Essex Realty Group, Inc. has been exclusively engaged to market for sale 1330 East Chicago Ave., a 34 unit apartment complex located in Chicago’s prestigious suburb of Naperville. The property is comprised of one (1) three-story building situated on a 2.22 acre lot that includes 66 surface parking spaces. There are thirty-one (31) 1Bd/1Ba units and three (3) 2Bd/1Ba units. The property is located 2 miles from Downtown Naperville and the median household income within 1 mile of this complex is $143,431.
Currently, 23 of the 34 apartments at Maple have been recently renovated resulting in material rent increases, and some of the additional 11 units have received 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. For example, the average renovated one bedroom unit at the property rents for $996 per month, however, nearby competing apartments achieve more than $1,075 permonth. Additionally, a new owner could renovate the remaining apartments and move the rents accordingly.