ON MARKET – MULTI-FAMILY
1962 N 18th Avenue Melrose Park, IL 60160
PRICE
$1,300,000
NUMBER OF UNITS
12
CAP RATE
5.1%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1962 N 18th Avenue, a 12-unit apartment property located in the Cook County suburb of Melrose Park. The building consists of (4) 1Bd/1Ba and (8) 2Bd/1Ba units.

Investors have the opportunity to acquire a fully occupied property in the highly desirable suburban market of Melrose Park. Various units have received a number of updates over the last few years including new floors, shower tile, bathroom vanities, and kitchen appliances.

Current rents are roughly 20-25% below market "as-is" providing investors the ability to increase rents with little to no additional work to the units. Recent capital improvements include a new boiler, hot water heater, and vinyl windows (2016).

LOCATION DETAILS

Located approximately 15 miles west of Chicago, Melrose Park encompasses just over four square miles and is bordered by Maywood to the south, River Forest to the west, and River Grove to the north. The subject property is situated approximately eight miles south of O'Hare International Airport and provides convenient access to Interstate 294 and Interstate 290. Additionally, the new Amazon distribution center located at the old Maywood Park racetrack at 8600 W. North Avenue in Melrose Park is just one mile away from the subject property. The three-building distribution center totals approximately 623,000 square feet and is Amazon's largest near Chicago.

Current rents are roughly 20-25% below market "as-is" providing investors the ability to increase rents with little to no additional work to the units.

HIGHLIGHTS
  • Fully Occupied Property in Desirable Melrose Park Location
  • Ability to Increase Rents Between 20-25% in "as-is" Condition
  • Boiler, Hot Water Heater, and New Vinyl Windows Installed in 2016
  • High Demand Suburban Rental Market
  • Close Proximity to the new 600,000 SF Amazon Distribution Center
LISTING BROKER
Derek Kaptanoglu
Director
773.305.4862