ON MARKET – MULTI-FAMILY
1116 Washington Blvd. Oak Park, IL 60302
PRICE
$9,150,000
NUMBER OF UNITS
55
CAP RATE
5.59%
PROPERTY LISTED

Essex Realty Group, Inc. is proud to exclusively market for sale the ReVerb Oak Park located at 1116 Washington Blvd. in the vibrant Village of Oak Park. The 55-unit courtyard style building is comprised of twelve (12) studios, forty-one (41) 1Bd/1Ba units, and two (2) 2Bd/1Ba units.

The Property was fully gut-renovated in 2016. The renovation included new 2,000 amp electric service, individual unit water submeters, in-unit hot water heaters, new plumbing system, new roof, and updates to the hallways and common areas. In total, current ownership has invested over $2 million in unit interiors, common areas, and exterior improvements since 2015. All units were updated with new drywall, refinished hardwood or new engineered hardwood floors, S/S appliances, granite countertops, new espresso cabinetry, new bathroom vanities, and tile surrounds.

ReVerb Oak Park is conveniently located just 0.18 miles south of the Harlem/Lake Green Line CTA and Oak Park UP-W Metra stations, providing easy access throughout the city and suburbs. The Property is also within close proximity to nearby retail, entertainment attractions, and major employers including Rush Oak Park Hospital.

LOCATION DETAILS

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HIGHLIGHTS
  • Acquire rarely available, fully renovated courtyard apartment building in desirable Oak Park location
  • Assumable mortgage balance of $5,796,317.15 with an interest rate of 3.85% and 30-year amortization
  • Located two blocks from Harlem/Lake Green Line CTA & Oak Park Metra Stations
  • Opportunity to increase income without renovation: Average monthly rents are nearly $75/unit/month below high-end achieving rents for each unit type
  • Submetered water and ability to institute RUBs for gas and trash
  • Price Per Unit: $166,364 | Cap Rate: 5.59% | GRM: 11.08
LISTING BROKERS
Doug Imber
President
773.305.4902
Kate Varde
Principal
773.305.4908
Clay Maxfield
Director
773.305.4852