ON MARKET – MULTI-FAMILY
10111-10117 Old Orchard Ct. Skokie, IL 60076
PRICE
$4,760,000
NUMBER OF UNITS
34
CAP RATE
5.83%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 10111-10117 Old Orchard Ct., located in the North Chicago suburb of Skokie, IL. The property is being offered as a bulk condominium opportunity with a likely path to a condominium deconversion under Section 15 of the Illinois Condominium Act, provided the investor acquires 2 additional units. The 48-unit garden-style condominium property is comprised of twenty-four (24) 1 Bd/1 Ba units, twenty-four (24) 2 Bd/1 Ba units, and forty-eight (48) surface parking spaces. The 34 condos in this offering are comprised of sixteen (16) 1 Bd/1 Ba units, eighteen (18) 2 Bed/1 Bath units, and thirty four (34) surface parking spaces.

The units were converted to condos in 2007 and feature hardwood floors, granite countertops, stainless steel appliances, built-in microwave, dishwasher, and a private patio or balcony. Additionally, the property participates in a master association that covers all common area expenses such as common area cleaning, trash removal, landscaping, snow removal, common insurance, driveway maintenance and common area maintenance creating several management efficiencies.

10111-10117 Old Orchard Ct. is extremely well-located 0.5 miles from Interstate 94, 1.5 miles from Skokie Swift (CTA Yellow Line) and 2.5 miles from the Central Street Metra station in Evanston. In addition, the Property is also situated adjacent to Westmoreland Country Club, steps from Westfield Old Orchard Shopping Mall, and less than 1 mile from Northshore Skokie Hospital that employs over 10,000+ workers.

LOCATION DETAILS

Constructed in 1961, Old Orchard Condominiums is extremely well-located 0.5 miles from Interstate 94, 1.5 miles from Skokie Swift (CTA Yellow Line) and 2.5 miles from the Central Street Metra station in Evanston. Additionally, the property is conveniently located within walking distance from the Old Orchard Shopping Center, offering easy access to popular shops and dining destinations.

HIGHLIGHTS
  • Excellent Skokie Location Adjacent to Westmoreland Country Club & Golf Course
  • Likely Path to complete Condo Deconversion with (24) 1-bed and (24) 2-bed Layouts
  • Converted to Condos in 2007; Most Units Feature New Kitchens and Baths
  • Master HOA Creates Several Management Efficiencies
  • Steps from Westfield Old Orchard Mall and .5 Miles from Interstate 94
LISTING BROKERS
Matt Feo
Director
224.305.4102
Brian Karmowski
Managing Director
773.305.4892