Essex Realty Group, Inc. has been exclusively engaged to market for sale 2123 S 51st Ct, a 34-unit apartment property in west suburban Cicero. Situated approximately nine miles west of Downtown Chicago, the Subject Property offers residents easy access to public transportation, retail shops and neighboring west suburban cities.

Current ownership has meticulously maintained the property and recently performed several updates including partial roof replacement, tuckpointing, modernized hallways and common areas and fully rehabbed four units. Furthermore, all electrical and plumbing has been updated in the last 10 years.

At list price, a new owner can realize an attractive 6.68% capitalization rate on current income with significant upside. As the enclosed rental survey details, new ownership can raise rents approximately 10-18% as-is. By doing so, a new owner may realize a stabilized capitalization rate of 8.8% and cash-on-cash returns over 11%, providing new ownership with a path to higher returns and overall value. Lastly, current ownership has successfully decreased the 2023 assessed value 34%, which should reduce the 2023 tax bill approximately $21,000.

The Town of Cicero, IL is the eleventh largest municipality in the the State of Illinois. It is bordered by the City of Chicago to the east, Oak Park to the north, Berwyn to the west, and Stickney to the south. Cicero is nestled between Interstates I-290 and I-55, making it a rather accessible location to downtown Chicago and the west and south suburbs. Additionally, multiple modes of public transportation traverse the town. The CTA Pink Line has stations within Cicero at both Cicero and 54th/Cermak, while the BNSF Metra has a station at Cicero and 25th Place.

Cicero is also host to an array of retail and dining options ranging from small independent businesses to national retailers such as The Home Depot, Target, Sam’s Club, and Menards. The Subject Property is within walking distance to many dining options as well as a mere two minute walk from the 54th/Cicero CTA Pink Line station. This convenient location grants residents the best of both city and suburban living.

• Rarely Available 34-Unit Cicero Apartment Building
• 10-18% Upside in Rents As-Is
• Significant Recent Capital Improvement Including New Plumbing and Electric
• Steps to 54th/Cermak Pink Line Station
• Successful 34% Reduction of 2023 Assessed Value