Essex Realty Group, Inc. has been exclusively engaged to market for sale 8156 Walsh Lane, a 6-unit apartment building located in the highly desirable near northwest suburb of River Grove. The Subject Property consists of three (3) one-bedroom/one-bath units and three (3) two-bedroom/one-bath units along with seven (7) surface parking spaces. In addition, the Property includes one (1) non-conforming garden-level studio apartment which generates additional income.
In the last four years, ownership has invested over $125K in CapEx. Notable upgrades include new copper plumbing, newly refinished oak hardwood floors throughout, and interior renovations with high-end finishes in five (5) of six (6) units.
The remodeled apartments feature Black Galaxy granite countertops, new espresso cabinetry, stainless-steel appliances, new ceramic tile backsplashes, refinished oak hardwood floors, Grohe fixtures, Kohler toilets, and porcelain and marble tile baths. All finishes have been carefully curated to ensure longevity and durability, enhancing ease of operation.
A new operator will have the opportunity to acquire a stabilized and fully occupied asset in a high-demand rental market. Per the enclosed rental survey, current rents are approximately 20% below market ‘As-Is.’ A new owner will be able to achieve premium rents due to the majority of units already having received full rehabs.
8156 Walsh Lane is strategically located near multiple options for transportation. The River Grove Metra Station, serviced by both North Central Service and Milwaukee District West lines, is 0.6 miles away. In addition, there are multiple bus routes along Belmont and Cumberland Avenues. Residents of this pocket of River Grove benefit from a quiet suburban location, the conveniences of abundant retail, and easy access to Chicago and the surrounding suburbs.
Located about 15 miles west of Chicago, River Grove encompasses just under two and a half square miles and is bordered by River Forest to the south, Franklin Park to the west, Chicago to the north and northwest, and Elmwood Park to the east. River Grove is a primarily residential neighborhood with a mixture of single-family homes, townhouses, and apartments. The community is known for its tree-lined streets, well-maintained homes, and friendly residents.
The Village is conveniently located near major highways, including Interstate 294 and Interstate 290, making it easy to commute to and from work or travel to nearby attractions. In addition, it’s just a short drive away from O’Hare International Airport, which provides easy access to both domestic and international destinations. Lastly, the village is in a prime location for all Metra users. The Metra connecting lines are North Central Service (NCS) and Milwaukee District West (MD-W.)
- Turnkey Asset in Highly Desirable Near Northwest Suburb
- Over $125K in Recent CapEx: New Kitchens, Baths, and Updated Mechanicals
- Five (5) of Six (6) Units Remodeled with High-End Finishes
- Significant As-Is Rental Upside: $100-$300/Unit/Month
- Convenient Location: Walking Distance to River Grove Metra Station (0.6 Miles)
- Within Minutes of An Array of Retail and Transportation