1500-1504 N 22nd Avenue
1500-1504 N 22nd Avenue
Melrose Park, IL 60160
| Price: |
$1,140,000 |
| CAP Rate: |
8.71% |
| Building Size: |
10,200 SF |
| Approx Lot Size: |
9750.00 Acre(s) |
| Year Built: |
1965 |
Net Lease
Investment: |
No |
| Existing Debt: |
Yes |
| Property On Ground Lease: |
No |
| 1031 Exchanges Acceptable: |
Yes |
Property Features- Double digit rate of return
- Stabilized building
- Historically high occcupancy
- Little to no deferred maintenance
- Unit mix: 12 one-bedroom and 6 two-bedroom units
- Good condition
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For more information contact:
Michael Madziarek
(630) 938-4950 Ext. 105
Sperry Van Ness - Landmark
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Property Description
Well maintained 18 unit building in the heart of a residential neighborhood in Melrose Park. The building consists of 12 one-bedroom units and six two-bedroom units Currently tenancy includes many long-term residents.Recent capital improvements include updated kitchens and baths, 100 amp electrical service for each unit. The building has a full basement with ample storage and laundry room with three washers and three dryers owned by the building for additional income.
The building is located in a quiet residential neighborhood with primarily single family homes and a mix of 2-4 unit buildings scattered throughout the area. Convenient access to Interstates 90, 290 and 294 allows tenants to be minutes away from employment centers in Oak Brook, Schaumburg, O'Hare area and downtown Chicago.
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