Essex Realty Group, Inc. has been exclusively engaged to market for sale 1200-1224 71st St., a 32 unit apartment complex located in the upscale Chicagoland suburb of Downers Grove. The property is comprised of four (4) two-story buildings situated on a 4.33 acre lot that includes 28 garages plus 49 surface parking spaces. All units are 2Bd/2Ba and measure approximately 1,200 SF. The property is located 3.2 miles from the Downers Grove Metra Station and the median household income within 1 mile is $88,760.
Current ownership at Park Crossing Apartments has been successful in renovating 14 of the 32 apartments, with some of the remaining units receiving partial updates. However, as the enclosed rental survey indicates, current apartment rents are below market and new ownership could increase rents approximately $100 per unit, per month with modest renovation. For example, the average renovated two bedroom unit at the property rents for $1,420 per month or $1.24 per SF, however, both new leases and existing renewals are being leased at $1,495 per month while nearby competing apartments achieve more than $1.40 per SF. Additionally, a new owner could renovate the remaining apartments and move the rents accordingly.
In addition, the garage parking has been under rented with current ownership and a new owner can capitalize on the opportunity to rent ll garage spaces at or above the existing rates. The complex also has room for an in-ground swimming pool on the grounds. Several units also come with beautiful park or pond views and this complex could also be considered for a condo conversion as a possible exit strategy.
- Desirable Downers Grove Market
- Professionally landscaped 4.33 acre lot that makes for a rare asset
- Public Transit Nearby (Downers Grove Metra just 3 miles away)
- Great Unit Mix with 2Bed/2Bath apartments
- Value-Add Upside (17 units left to upgrade)
- Stabilized Cap Rate of 7.27%