Essex Realty Group, Inc. has been exclusively engaged to market for sale 212 S Oak Park Ave, a 51-unit apartment property located in the heart of Oak Park. Situated approximately 10 miles west of Downtown Chicago, the Subject Property offers residents easy access to public transportation, shops and numerous bars and restaurants. Current ownership has meticulously maintained the property and recently performed several updates including a rehabbed entryway and foyer, modernized all hallways and fully rehabbed eight units. Furthermore, all the mechanical systems, windows, roof, and the elevator have been replaced in the last 10 years.
At list price, a new owner can realize an attractive 6.70% capitalization rate on current income with upside. Ownership is currently achieving rehabbed rents 18-22% higher than non-rehabbed units, providing new ownership with a path to higher returns and overall value. Current ownership has instituted a RUBs system of $49/month/unit to help offset utility expenses. Lastly, ownership was also successful in reducing the 2023 assessed value roughly 40%, thereby lowering the future tax burden for a new owner.
The Property is located just minutes from multiple modes of transportation. The CTA Green Line Oak Park station is just two blocks north of the Property and the UP-W Metra Oak Park station is within 0.4 miles. Additionally, Interstate 290 which connects residents directly to downtown Chicago and the western suburbs is located within a three-minute drive. This ideal location offers residents convenient proximity to Oak Park’s wide array of entertainment, nightlife, retail, and amenities.
The Village of Oak Park is a historic Illinois community favorably located just nine miles west of downtown Chicago. Originally settled in the 1830s, the neighborhood makes up the 29th largest municipality in Illinois according to the US Census. Today, Oak Park provides a desirable residence for commuters looking to live right outside city limits. The community is located in close proximity to the I-90/94 expressways and the Blue and Green CTA train service lines, providing easy access to Chicago’s city center. The area is best known for its historical significance & architecture, vibrant downtown culture, and strong school & park districts. Oak Park has a vibrant downtown scene exhibited by the various shops, galleries, restaurants and other local businesses. Lake and Marion Streets provide residents with a variety of bar and restaurant options. Clusters of international influenced eateries such as Katy’s Dumpling House and La Notte Ristorante intersect with art galleries, live-music venues and locally owned boutiques. Downtown Oak Park also offers a range of hotels, fitness centers, grocery stores, and more. As a result of the Village’s vibrancy, Oak Park’s population increased by more than 5.2% from 2010 to 2020.
- Phenomenal Oak Park Location, Steps to Restaurants, Bars and Shops
- Current Cap Rate of 6.70% with Upside
- Property Situated .2 Miles South of Oak Park Green Line, .4 Miles of Metra
- 18-22% Rental Increase for Rehabbed Units
- 2023 Assessed Value Successfully Reduced 39%