Essex Realty Group is pleased to announce the successful sale of 1530 N. 1st Avenue, a 10-unit multifamily property located in the near west suburb of Melrose Park, approximately 13 miles west of Downtown Chicago. The property had been owned and operated by the same family since 1998 and was consistently well-managed and maintained. Recent capital improvements included a new boiler, new hot water heater, all copper plumbing, new windows, updated balconies with new support beams, and a recently replaced roof.

The property is comprised of ten one-bedroom apartments and a surface parking lot with sixteen spaces. Below-market rents of $1,067 per month, approximately 17% under market, attracted strong buyer interest given the clear path to increased cash flow as leases are adjusted to market levels.

Strategically positioned along North 1st Avenue, the property offers excellent accessibility to major thoroughfares including I-290 and I-294, with O’Hare International Airport less than seven miles away. The site also benefits from nearby national retailers along North Avenue such as Costco, Target, and Starbucks. Residents further enjoy proximity to major employers and institutions including Gottlieb Memorial Hospital, an Amazon Distribution Center, and Triton College, all within one and a half miles.

Essex’s marketing efforts generated multiple tours and offers, ultimately securing a buyer who recognized the property’s prime location, numerous recent capital improvements, and significant rent upside as an attractive cash-flowing asset with strong long-term value-add potential.

Melrose Park is a thriving west suburban Chicago community of approximately 24,500 residents that offers the perfect blend of urban convenience and suburban accessibility. Strategically positioned at the crossroads of major transportation arteries including I-290 and I-294, with direct Metra rail service to downtown Chicago, this dynamic village provides residents with seamless connectivity to employment hubs, world-class healthcare at nearby Loyola Medical Center, and O’Hare International Airport. The community’s vibrant commercial corridors feature an array of shopping, dining, and entertainment options, while its stable economic base (anchored by diverse manufacturing, healthcare, and retail employers serving over 12,000 workers) creates consistent rental demand. With a median household income of $64,740 supporting strong workforce housing needs, Melrose Park represents an ideal market for multifamily investment, offering investors the rare combination of affordability, accessibility, and established community infrastructure that drives long-term tenant stability and appreciation potential.

• Multiple Tours & Offers
• Meticulously Maintained: Same Owner Since 1998
• Numerous Recent CapEx: New Boiler, Hot Water Heater, All Copper Plumbing, Windows, Balconies, and Roof
• Significant As-Is Rental Upside: 17%+