Essex Realty Group, LLC is pleased to announce the successful sale of 1722 Mannheim Road, a well-positioned 34-unit apartment building in Stone Park, IL. The unit mix consisted of seven (7) studios, twenty-three (23) one-bedroom/one-bathroom units, three (3) two-bedroom/two-bathroom units, and one (1) office space with potential for conversion into two additional dwelling units.
The property had undergone extensive renovations, with approximately 70% of the units updated. In-place rents were approximately 18% below market, providing a clear opportunity for immediate revenue growth. The property also featured an assumable loan.
Essex’s marketing platform and active buyer network generated strong interest in the property, resulting in multiple tours and offers. The building’s blend of updated and value-add units, below-market rents, and assumable financing attracted buyers seeking immediate upside alongside long-term operational stability.
Stone Park is located roughly 15 miles west of downtown Chicago in Cook County, Illinois. It is bordered by Melrose Park to the north and east, Bellwood to the south, and Northlake to the west. Stone Park is strategically positioned near major transportation routes, including the Eisenhower Expressway (I-290) and the nearby I-294 Tri-State Tollway, allowing for convenient travel throughout the region.
The village includes a mix of residential and commercial properties, with many long-standing businesses along North Mannheim Road. Stone Park is served by Proviso Township High Schools and nearby educational institutions in neighboring communities. Residents also have access to surrounding amenities, including shopping centers, local parks, and dining options in nearby Melrose Park and Bellwood.
With its accessible location and close-knit community, Stone Park offers a convenient and appealing option for those looking to live near the city while enjoying the benefits of a suburban environment.
- Multiple Tours & Offers
- Diverse Unit Mix: Seven (7) Studios, Twenty-Three (23) 1Bd/1Ba, Three (3) 2Bd/2Ba, One (1) Office with Potential for Two Additional Dwelling Units
- In-Place Rents Approximately 18% Below Market, Providing Immediate Upside
- Property Improvements – Parking Lot Replacement (2022) and Fully Equipped With Fire Sprinklers