Essex Realty Group, Inc. has been exclusively engaged to market for sale a 105-unit apartment portfolio located in the near Chicago suburb of Melrose Park, roughly 13 miles west of Downtown Chicago. The Portfolio has been owned and operated by the same family since 1997. During this time, the buildings have been well-managed and very well-maintained. Among numerous recent capital improvements are newly seal-coated parking spaces, new hot water heaters in select buildings, updated porches with new support beams, and recently replaced roofs and siding within the last 5-10 years.
The Portfolio is comprised of seven (7) neighboring buildings on 17th and 18th Avenues and a unit mix that includes studios, 1-bedroom, and 2-bedroom units. Per the enclosed rental survey, current rents are approximately 20% below market “as-is” with little work required. A new owner may achieve higher rents if they choose to rehab the units.
Tenants benefit from beautiful landscaping, quiet courtyard surroundings, solid flexicore construction, and shared laundry in basements. On adjacent North Ave. there are a host of national retail options including Costco, Target, and Starbucks. Residents also benefit from a large concentration of nearby major employers and educational institutions such as Gottlieb Memorial Hospital, Amazon Distribution Center, and Triton College, all within a one-mile distance. Lastly, O’Hare International Airport is just 7 miles away, providing significant employment opportunities.
Located approximately 13 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 Properties are situated approximately seven miles south of O’Hare International Airport and provide 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 is just 1.0 mile away from the Subject Properties. The three-building distribution center totals approximately 623,000 square feet and is Amazon’s largest near Chicago.
Other major employers within close proximity are Gottlieb Memorial Hospital and Triton College, both located within one mile (3-4 minute drive). With a host of nearby national retailers, residents have their choice of a multitude of convenient options. Starbucks, Costco, Target, and many others are all located within minutes of the Subject Properties. For easy access to downtown Chicago and the western suburbs, residents can take the Metra UP-W line located just 1.4 miles away.
- Rarely Available Seven-Building Portfolio
- (20) Studios, (79) One-Bedrooms and (6) Two-Bedrooms
- Significant As-Is Rental Upside - 20%+
- Meticulously Maintained, Same Owner Since 1997
- Forecasted Cap Rate: 9.18%
- Long-Term Tenants - Average Tenure 8 Years