ON MARKET – MULTI-FAMILY
14501-14507 S Torrence Avenue Burnham, IL 60633
PRICE
$1,450,000
NUMBER OF UNITS
24
CAP RATE
7.06%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 14501-14507 S Torrence Avenue, a 24-unit multi-family property consisting of two adjacent 12-unit apartment buildings. The Subject Property is located in the south Cook County suburb of Burnham and contains a unit mix of twelve (12) 1Bd/1Ba units and twelve (12) 2Bd/1Ba units, along with twenty-eight (28) surface parking spaces. The Property is being offered as a portfolio sale with 737-747 Grant Avenue in Chicago Heights, a 30-unit multi-family property. The properties can be purchased individually, or as a portfolio sale of fifty-four (54) units.

In recent years sixteen units have undergone renovations which include vinyl plank flooring, new carpet, appliances, and new bathroom vanities. Additionally, numerous capital improvements have taken place in the past few years including remodeled common area stairwells and doors, fiber-reinforced concrete resurfacer applied to the balconies, resurfaced parking lot, and a new TPO Roof (2021) with a 15-year warranty.

The Subject Property presents the opportunity to acquire a high-performing asset with strong in-place cash flow. With 67% of units already remodeled and achieving 15% higher rent than non-remodeled units, a new owner will have the opportunity to update the remaining eight units to capture similar rent increases on the remaining non-updated units.

LOCATION DETAILS

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HIGHLIGHTS
  • Strong Performing Asset - Current Cap Rate 7.06%
  • Solid In-Place Cash Flow
  • Sixteen of Twenty-Four Units Recently Renovated
  • Value-Add Opportunity - 15% Rental Increases on Remodeled Units
  • Many Recent Capital Improvements Including a New TPO Roof (2021)
  • Conveniently Located Within Minutes of I-94
LISTING BROKER
Derek Kaptanoglu
Director
773.305.4862