Essex Realty Group, Inc. has been exclusively engaged to market for sale, 87 N. Wolf Road, a 6-unit multi-family building located in the north Chicago suburb of Wheeling, IL. The Subject Property consists of three (3) 1-bedroom, 1-bathroom apartments, and three (3) 2-bedroom, 1-bathroom apartments. The Property also includes eight (8) exterior surface parking spaces.
The units feature hardwood and tile floors, individual boilers, individual water heaters, and washer/dryer hook ups. Units are individually metered for gas and electricity, which minimize expenses for ownership. The building also received new vinyl windows in 2019.
As the enclosed rental survey demonstrates, current rents are significantly below market. Two-bed units are currently renting for an average of $1,167, whereas average market rent in the immediate area is $1,520. With cosmetic updates to unit interiors, new ownership can realize significant rental increases.
The Subject Property is located in a highly desirable pocket of Wheeling, surrounded by an array of retail options and a four-minute drive to the Wheeling NCS Metra station.
Wheeling is a suburb of Chicago located in Cook County and is a part of Wheeling Township. The village is bordered by many prominent suburbs including Mt Prospect and Palatine to the southwest, Buffalo Grove and Lincolnshire to the north, and the North Shore suburbs to the east. Wheeling borders I-294 to the west and has a Metra stop located in the center of the village, making it easy for residents to commute to Chicago and the neighboring suburbs. Also located in Wheeling is the Chicago Executive Airport, which services business travelers and airfreight and serves as an alternative to O’Hare International Airport.
The Village of Wheeling is one of the best places to live in Illinois. It offers residents the benefit of an urban-suburban mix, with lots of restaurants, coffee shops and parks to visit. The public schools are highly rated, leading many families to choose Wheeling as the place to raise their family. From families to young professionals, the residents of Wheeling are happy to call this village home.
- Value-Add Opportunity in Wheeling
- High Demand North Suburban Market
- Significant Rental Upside - 24-30%
- Units Individually Metered for Gas & Electricity
- Minutes Away from Wheeling Metra Station