Essex Realty Group, LLC is pleased to announce the sale of 1909–13 Saint Charles Road, a 22-unit multifamily property located in Maywood, Illinois. This well-positioned asset offered investors a rare opportunity to scale in a strong west suburban market, just 12 miles west of downtown Chicago. The Subject Property features a desirable unit mix consisting of 18, two-bedroom/one-bathroom and 4, one-bedroom/one-bathroom apartments.

The Subject Property was accepted into Cook County’s Affordable Housing Special Assessment Program (AHSAP), which provides reduced property tax assessments in exchange for keeping 15% of the units at 60% AMI rental and income limits. In this case, the annual assessed value reduction is 25%. The designation is in place until 2034 and if ownership remains compliant, the property is eligible for two, ten-year renewals allowing the property to participate in the program until 2054. Projected 30-year savings based upon current tax rates will provide savings well into six figures. While the present value of these long-term savings provide an immediate benefit to future ownership.

The buyer also recognized the value of substantial capital improvements completed under prior ownership, including new roofs (2021), replacement of various mechanical systems, full window and entry door replacements, full parking lot resurfacing (2025), and numerous upgraded kitchens, baths, and vinyl plank flooring throughout the units.

Essex’s targeted marketing platform and extensive buyer network generated multiple property tours and competing offers. Buyers were drawn to the property’s stable historical occupancy and collections, paired with meaningful upside from in-place rents that sat below market, offering a clear path to grow income with little to no additional work.

Situated about 10 miles west of downtown Chicago, Maywood is a small suburban community covering just over two square miles. It is bordered by Melrose Park, Broadview, Bellwood, and River Forest. The village features a mix of residential neighborhoods, commercial areas, and public institutions, with housing that includes single-family homes, townhouses, and apartment buildings.

Maywood offers convenient access to Chicago and nearby suburbs through the Maywood and Melrose Park Metra Stations on the Union Pacific West Line and I-290 (Eisenhower Expressway). O’Hare International Airport is also within easy reach. 1909-13 Saint Charles Rd. is strategically and conveniently located one block from the UP-W Melrose Park Metra train station and bus stops, and just two blocks from the Melrose Park central business district.

The community includes local parks, schools, small businesses, and public amenities like the Maywood Public Library. With strong infrastructure and transit connections, Maywood remains a well-connected suburb in the Chicago metropolitan area.

• Multiple Tours & Offers
• Closed at 95% of List Price
• Large Unit Mix - Eighteen (18) 2Bd/1Ba and Four (4) 1Bd/1Ba
• Long-Term Property Tax Savings - Approved for 25% AHSAP Reduction
• Several Recent CapEx - New Roofs, Parking Lot, and Mechanicals
• Convenient Location - Two Blocks from Melrose Park Central Business District and Metra (UP-W)