Essex Realty Group, Inc. is pleased to announce the sale of 1410 N 1st Avenue, a 6-unit apartment property located in the Cook County suburb of Melrose Park. The building consists of one (1) 1-bedroom, 1-bathroom unit, and five (5) 2-bedroom, 1-bathroom units, with nine (9) surface parking spaces and on-site coin laundry.
The property, situated in a high-demand suburban rental market, was fully occupied at the time of sale. Recent capital improvements included a newer tear-off roof (3 years), a hot water tank (3-5 years), a boiler (5 years), a mixture of newer windows, and copper plumbing. This sale offered significant upside for the buyer.
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.
- 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