ON MARKET – MULTI-FAMILY
737-747 Grant Avenue Chicago Heights, IL 60411
PRICE
$1,600,000
NUMBER OF UNITS
30
CAP RATE
8.96%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 737-747 Grant Avenue, a 30-unit 3-story multi-family property located in the south Cook County suburb of Chicago Heights. The Subject Property consists of six (6) studio apartments, eighteen (18) 1Bd/1Ba units, and six (6) 2Bd/1Ba units, along with thirty (30) surface parking spaces. The Property is being offered as a portfolio sale with 14501-14507 S Torrence Avenue in Burnham, a 24-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 a new TPO roof (2020), new hot water heater (2018), and updated common areas with new vinyl floors, and paint.

The Subject Property presents the opportunity to acquire a high-performing asset with strong in-place cash flow. With over half of the units already remodeled and achieving 18% higher rent than non-remodeled units, a new owner will have the opportunity to update the remaining fourteen units to capture similar rent increases.

LOCATION DETAILS

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HIGHLIGHTS
  • Strong Performing Asset - Current Cap Rate 8.96%
  • Solid In-Place Cash Flow
  • Majority of Units Recently Renovated
  • Value-Add Opportunity - 18% Rental Increases on Remodeled Units
  • Many Recent Capital Improvements Including New TPO Roof (2020)
  • High-Demand Suburban Rental Market
LISTING BROKER
Derek Kaptanoglu
Director
773.305.4862