ON MARKET – MULTI-FAMILY
1116 Washington Blvd. Oak Park, IL 60302
PRICE
$7,500,000
NUMBER OF UNITS
55
CAP RATE
4.68%
PROPERTY LISTED

Essex Realty Group, Inc. is proud to exclusively market for sale 1116 Washington Blvd. located in the vibrant Village of Oak Park. The 55-unit courtyard building was renovated between 2015-2016 and features renovated interiors and mechanicals. In total, ownership has invested over $2 million in interiors and exterior improvements.

Updated building systems include 2,000 amp electric service, individual unit water submeters, in-unit hot water heaters, a copper plumbing system, a new roof, and updates to the hallways and common areas. In addition, all units have new drywall, refinished hardwood or new engineered hardwood floors, stainless steel appliances, granite counters, espresso cabinetry, new bath vanities, and ceramic tile surrounds.

1116 Washington Blvd. presents investors with an opportunity to acquire a renovated courtyard building in a desirable location with operational upside. The Property is located 0.18 miles south of the Harlem/Lake Green Line CTA and Oak Park UP-W Metra stations, providing access throughout the city and suburbs. The building is also within proximity to a variety of local amenities and major employers including Rush Oak Park Hospital.

The property is listed for $7,500,000 and has an assumable mortgage balance of $5,525,596 with an interest rate of 3.85% (see pg. 8 for loan details). If a purchaser does not elect to assume the existing debt, the purchase price is $8,250,000.

LOCATION DETAILS

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HIGHLIGHTS
  • 55-unit renovated courtyard apartment building in desirable Oak Park location
  • Located two blocks from Harlem/Lake Green Line CTA & Oak Park Metra Stations
  • Ownership has invested over $2 million in recent interior and exterior improvements
  • Assumable mortgage balance of $5,525,596 with a 3.85% interest rate and 30-year amortization
  • Near a variety of local amenities and major employers including Rush Oak Park Hospital
LISTING BROKERS
Doug Imber
President
773.305.4902
Kate Varde
Principal
773.305.4908
Jaimie Steinher
Director
773.305.4916