Essex Realty Group, Inc. has been exclusively engaged to market for sale 7-20 Simpson St., a 56 unit apartment complex located in the upscale suburb of Geneva. The property is comprised of three (3) separate two-story buildings consisting of 16, 16, & 24 units, with a total of seven (7) entrances. The buildings are situated on a 4.28 acre lot that includes 114 surface parking spaces as well as a swimming pool. All units are 2Bd/1Ba and measure approximately 900 SF. The property is located 2 miles from the Geneva
Metra Station and the median household income within 1 mile is $93,208.
Geneva Park Apartments has been extremely well maintained. Current ownership has renovated 34 of 56 apartments, with some of the additional 22 units receiving partial updates. However, as the enclosed rental survey indicates, current apartment rents are significantly below market and new ownership could increase rents by approximately $150 per unit per month. For example, the average renovated two bedroom unit at the property rents for $1,151 per month, however, nearby competing apartments achieve more than $1,300. Additionally, a new owner could fully renovate the remaining 22 apartments. Currently, non-rehabbed units are averaging $1,039 per month with renewals being signed at $1,189 per month, while renovated units nearby are achieving over $1,300 per month.
In addition, this property includes a 3rd parcel on the north in which an investor can potentially build 4-6 additional units to take advantage of the low density of residential apartment units in this immediate area.
- 56 Units in Geneva
- All Units Are 2 Bed, 1 Bath
- 34 of 56 Units Have Been Renovated
- 6.77% Cap Rate, 8.54 GRM on Current Income
- 7.76% Cap Rate, 7.59 GRM on Stabilized Income
- Ability To Finish Renovations and Substantially Increase Income