Essex Realty Group has been exclusively engaged to market for sale Cotton Creek Apartments, a 32-unit multifamily property located in Island Lake, Illinois. Built in 1986 and situated in a quiet, wooded area, Cotton Creek is one of the few apartment complexes in Island Lake, offering tenants convenient access to the Cotton Creek Marsh Nature Preserve and nearby trails that provide ample green space and outdoor recreation.

The property features a mix of nine (9) one-bedroom and twenty-three (23) two-bedroom units. Current 1Bd rents average $1,217/mo. and 2bds $1,395/mo. As demonstrated by recent leasing activity and the enclosed rental survey, current rents are roughly 15% below market as-is, presenting a clear opportunity to increase revenue without the need for major renovations. Additionally, current ownership charges all units $15/mo. for water reimbursement and 16 units $45/mo. for common heat reimbursement.

In addition to the rental upside, investors can take advantage of an assumable Fannie Mae loan with favorable terms. Originated in December 2019, the loan carries a 3.88% fixed interest rate through December 2029. The current loan balance is approximately $1,605,000, offering substantial interest savings compared to current market rates.

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• Rarely Available 32-Unit Apartment Complex
• Ideal Unit Mix – 72% Two-Bedroom Units
• Strong Value-Add Opportunity – Over 15% Rental Upside As-Is
• Several Recent Capex - Full Roof Replacement, Boilers and Hot Water Tanks
• Attractive Assumable Agency Debt - 3.88% Fixed Rate Through December 2029