ON MARKET - MULTI-FAMILY
1410 N 1st Ave Melrose Park, IL 60160
PRICE
$620,000
NUMBER OF UNITS
6
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1410 N 1st Avenue, a 6-unit apartment property located in the Cook County suburb of Melrose Park. The building consists of (1) 1Bd/1Ba and (5) 2Bd/1Ba units, nine surface parking spaces, and on-site coin laundry.

Investors have the opportunity to acquire a fully occupied property in a highly desirable suburban location. Recent capital improvements include a newer tear-off roof (3 Years), hot water tank (3-5 Years), boiler (5 Years), a mixture of newer windows, and copper plumbing.

Current rents are roughly $50-400/month (5-45%) below market, providing an investor the ability to increase rents “as-is” or with minor cosmetic updates to the units. Such increases may result in an increase in annual income of roughly 17%.

LOCATION DETAILS

Located approximately 13 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 seven miles south of O’Hare International Airport and provide convenient access to Interstate 294 and Interstate 290. Additionally, the new Amazon distribution center is 0.8 miles away from the Subject Property. The three building distribution center totals approximately 623,000 square feet and is Amazon’s largest near Chicago.

Other major employers within close proximity are Gottlieb Memorial Hospital and Triton College, both located within one mile (3-4 minute drive). With a host of nearby national retailers, residents have their choice of a multitude of convenient options. Starbucks, Costco, Target, and many others are all located within minutes of the Subject Properties. For easy access to downtown Chicago and the western suburbs, residents can take the Metra UP-W line located just 1.8 miles away.

HIGHLIGHTS
  • Fully Occupied Property in Desirable Melrose Park Location
  • Opportunity to Increase Rents By 15%-20% In "As-Is" Condition
  • Recent Capital Improvements Include Newer Tear-Off Roof (3 Years), Newer Hot Water Tank (3-5 Years), and a Newer Boiler (5 Years)
  • High Demand Suburban Rental Market
  • 0.8 Miles from Amazon's Largest Distribution Center in Chicago Land Area
LISTING BROKER
Associate
773.682.9045