Essex Realty Group, Inc. is pleased to announce the sale of 1116 Washington Blvd., 55-unit courtyard building located in the vibrant Village of Oak Park. The property was renovated between 2015-2016 and features renovated interiors and mechanicals. In total, ownership has invested over $2 million in interiors and exterior improvements. Updated building systems include 2,000 amp electric service, individual unit water submeters, in-unit hot water heaters, a copper plumbing system, a new roof, and updates to the hallways and common areas. In addition, all units have new drywall, refinished hardwood or new engineered hardwood floors, stainless steel appliances, granite counters, espresso cabinetry, new bath vanities, and ceramic tile surrounds.
The Village of Oak Park is a historic Illinois community favorably located just nine miles west of downtown Chicago. Originally settled in the 1830s, the neighborhood makes up the 29th largest municipality in Illinois according to the US Census. Today, Oak Park provides a desirable residence for downtown commuters looking to live right outside city limits. The community is located in close proximity to the I-90/94 expressways and the Blue and Green CTA train service lines, providing easy access to Chicago’s city center. The area is best known for its historical significance & architecture, vibrant downtown culture, and strong school & park districts.
Oak Park has a vibrant downtown scene exhibited by the various shops, galleries, restaurants and other local businesses. Lake and Marion Streets provide residents with a variety of bar and restaurant options. Clusters of international influenced eateries such as Katy’s Dumpling House and La Notte Ristorante intersect with art galleries, live-music venues and locally owned boutiques. Downtown Oak Park also offers a range of hotels, fitness centers, grocery stores, and more.
- 55-unit renovated courtyard apartment building in desirable Oak Park location
- Located two blocks from Harlem/Lake Green Line CTA & Oak Park Metra Stations
- Ownership had invested over $2 million in recent interior and exterior improvements
- Assumable mortgage balance of $5,525,596 with a 3.85% interest rate and 30-year amortization
- Near a variety of local amenities and major employers including Rush Oak Park Hospital
- Highest sale price in Oak Park for a multifamily property over the last two years