Essex Realty Group, Inc. is pleased to announce the sale of Pinetree Apartments, a 64-unit garden complex located in the Chicagoland suburb of Hanover Park. The property is comprised of four (4) separate two-story buildings consisting of sixteen (16) units each. The buildings are situated on a 1.74 acre lot that includes 128 parking spaces for the tenants and visitors (2:1 ratio). All units are 2 Bd/1 Ba and approx. 700 SF. The property is 0.5 miles from the Hanover Park Metra Station.
Current ownership has recently renovated approx. 35 of the 64 units. Six of these have been fully rehabbed and achieve an average rent of $947/mo., roughly 10% higher than the current average rent of $866/mo. These units feature new flooring, trim, kitchen cabinets, appliances and updated bathrooms. The remaining 29 units have been partially rehabbed, primarily featuring newer kitchens.
Pinetree presents the opportunity for a new owner to continue the current renovation plan and increase rents across all units. Per the enclosed rental survey, a new owner may realize rents of $1,100/mo. post-renovation, increasing gross rental income roughly 25%.
- 15 Property Tours in Two Weeks
- 7 Written Offers
- Significant Rental Upside