Essex Realty Group, Inc. is pleased to announce the sale of 1686 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.
New ownership acquired a fully occupied property in a highly desirable suburban city. Numerous units had received cosmetic updates over the last few years including new vinyl floors and updated bathrooms.
Rents were between $50-150 per month below market, providing an owner the ability to increase rents “as-is” or with minor cosmetic updates to the units. Recent capital improvements include a brand new tear-off roof and tuck-pointing in 2019, updated electric in unit #1 in March 2021, new boiler pump installed in March 2022, and copper plumbing throughout.
Located approximately 15 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 eight miles south of O’Hare International Airport and provides convenient access to Interstate 294 and Interstate 290. Additionally, the new Amazon distribution center located at the old Maywood Park racetrack at 8600 W. North Avenue in Melrose Park is just 0.5 miles away from the subject property. The three-building distribution center totals approximately 623,000 square feet and is Amazon’s largest near Chicago.
Investors have the opportunity to acquire a fully occupied property in a highly desirable suburban city. Current rents are between $50-150 per month below market, providing investors the ability to increase rents with cosmetic updates to the units. Recent capital improvements include a brand new tear-off roof and tuck-pointing in 2019.
- Fully Occupied Property in Desirable Melrose Park Location
- Recent Capital Improvements Include New Tear-Off Roof and Tuck-Pointing (2019)
- Ability to Increase Rents Between $50-150 Per Month in "As-Is" Condition
- Additional Income Opportunity Through Paid Tenant Parking
- High Demand Suburban Rental Market
- 0.5 miles from the new 600,000 SF Amazon Distribution Center