yellow Line) and 2.5 miles from the Central Street Metra station in Evanston. In addition, the Property is also situated adjacent to Westmoreland Country Club, steps from Westfield Old Orchard Shopping Mall, and less than 1 mile from Northshore Skokie Hospital that employs over 10,000+ workers.

Condo deconversions continue to remain popular among Chicago-area investors. Essex recently closed an 80-unit condo deconversion in East Lakeview in April 2021.

Tagged in this post: Matt Feo , Brian Karmowski