Essex Realty Group, LLC has been exclusively engaged to market for sale 329 & 331 N. Ardmore Avenue, two adjacent 8-unit apartment buildings located in the western suburb of Villa Park. The portfolio consists of sixteen (16) one-bedroom/one-bathroom units across the two buildings.
The buildings have electric baseboard heat and have undergone many recent capital improvements. Four units have been completely renovated, and one significantly upgraded in 2024. With improvements including new bathrooms, updated kitchens, modern finishes, and ten new water heaters. Additionally, the parking lot was repaved in 2020 and has been resealed in April 2025.
The renovated units are currently achieving nearly 18% higher rents than the non-renovated units, and pro forma projections indicate that a full renovation of the remaining units and subsequent rent increases could boost NOI by more than 20%. Additionally, without any further renovations, investors could achieve nearly a 10% increase in rents simply by raising the units to market levels.
329 & 331 N. Ardmore Avenue presents investors with the opportunity to acquire two neighboring assets with in-place cash flow and immediate upside through unit renovations in a desirable DuPage County.
Villa Park, IL, is located approximately 20 miles west of Chicago and is a vibrant village in DuPage County. Known for its active downtown, natural attractions, community events, and diverse employer base, Villa Park is a sought-after destination for both residents and professionals. The village also boasts highly-ranked schools, contributing to its reputation as a great place to live. Villa Park is recognized for its quality of life and has received accolades for being a welcoming and family-friendly community. It offers convenient access to major transportation routes, making it an attractive location in the Chicago suburbs.
Villa Park provides residents with a variety of shopping options, like Starbucks, Costco, Whole Foods, and others, all located within a short distance from the Subject Property. For those who require efficient transportation to downtown Chicago and the western suburbs, the Metra UP-W line is conveniently situated steps away from the Subject Property. O’Hare International Airport is less than a 30-minute drive away, offering easy access to national and international travel. Additionally, Villa Park is home to the Cricket Creek Forest Preserve, a peaceful sanctuary with walking trails and scenic picnic spots. The Subject Property is also located near the Illinois Prairie Path, a popular multi-use trail that runs through the heart of Villa Park.
- Four Units Completely Renovated and One Significantly Upgraded in 2024
- All-Electric Buildings with Individual Water Heaters
- Located Steps Away from Villa Park Metra Station (UP-W Line)
- Renovated Units Achieving Nearly 18% Higher Rents Than Unrenovated Units
- Forecasted NOI Growth Over 20% with Full Renovation Plan
- Excellent DuPage County Location, 20 Miles to Chicago Loop and 13 Miles to O'Hare Airport