ON MARKET – MULTI-FAMILY
1005 - 1037 S. Des Plaines Ave. Forest Park, IL 60130
PRICE
$34,800,000
NUMBER OF UNITS
240
CAP RATE
5.94%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale Park Terrace Condominiums, a 240-unit condominium complex consisting of five (5) elevator buildings that are split between two (2) condominium associations. *This sale is being offered as a contract assignment.

The offering consists of (120) 1 Bd/1 Ba and (120) 2 Bd/1.5 Ba units accompanied by (198) surface and (120) covered parking. Units feature separate dining rooms, private balconies, central HVAC and many of the units have been moderately updated to feature new cabinetry, tile backsplashes, new flooring, stone counters and stainless steel appliances.

Park Terrace Condominiums provides a unique opportunity for an investor to create substantial value by deconverting the complex back to a rental apartment community and updating the remaining units with interior improvements. By raising the rents as-is or rehabbing each unit, the apartments can capture significant rental upside. Rent comparables in the surrounding area support an increase of 5-12% as-is and 15-25% for rehab, as the current rents are significantly below market.

This complex is conveniently located within minutes of the I-290 Expressway and Forest Park Transit Center, which provides residents with an easy commute into the city and surrounding suburbs. The property is also situated within minutes of the Loyola University Medical Center, which employs hundreds of medical professionals in the area. Lastly, this location offers an array of food, entertainment, and outdoor options for residents to enjoy.

LOCATION DETAILS

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HIGHLIGHTS
  • *Contract Assignment*
  • 240 Unit Condo Deconversion in an excellent Forest Park location
  • Spacious 1 Bedroom and 2 Bedroom layouts with Significant Rental Upside
  • Unique Opportunity to Acquire Immediate Scale in a Desirable Area
  • Situated .5 miles from the Forest Park Blue Line Train Station & the Eisenhower Expressway
  • Close Proximity to Loyola University Medical Center, Brookfield Zoo, Etc.
  • Opportunity to add 5 additional units and/or amenity space
LISTING BROKERS
Matt Feo
Director
224.305.4102
Brian Kochendorfer
Managing Director
773.305.4870
Brian Karmowski
Director
773.305.4892