ON MARKET – MULTI-FAMILY
1033 Peterson Avenue Park Ridge, IL 60068
PRICE
$5,500,000
NUMBER OF UNITS
16
CAP RATE
4.75%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1033 Peterson Ave., located in the highly coveted Chicago suburb of Park Ridge. The Property is being offered as a condominium deconversion opportunity under Section 15 of the Illinois Condominium Act. The 16-unit, elevator building was constructed in 2007 and is comprised of 14, 2 bedroom and 2, 3 bedroom units. The Property features a heated parking garage consisting of 27 spaces; additionally, 9 surface spaces are located on the west side of the building.

Situated on the south end of Park Ridge, the Property is steps from the Cumberland Blue Line Station and I-90. The convenient location affords tenants with all the amenities of Park Ridge within close proximity, including numerous parks, restaurants and access to a highly-rated school system.

Of the 16 units, 15 are renter-occupied (94%). Furthermore, 14 of the 16 unit owners (88%) have indicated their desire to participate in a bulk sale. Please note, all offers will be subject to a vote by the HOA members.

1033 Peterson offers a new owner the opportunity to acquire a high-quality asset in a phenomenal location. As the enclosed survey indicates, current rents are 5-20% below market as-is, allowing a new owner the potential to realize significant increases in returns with minimal work

LOCATION DETAILS

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HIGHLIGHTS
  • 16 Unit Park Ridge Condo Deconversion
  • Concrete Construction (2007) with Radiant Floor Heat
  • 27 Space Heated Parking Garage
  • Large Units Averaging 1,321 SF
  • 10-20% As-Is Rental Upside
  • Steps to Cumberland Blue Line and I-90
LISTING BROKERS
Brian Karmowski
Director
773.305.4892
Anthony Citriglia
Director
773.305.4844