UNDER CONTRACT – MULTI-FAMILY
464 E. Osage Ln. Palatine, IL 60074
PRICE
Call for details
NUMBER OF UNITS
6
PROPERTY LISTED

Essex Realty Group is pleased to present 464 E. Osage Lane, a six-unit apartment building located in the near north suburb of Palatine, Illinois. Situated just off the retail corridor of Rand Rd. near a pocket of single-family homes, and steps away from Deer Grove East Preserve. The property has been meticulously maintained and has been under the same ownership for more than 10 years.

The building's unit mix consists of five (5) two-bedroom and one (1) one-bedroom apartments with spacious floor plans. Four of the six units have private decks. Throughout the years, there have been modest updates in the apartments and to the building mechanicals. Most of the kitchens and bathrooms are in great original condition, especially for rental units. The Apartments are carpeted throughout the living areas while the kitchens have tile flooring. Heat to apartments is provided through individual electric baseboard systems and every apartment has its own domestic hot water tank. Recent improvements to the buildings include a new shingled roof in 2017 and a new hot water heater in 2020. Additionally, tenants are provided two parking spaces per unit as there are twelve deeded parking spaces.

This is an extremely low maintenance property with very manageable expenses. Based on comparable properties in the area, the subject’s rents are below the market, and through a more aggressive leasing approach, rents could be increased by 10% on average.

LOCATION DETAILS

Palatine is a village in Cook County, Illinois, and is part of Township High School District 211. The Suburb is bordered by Schaumburg to the South, Arlington Heights to the East, Hoffman Estates to the Southwest, and Buffalo Grove to the North. The property is located just south of Lake Cook Rd, the Cook/Lake County border.

The subject property is conveniently located near many retailers and shopping centers along both N. Rand Rd. and Dundee Rd. One of the closest shopping centers, Deer Grove Centre Is located along Dundee Rd. Deer Grove Centre has a variety of retailers, restaurants, and entertainment facilities. Apart from residents being able to grocery shop at the nearby Jewel-Osco, they can enjoy dining at a variety of restaurants and national chains. Such as; Sushi Para, Panera Bread, Domino’s, McDonald’s, Indian Bistro, Denny’s, and many more. Additionally, this densely occupied block of Touhy provides residents with everything from Hobby Lobby, Walmart, Target, TJ Maxx, HomeGoods, The Home Depot, to a variety of car dealerships.

The local area also offers opportunities for its residents to be active, whether its outside at Deer Grove East or at the local Midtown Athletic Club. Deer Grove East is a 1,500 Acre Preserve just a few blocks away from the subject property, offering miles of trails for runners, cyclists, and cross-country Skiing.

HIGHLIGHTS
  • Desirable Palatine Location
  • Rare Opportunity for Investor/Owner User
  • 1 Bed & 2 Bed Layouts
  • Separately Metered Heat, Hot Water, & Electric
  • Value-Add Opportunity with Below Market Rents
  • Association Responsible for Exterior Repairs & Maintenance
  • Twelve (12) Surface Parking Spaces
  • Extremely Motivated Seller
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Jacob Goldstein
Director
773.305.4896