Essex Realty Group, LLC is pleased to announce the sale of 1910-1912 Division Street, an 18-unit apartment property in Melrose Park, IL. It has twelve (12) one-bedroom, one-bath units of approximately 600 square feet and six (6) two-bedroom, one-bath units of approximately 900 square feet. Recent capital improvements included new electrical and plumbing, a new boiler and hot water heater, new windows, and tuckpointing. The units also featured remodeled kitchens and baths. The building was 100% occupied at the time of sale and generates additional income from on-site laundry.

The offering drew strong interest from investors for three reasons: its extensive capital improvements, its stable in-place income, and rents that sat below market, particularly in the one-bedroom units. With the building’s systems already updated, that rent gap gave buyers a clear path to growth through normal lease turnover, without a heavy renovation program. The sale set a record price per unit for a Melrose Park multifamily property with more than twelve units.

18-unit multifamily property located on West Division Street in Melrose Park, IL, offering convenient access to local retail corridors and major Chicagoland thoroughfares.

• Eighteen (18) Unit Apartment Property
• Record Price Per Unit For A Melrose Park Multifamily Property With More Than Twelve (12) Units
• Numerous Capex Including Updated Electric, Plumbing, & Gut-Rehabbed Kitchens/Bathrooms
• Twelve (12) One-Bedroom, One-Bath Units & Six (6) Two-Bedroom
• Below-Market Rents Drove Strong Buyer Interest