Essex Realty Group, LLC has been exclusively engaged to market for sale 1801 S 51st Avenue, a twenty (20) unit apartment building located in Cicero, Illinois. The all-masonry building is comprised of nine (9) large studio apartments, three (3) one-bedroom / one-bathroom apartments, and eight (8) two-bedroom / one-bathroom apartments. Current ownership has completed several recent capital improvements including the installation of new windows, a new rubber roof layer and rehabbing several units. The property is currently 100% occupied and features a compelling in-place cap rate of 7.35%.

1801 S 51st Ave was recently accepted into Cook County’s Affordable Housing Special Assessment Program (AHSAP), which provides reduced property tax assessments in exchange for keeping 25% of the units at 60% AMI rental and income limits. As the enclosed rental survey indicated, such rents are still well within market. In this case, the annual assessed value reduction is 35%. The designation is in place until the 2031 assessment year and transferable upon sale.

The Subject Property presents a compelling value-add opportunity through mark-to-market rent adjustments or continuing with a unit renovation program. Current rents are approximately 12.5% below market across all unit types. Additionally, further premiums can be achieved by rehabbing units. For example, the renovated two-bedroom units are currently achieving an average rent of $1,205/mo. versus $1,095/mo. for standard two-bedroom units, demonstrating a proven rental premium of 10% on average. Either direction provides a new owner with a clear path to increased returns and cash flow. Please note listing agent is a limited partner in the Subject Property.

Situated approximately seven miles due west of Chicago’s Loop, the Town of Cicero is one of Cook County’s largest and most densely populated suburbs, home to an estimated 82,985 residents. The community benefits from exceptional transit connectivity, including CTA Pink Line service to the Loop in approximately 18 minutes, multiple bus routes, and direct access to Interstate 55, Cicero Avenue (IL Route 50), Cermak Road, and Ogden Avenue (US Route 34). Midway International Airport is approximately 15 minutes to the south. Cicero’s young, working-age population — with a median age of 34.4 years and median household income of approximately $70,842 — supports sustained housing demand, while major commercial corridors along Cicero Avenue and Cermak Road provide residents with convenient access to national retailers and a vibrant mix of local businesses.

Cicero’s housing stock is dominated by small multifamily properties, which account for nearly 44% of the community’s inventory, underscoring the area’s established renter base and strong institutional familiarity with apartment investment. Average rents range from approximately $905 for a studio to $1,085 for a two-bedroom unit — a significant discount to the broader Chicago metropolitan average — creating durable demand drivers for well-positioned multifamily assets. The 161-acre Sportsman’s Park redevelopment, multiple active TIF districts, and proximity to the City of Chicago’s Roosevelt/Cicero Industrial Corridor Modernization Initiative signal continued public and private investment in the community’s future.

• Strong In-Place Cap Rate: 7.35% with Proven Path to 8.5%
• Tier-2 AHSAP Property – 35% Annual Assessment Reduction
• Significant Rental Upside - 12.5% As-Is
• Proven Renovation Premium - Rehabbed Units Achieving 10% versus Standard Condition
• Steps to Metra BNSF Line and CTA Pink Line with Direct Access to Downtown Chicago
• Robust Retail Corridor -- Minutes from Cicero Marketplace and Hawthorne Works Shopping Center (Target, Home Depot, Walmart)