ON MARKET – MULTI-FAMILY
10520-10640 Brooks Lane Chicago Ridge, IL 60415
PRICE
$5,500,000
NUMBER OF UNITS
66
CAP RATE
6.72%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 66 condominium units within the Tatra Condominium complex. Tatra is a 144-unit property consisting of 7 individual buildings situated on 4.46 acres. It is located at 10520-10640 Brooks Lane in Chicago Ridge, IL. The property is in close proximity to the Chicago Ridge and Worth Metra stations, as well as I-294, which provides easy access to surrounding suburbs.

The offering consists of (44) 1Bd/1Ba and (22) 2Bd/1Ba units that are currently owned and operated by the original developer. The property was gut-renovated in 2007 and outfitted with all new building systems including all new tear-off roofs, copper plumbing, electric wiring, vinyl windows, fire protection systems, intercom systems and secured entry doors.

Tatra Condominiums provides the opportunity to acquire a near-majority position in a highly undervalued, recently renovated condominium complex. With little deferred maintenance as a result of the recent renovation, an investor has the opportunity to create substantial value by raising rents to market rates and deconverting the complex back to a rental apartment community.
All units feature upgraded oak cabinetry, Formica/granite counters, stainless/white appliances, and in-unit laundry. Rental comparables in the surrounding area support an increase of 10%-15%, as the current rental amounts in the offering are significantly under market.

LOCATION DETAILS

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HIGHLIGHTS
  • Property gut-renovated in 2007 with all new electrical, plumbing, windows, and roofs
  • All units feature updated apartment grade finishes as a result of 2007 renovation
  • Units are a part of a 144 unit condominium complex, representing 43% of the association
  • (44) 1Bd/1Ba units & (22) 2Bd/1Ba units
  • In-unit laundry, tenant pays electric & heat
  • Ability to raise rents up to 10%-15% in as-is condition
LISTING BROKERS
Brian Kochendorfer
Managing Director
773.305.4870
Brian Karmowski
Director
773.305.4892
Troy Beebe
Director
773.305.4872