Essex Realty Group, Inc. is proud to announce the sale of 1509-15 State Street, a fifteen (15) unit apartment building consisting of ten (10) 1Bd/1Ba and five (5) 2Bd/1Ba units.
The 1Bd/1Ba units are currently averaging $693 per month and the 2Bd/1Ba units are averaging $823 per month. This presented investors with the opportunity to increase rents between $125 to $200 per month through cosmetic updates, as 1Bd/1Ba units on State Street are averaging over $850 per month and 2Bd/1Ba units are averaging over $1000 per month.
Recent improvements to the property include new carpet and paint in some of the common areas, new fire alarm system, sealing the parking lot, and reinforcing and painting the porches.
Located 22 miles south of Chicago, Calumet City encompasses just over 7 square miles and is bordered by Burnham to the north, Lansing to the south, Dolton to the west, and Hammond, Indiana to the east.
The subject property boasts an excellent location, sitting across the street from a variety of retail shops in addition to being less than a mile away from the Calumet City Prairie and Marsh Nature Preserve.
- Value-add Opportunity
- Great Unit Mix, (10) 1 Bedroom & (5) 2 Bedroom Units
- Significantly Below Market Rents
- Several Recent Building Updates