Essex Realty Group, Inc. is pleased to announce the sale of the Northline Apartments in the affluent Lake County suburb of Libertyville. The Property is comprised of two, 12-unit apartment buildings located at 905 & 911 N. Milwaukee Ave. in downtown Libertyville. The Property is just steps from the Libertyville Metra station as well as the Milwaukee Ave. commercial corridor, affording tenants a vibrant urban lifestyle.
911 N. Milwaukee Ave. was built in 2016 and features high-end condo-quality finishes, an elevator, large floor plans, 8′ windows, 13 storage lockers, and heated garage parking. All units are 2Bd/2Ba and range in size from 1,081 to 1,306 square feet. The average tenant income in the building is $331,020.
905 N. Milwaukee Ave., built in 1986, features 2Bd/2Ba units and range in size from 834-851 square feet. Current ownership has fully renovated four and partially renovated eight of the twelve apartments with condo-quality finishes throughout, resulting in an increase of $125/unit/month. In the last three years, the building has received extensive exterior, mechanical, and common area upgrades. The average tenant income in the building is $198,300.
Northline Apartments provides an investor with the opportunity to continue upgrading the remaining eight (8) units in the 905 building and increasing rents upon turnover. The rent for the last four leases at 905 averaged $1,483, which is over $100 higher than the current average. Three of those four units were partially renovated. In the 911 building, an investor can continue to increase rents as current leases are averaging $193/mo lower than the market rate. Additionally, storage lockers are currently being offered at no cost to the tenant; charging for the use of these lockers could provide an additional source of income. As the enclosed rental survey indicates, Northline rents overall are below market and a significant opportunity exists for new ownership to achieve material rental increases in both buildings.
- (2) 12-Unit Buildings Located in Downtown Libertyville
- Purchased by Local Buyer
- Steps to Metra Station
- 911 Building New Construction Completed in 2016
- 905 Building Rehabbed 2015-16
- Strong Unit Mix, All 2Bd/2Ba Units
- Value-Add Opportunity