Essex Realty Group, Inc. is pleased to announce the sale of 1033 Peterson Avenue, a 16-unit multi-family property located in the highly coveted Chicago suburb of Park Ridge. Essex represented both the buyer and seller in the transaction.
The Property was offered as a condominium deconversion opportunity under Section 15 of the Illinois Condominium Act. The 16-unit, elevator building was constructed in 2007 and is comprised of (14), 2 bedroom and (2), 3 bedroom units. The Property features a heated parking garage consisting of 27 spaces; additionally, 9 surface spaces are located on the west side of the building.
Situated on the south end of Park Ridge, the Property is 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 buyer purchased a high-quality asset with large layouts and below-market rents. The new owner will have the potential to realize significant increases in returns without any major cosmetic updates needed.
- 16 Unit Park Ridge Condo Deconversion
- Concrete Construction (2007) with Radiant Floor Heat
- 27 Space Heated Parking Garage
- Large Units Averaging 1,321 SF
- 10-25% As-Is Rental Upside
- Steps to Cumberland Blue Line and I-90