Essex Realty Group, Inc. is pleased to announce the sale of 7650 S Harlem Avenue, an 8-unit apartment building located in the suburb of Bridgeview, IL. The property consists of four (4) 1-bedroom, 1-bathroom apartments, three (3) 2-bedroom, 1-bathroom apartments, and one (1) 3-bedroom, 2-bathroom apartment. Additionally, the property includes fifteen (15) exterior surface parking spaces.
At the time of sale, current rents were below market rates, presenting an opportunity to increase rental income by over 20%, which could potentially raise Net Operating Income by nearly 40%. This sale offered substantial upside for the buyer.
The property is situated 15 miles southwest of Downtown Chicago and only 5.6 miles from Chicago Midway International Airport. Its favorable location provides residents with easy access to public transportation and nearby shops and restaurants.
Located roughly 15 miles southwest of downtown Chicago, Bridgeview encompasses a little over two square miles. It is bordered by Justice to the west, Bedford Park to the north, and Hickory Hills to the south. Bridgeview offers a diverse array of housing options, including single-family homes, townhouses, and apartment buildings.
With its close proximity to several major expressways, Bridgeview residents enjoy direct and convenient access to Chicago. Additionally, the town is near Chicago Midway International Airport, offering easy connections to both domestic and international destinations. Bridgeview strikes a good balance between suburban comfort and urban accessibility, fostering a strong sense of community and offering numerous nearby amenities.
- Opportunity to Increase Rents By $150-$200 Per Month
- Strong Unit Mix With Four (4) 1Bds, Three (3) 2Bds, & One (1) 3Bd
- Recent Capital Improvements Include Tear-Off Roof (2021), Boiler (2022), Hot Water Tank (2020), & Tuckpointing (2022)
- Fifteen (15) Surface Parking Spaces
- Located Less Than Six Miles From Midway International Airport