Essex Realty Group, LLC has been exclusively engaged to market for sale 4317 St. Charles Road, an eleven (11) unit apartment building located in Bellwood, Illinois. Owned by the same family for decades, this is the first time the property has been offered for sale in over 40 years. Built in 1966, the brick construction building consists of ten (10) one-bedroom/one-bathroom units and one (1) two-bedroom/one-bathroom unit, all fully above grade. The property also features eleven (11) on-site parking spaces and laundry facilities.
4317 St. Charles Road presents a compelling value-add opportunity for investors seeking rental upside through hands-on management and unit-level improvements. Market rents are estimated at $1,200 per month for one-bedroom units and $1,450 for the two-bedroom unit, supported by comparable properties in the immediate area achieving $1,100 to $1,395 for one-bedroom units and $1,440 to $1,575 for two-bedroom units.
The property benefits from a transit-oriented location approximately three blocks from the Bellwood Metra station on the Union Pacific West Line, providing direct service to downtown Chicago’s Ogilvie Transportation Center. Pace bus routes 309 and 330 offer additional connectivity to the CTA Green and Blue Lines, as well as O’Hare International Airport via Mannheim Road. Interstate 290 is also easily accessible, connecting residents to Chicago’s central business district and the broader western suburban employment corridor. Additionally, the $43 million Bellwood Gateway development, a 71-unit workforce housing community at 2711 St. Charles Road is currently under construction with expected delivery in spring 2026, further underscoring rental demand and supporting future rent growth in the area.
4317 St. Charles Road represents a rare opportunity to acquire a well-located 11-unit apartment building in a transit-rich western suburb with meaningful upside through professional management and strategic capital improvements.
Bellwood is a well-established residential community located approximately 12 miles west of downtown Chicago in Cook County, Illinois. The village offers direct access to the regional transportation network via the Bellwood Metra station on the Union Pacific West Line, providing commuter rail service to Ogilvie Transportation Center in approximately 25 minutes. Pace bus routes 309 and 330 connect residents to the CTA Green and Blue Lines as well as O’Hare International Airport via the Mannheim Road corridor. Interstate 290 runs immediately north of the village, linking Bellwood to Chicago’s central business district to the east and the western suburban employment centers of Oak Brook, Naperville, and the I-88 corridor to the west.
Bellwood is currently experiencing a period of renewed investment, highlighted by the $43 million Bellwood Gateway development at 2711 St. Charles Road, a 71-unit workforce housing community with ground-floor retail, expected to deliver in Spring 2026. The project represents the first-ever use of workforce housing bonds in Illinois and reflects growing institutional confidence in the village’s rental market fundamentals. St. Charles Road serves as the village’s primary commercial corridor, offering a mix of neighborhood retail and services, while the nearby Mannheim Road corridor provides access to national retailers and major employment centers throughout the western suburbs.
- Significant Value-Add Opportunity: In-Place Rents Well Below Market with Substantial Upside Through Renovation and Professional Management
- Long-Term Family Ownership: First Time On Market In Over 40 Years
- All Units Fully Above Grade: No Garden-Level Apartments
- Attractive Forecasted Returns: 8.03% Cap Rate, Nearly 10% Cash-on-Cash Return, and 6.14x GRM on a Stabilized Basis
- Transit-Oriented Location: Three Blocks from the Bellwood Metra Station (UP-West Line) with Direct Service to Downtown Chicago
- Path-of-Growth Corridor: $43 Million Bellwood Gateway Development Under Construction on St. Charles Road