Condo Deconversion Comes to Market in Park Ridge
Chicago-based investment real estate brokerage firm Essex Realty Group, Inc. is exclusively marketing an exceptional 16-unit condominium property located at 1033 Peterson Avenue in the Chicago suburb of Park Ridge, IL. Listed for $5,300,000, the property is comprised of a mix of two- and three-bedroom units, 27 garage parking spaces and nine outdoor surface spaces. The property is being offered as a condominium deconversion opportunity under Section 15 of the Illinois Condominium Act.
“Nearly 94% of the condominiums are renter-occupied. Furthermore, 88% of the association has already indicated the desire to participate in a bulk sale,” explains Essex director and listing broker Brian Karmowski. Karmowski and Director Anthony Citriglia are the brokers on the transaction.
Built in 2007, this elevator building is situated in an excellent location just steps from the Cumberland Blue Line Station and I-90. The convenient location affords tenants with all the amenities of Park Ridge within close proximity, including numerous parks, restaurants and access to a highly-rated school system.
“The property is phenomenal and arguably one of the best-built residential properties in Park Ridge. The building was constructed with pre-cast concrete, and the units feature hot water radiant heat in each floor. Rents are currently 10%-25% below market, allowing a new owner the potential to realize significant increases in returns with minimal work,” added Citriglia.
Condo deconversions continue to remain popular among Chicago-area investors. Essex recently closed an 80-unit condo deconversion in East Lakeview in April 2021.
Essex Realty Group, Inc. is a leading mid-market brokerage firm that specializes in the sale of investment real estate throughout the Chicago metropolitan area. Visit www.essexrealtygroup.com for access to our multi-family listings and more information.