Essex Realty Group, LLC. has been exclusively engaged to market for sale 1570 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 is currently 100% occupied and has been consistently well-managed and maintained. The property has benefited from a brand new tear-off roof and the replacement of most windows.
The property is comprised of ten (10) one-bedroom apartments averaging approximately 600 square feet, along with a surface parking lot. Current average rents of $950 per month sit approximately 30% below market. Notably, market rents of $1,250 per unit are achievable in as-is condition, without any capital investment or unit renovation. Beyond the as-is opportunity, a value-add renovation program supports rehabbed rents of approximately $1,355 per unit, providing additional upside.
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. Four Metra stations sit within two miles across the UP-W and MD-W lines, placing Ogilvie Transportation Center and Union Station 26 to 31 minutes away. The site also benefits from nearby national retailers along the North Avenue corridor, including Winston Plaza, anchored by Marshalls, Best Buy, and Ross Dress For Less. Residents further enjoy proximity to major employers and institutions including Gottlieb Memorial Hospital, an Amazon distribution center, and Triton College, all within one mile.
.
- Strong Value-Add Opportunity: In-Place Rents Approximately 30% Below Market
- 100% Occupied 10-Unit Building, All One-Bedroom Apartments with Surface Parking
- Prime Location: Four Metra Stations Within Two Miles on Two Lines, 26 to 31 Minutes Downtown
- Convenient Location: 1.5 Miles to Major Retailers and Employers, 7 Miles to O'Hare International Airport