Essex Lists Two Apartment Buildings in Summit
CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced it has been exclusively engaged to market for sale 7349 W. 57th St. and 7631 W. 63rd Pl., two apartment buildings located in the southwest suburb of Summit.
7349 W. 57th St. is a 17-unit apartment building comprised of all 1-bedroom/1-bathroom units. 15 of the 17 units have been recently rehabbed. The building operates with electric baseboard heat, significantly reducing operating expenses. Current rents provide a strong 7.12% capitalization rate and a Gross Rent Multiplier (GRM) of 7.78, offering stable existing cash flow.
7631 W. 63rd Pl. is an 18-unit apartment building that offers a mix of four 1-bedroom/1-bathroom units, nine 2-bedroom/1-bathroom units, and five 3-bedroom/1-bathroom units. 12 of the 18 units have been recently rehabbed, and the building also operates with electric baseboard heat. Current rental rates deliver an attractive 7.71% capitalization rate and a Gross Rent Multiplier (GRM) of 7.74. With rents significantly below market, there’s an immediate opportunity to boost rental income by nearly 20%.
The properties are listed by Essex Director Anthony Citriglia. According to Citriglia, “These properties offer investors strong in-place cash flow with immediate upside through rental increases,” said Essex Director Anthony Citriglia. “Both buildings are well-maintained and located in a high-demand rental market.”.” 7349 W. 57th is listed at $1.8MM, and 7631 W. 63rd is listed at $2.05MM.
Situated about 13 miles southwest of downtown Chicago, Summit is a small suburban community covering just over two square miles. The village has a mix of residential, commercial, and industrial areas, with housing options that include single-family homes, townhouses, and apartment buildings. The area offers several transportation options that provide convenient and affordable access to the city and surrounding areas, including the Summit Metra Station on the Heritage Corridor Line, access to two nearby expressways, I-55 and I-294, and the Chicago Midway International Airport, which is located less than 5 miles away and offers both domestic and international flight connections.