ON MARKET – MULTI-FAMILY
7900-7920 N. Caldwell Ave. Niles, IL 60714
PRICE
$6,750,000
NUMBER OF UNITS
60
CAP RATE
6.04%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 7900-7920 N. Caldwell Ave., a 60-unit apartment community located in the North Chicago suburb of Niles, IL. The three (3) buildings are positioned around a communal grass courtyard with paved walkways leading to each building and seventy (70) exterior parking spaces surrounding the perimeter of the property. The buildings are comprised of eight (8) studio units, forty-one (41) 1 Bd/1 Ba units and eleven (11) 2 Bd/1 Ba units. Recently, forty-seven (47) of the sixty (60) units were rehabbed and feature laminate floors, black appliances, laminate countertops, dishwashers and wall-mounted air conditioning sleeves in the living rooms.

The subject property presents an investor with the opportunity to acquire a well-located asset with seamless access to many of the suburbs desirable features. Situated on the west side of Caldwell Avenue, just south of Oakton Street, the complex is approximately one (1) mile to Niles West High School and three (3) miles west of the CTA Skokie Swift Station (Yellow Line). In addition, the property is within walking distance of the Golf View Recreational Center to the south and the Miami Woods Forest Preserve to the north.

7900-7920 N. Caldwell Ave. presents an investor with multiple investment strategies. With forty-eight (48) of the sixty (60) units already renovated, new ownership can upgrade the remaining interiors to further improve cash flow. In addition, set between the three buildings is a communal grass courtyard. A new owner may elect to invest in the communal space and brand the community. By building a desirable amenity space for tenants, an investor can create a competitive advantage over similar apartment properties in the area.

LOCATION DETAILS

The Village of Niles is located in Cook County, IL, approximately twelve (12) miles northwest of Chicago's Central Business District. Niles is home to approximately 30,000 residents and provides community members with an abundance of retail, restaurant and green space options. Surrounded by the Kennedy and Edens Expressways, Niles' central location provides seamless access to downtown Chicago, surrounding suburbs (i.e. Schaumburg, Evanston, etc.), and O'Hare International Airport. The Village is home to the Golf Mill Shopping Center, a super-regional mall that contains retail and office space. Niles Leaning Tower YMCA is famous for its half-sized replica of the world-famous Leaning Tower of Pisa and offers entertainment for the greater Niles community. In addition, residents enjoy access to the Village's 24 public parks which span across 92 acres of protected land.

7900-7920 N. Caldwell Ave.

HIGHLIGHTS
  • Apartment Community in Highly Sought-After Niles Suburb
  • Partially Rehabbed w/ Opportunity to Update Remaining Units to Increase Cash Flow
  • Great for Value-Add Investors to Achieve Immediate Scale in Desirable Suburb
  • Large Grass Courtyard to Accommodate Future Community Amenity
  • 1 Mile from Niles West High School & 3 Miles to CTA Skokie Swift Station (Yellow Line)
  • Situated Adjacent to Multiple Forest Preserves and The Chicago River
LISTING BROKERS
Abe Eilian
Director
773.305.4882
Matt Feo
Director
224.305.4102