Essex Realty Group, Inc is pleased to announce the sale of 8280-8290 Roosevelt Road, a 24-unit apartment building portfolio located in the highly desirable west Cook County suburb of Forest Park, IL. The Portfolio consists of four (4) adjacent 6-unit buildings, each with (3) one bed/one-bath units, and (3) two bed/one-bath units, all situated in a picturesque setting along the Des Plaines River.
The apartments feature spacious layouts with a majority of the units having received full gut rehabs. Twelve (12) of the twenty-four units have tenant paid electric baseboard heat, while the remaining twelve (12) units feature boiler baseboard heat. 17 out of the 24 units have been rehabbed with new kitchens, floors, bathroom vanities, tile, etc., allowing a future investor to capture the additional rental upside by updating the remaining 7 units.
8280-8290 Roosevelt Road presents an investor with the opportunity to realize significant rental upside in both the renovated and non-renovated units. Per the enclosed rental survey current rents may be increased approximately $200-$260 per month or 21-23% above current levels.
Situated just over one mile from the Forest Park CTA Blue Line stop, the Property location affords residents many conveniences within walking distance including the Forest Park Forest Preserve, major employers such as Loyola University Medical Center, and an easy commute to downtown Chicago via the CTA Blue Line.
The village of Forest Park is bordered by River Forest, Oak Park, Maywood, Berwyn, North Riverside and Broadview; and is a west suburb of Chicago. This bustling town is an urban setting that consists of numerous, restaurants, diners, pubs, parks and shops. Named “The best in neighborhood dining” according to a Chicago Tribune readers poll, the 14000 citizens of this village can’t go wrong spending a night out in the downtown area.
8280-8290 Roosevelt Rd provides easy accessibility to Chicago via I-290 and is just over a mile away from the Forest Park Elevated Station which services the blue line to Chicago and O’Hare. This station is also a stop for CTA buses. Additionally, the property is just under a mile away from Loyola Outpatient Center making it an ideal rental location for medical workers looking for a short commute.
- 24-Unit Portfolio
- 17 of 24 Units Completely Gut Rehabbed
- Strong Unit Mix with One and Two-Bedroom Layouts
- Highly Desirable Suburban Location
- Walking Distance to Forest Park CTA Blue Line Station