PROPERTY LISTED
Essex Realty Group, Inc. has been exclusively engaged to market for sale a (3) building, (110) unit portfolio in the Southwest suburbs of Oak Lawn & Worth, IL.
The property was converted to condos in the mid-2000’s with the developer owning 110 of the 126 total units (87%). The unit mix for the buildings include (49) one bed, one bath units, (39) two bed, one bath units, (20) two bed, two bath duplex units, and (2) three bed, two bath units.
This portfolio also provides for an investor the opportunity to assume the existing loan for less than 16% down to increase the cash-on-cash returns. In addition, an investor can increase rents with light rehab to the units.
LOCATION DETAILS
Oak Lawn + Worth, IL
HIGHLIGHTS
- 110 of 126 total condo units
- Units were spread amongst (3) buildings in Oak Lawn and Worth
- Deal featured upside rent potential with light rehab
- Current Cap Rate / Stabilized Cap Rate: 7.19% / 9.04%
- Current GRM / Stabilized GRM: 6.39 / 5.89