Essex Really Group, Inc. has been exclusively engaged to market for sale 905 Westmoreland Drive, an 8-unit apartment property located in the Lake County suburb of Vernon Hills. The eight (8) units consist entirely of large 2Bed/1.5Bath apartments averaging 860 SF. Furthermore, the property includes a large parking lot adjacent to the building. Each unit is allowed two parking spaces which are selected on a first-come, first-served basis.
The Property is part of a Homeowner’s Association (HOA) which covers all utilities (except tenants’ electricity), insurance, landscaping, snow removal, plumbing, roof, building mechanicals, and exterior maintenance. The HOA provides a very low-maintenance “armchair” investment opportunity due to the limited maintenance requirements outside the purview of the HOA. With rents approximately 20% below market, acquiring this property provides investors with great upside with limited to no additional work.
The location of this property is in a comfortable pocket of Vernon Hills that provides convenient access to interstates I-294 and I-94. The Vernon Hills Metra station is under two miles from the property, allowing accessibility to Chicago’s Union Station. Additionally, the village’s largest mall, Hawthorne Mall, is undergoing a redevelopment that will provide townspeople with improved shopping and dining options, green spaces, and high-quality residences. The combination of dining, retail, education, and safety tie into creating this aspired neighborhood.
The village of Vernon Hills is bordered by Mundelein, Libertyville, Mettawa, Lincolnshire, and Indian Creek; and is a suburb located north of Chicago.
This town’s large population of over 25,000 people enjoy village amenities including the 9-hole Vernon Hills Golf Course and the 315 acres of park land that feature community centers and aquatic complexes. Vernon Hills is also home to Hawthorn Mall which features a variety of 120 different stores and restaurants, and Mellody Farm where people gather to shop and dine every day.
905 Westmoreland Drive is less than two miles away from the Vernon Hills Metra train station which allows commuters to reach Chicago’s Union Station. Additionally, the city is accessible from this location via I-94 East and I-294 South. The property is surrounded by quality housing that mainly consists of multifamily residencies.
- Highly Desirable Unit Mix of All 2Bd/1.5ba Units
- Value-Add Opportunity with Rents 20% Below Market
- Located in Top-Rated Stevenson High School District
- Less Than Two Miles From Vernon Hills Metra Train Station
- Well-Maintained Apartments in a Highly Residential area