Essex Realty Group, LLC has been exclusively engaged to market for sale 405 Austin Street, a well-maintained 14-unit apartment building in the desirable suburb of Downers Grove. The unit mix consists of one (1) studio, nine (9) one-bedroom/one-bathroom units, and four (4) two-bedroom/one-bathroom units.
The property is all-electric, featuring electric baseboard heating and individual hot water tanks in each unit. Recent capital improvements include tuckpointing completed in 2024, lentil updates in 2023, and iron balcony upgrades in 2023. Kitchens and bathrooms throughout the property were updated approximately ten years ago.
Currently, rents are below market, presenting an opportunity for immediate income growth. Additionally, the property benefits from an assumable loan with a competitive 3.31% fixed interest rate, maturing on December 31, 2030.
405 Austin Street presents investors with the opportunity to acquire a stabilized, well-maintained asset with immediate upside in one of DuPage County’s strongest rental markets.
According to FEMA, the property is located in a 1% Annual Chance Flood Hazard zone. There have been no reported floods under current ownership.
Downers Grove is located just 25 miles west of Chicago and is one of the most vibrant and thriving villages in DuPage County. Known for its active downtown, natural attractions, community events, and large employer base, Downers Grove is one the premier Chicago suburbs in which to live and work. One of the suburb’s many appealing characteristics include its highly ranked schools. According to Livability.com, Downers Grove is one of the Top 10 Livable Cities for kids and has been recognized by Forbes as one of America’s Friendliest Towns.
Serviced by numerous expressways and commuter rail stations, residents of Downers Grove have direct and convenient access to Chicago as well as neighboring villages of Naperville, Westmont, Lisle, and Hinsdale. In addition, several corporate and regional headquarters are located in Downers Grove including Advocate Aurora Health Care, Dover Corporation, and Pepperidge Farm. These companies employ thousands of local residents and support the suburb’s robust economic base.
- One Block from Fairview Ave Metra Station
- Less Than One Mile from Downtown Downers Grove
- Assumable Loan at 3.31% Fixed, Maturing 12/31/30
- Diverse Unit Mix: One (1) Studio, Nine (9) 1Bd/1Ba, & Four (4) 2Bd/1Ba Units
- Recent Capital Improvements – Tuckpointing (2024), Lentil Updates (2023), Iron Balcony Upgrades (2023)
- Updated Kitchens & Bathrooms Throughout the Building