ON MARKET – MULTI-FAMILY
2803-43 Galilee Ave Zion, IL 60099
PRICE
$1,350,000
NUMBER OF UNITS
20
CAP RATE
7.68%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 2803-43 Galilee Ave, a 20-unit townhome-style apartment property located in the Lake County suburb of Zion. Each of the five (5) buildings consists of four (4) 3Bd/1.5Ba townhome units that feature spacious floor plans and full basements.

Current ownership has spent significant capital fully updating eighteen (18) of the units with new kitchens and baths, flooring, trim, and paint throughout (units 2803 and 2811 feature standard finishes). Additionally, in the last five years, ownership has refurbished the roofs on all five (5) buildings. The offering also includes a parcel of land zoned R2, which is suitable for developing an additional multifamily building.

2803-43 Galilee Ave presents an investor with the unique opportunity to acquire a townhome-style apartment complex in the high rental demand market of Zion, where larger units are in short supply and command a premium over conventional apartments. Furthermore, an investor may experience higher returns by increasing rents to market across the entire complex.

LOCATION DETAILS

Located just two and a half miles from Lake Michigan, the property is surrounded by numerous parks and lakefront amenities. These include the North Dunes Nature Preserve, Illinois Beach State Park, and ThunderHawk Golf Club. The property is also two miles from the city's Metra station making it an ideal location for those commuting to Chicago and nearby communities.

HIGHLIGHTS
  • 20 Large Townhome Apartments – Approx. 1,250 SF
  • All 3Bd/1.5Ba Units
  • Significant Rental Upside
  • 18/20 Units Recently Updated
  • Tenant-Paid Utilities
LISTING BROKERS
Anthony Citriglia
Associate
773.305.4844
Brian Karmowski
Director
773.305.4892