Essex Realty Group Inc. is pleased to announce the sale of 400-416 Laurel Avenue, a 9-unit apartment building in the near north suburb of Des Plaines. The unit mix is comprised of one (1) 1Bd/1Ba unit and eight (8) 2Bd/1Ba units. The property offers a new owner multiple value-add opportunities including making updates to the interiors and increasing operational efficiencies. With the demand for housing in this location, a new owner can achieve future upside.
Essex led an extensive marketing campaign resulting in more than 20 property tours and five offers. The property sold within 91% of the list price to a local investor.
Current rents are below market; however, a new owner could achieve rents $160-$250 higher a month by completing interior upgrades to the apartments. Ownership has recently completed capital improvements to the property such as a new tear-off roof as well as new carpet and paint in the common areas. Each unit is separately metered for heat. However, current ownership is paying heat for five out of the nine units. A new investor could lower expenses by transferring responsibility for this utility to the tenants.
The Property conveniently located less than a mile from downtown Des Plaines and the Miner Street UP-NW Metra station.
- Nine Units In Highly Desirable Suburb Of Des Plaines
- New Roof & Updated Common Areas
- Significant Rental Upside
- Attractive Unit Mix Eight (8) 2bd/1Ba and One (1) 1Bd/1Ba
- Close Proximity to Amenities and Public Transportation