Essex Realty Group, Inc. has been exclusively engaged to market for sale of 3901 Haas Avenue, an 8-unit apartment property located in the Cook County suburb of Lyons. The building consists of (8) 1Bd/1Ba units, seven surface parking spaces, and on-site coin laundry.
Investors have the opportunity to acquire a fully occupied property in a highly desirable suburban location with immediate returns. In the current condition, there is a 15-20% upside in rents which will allow a potential investor to recognize a strong 7.51% cap rate once stabilized. In addition, the owner is currently doing a complete tear off of the roof which will be completed by the time of new ownership.
The Subject Property is located 12 miles southwest of Downtown Chicago and 1 mile from the Riverside Metra station. The Property’s convenient location offers residents easy access to public transportation and nearby shops and restaurants.
Located about 12 miles southwest of Chicago, Lyons encompasses just over two square miles and is bordered by Riverside to the north, La Grange to the west, Stickney to the east, and Summit to the south. Lyons is a primarily residential neighborhood with a mixture of single-family homes, townhouses, and apartments. The community is known for its historic charm, well-maintained homes, and close-knit residents.
The Village is conveniently located near major highways, including Interstate 55 and Interstate 294, making it easy to commute to and from work or travel to nearby attractions. In addition, it’s just a short drive away from Midway International Airport, which provides easy access to both domestic and international destinations. Lastly, the village is well-served by public transportation, including several nearby Metra stations on the BNSF Railway line, providing easy access to downtown Chicago.
- Fully Occupied Property in Desirable Lyons Location
- Eight (8) 1Bd/1Ba Units; 75% of the Units Have Been Renovated
- Significant Rental Upside -15-20% in As-is Condition
- High Demand Suburban Rental Market
- New Roof Completed in November 2024