Park Ridge IL Value Add 12-Unit

[Fernando Angelucci]

We have available for immediate assignment a brick 12-unit in Park Ridge, IL. This is a very rare opportunity as there are not many multifamily buildings in Park Ridge and they don't trade hands often!

737 N. Western Ave., Park Ridge, IL 60068

12 Unit Brick/Flexicore Apartment Building

(10) Two Bedroom Units, (2) One Bedroom Units, 19 parking spots

Price: $1,600,000.00

Property Taxes: $20,329.66

Current Rent (below market): 2 Bedrooms: avg. $1,000 | 1 Bedrooms: avg. $875

Details: The units are rented severely under market and there is a significant value add component. Two bedrooms are currently at an average of $1,000/month and one bedrooms at $875/month. The majority of tenants are long term and month to month leases for the ease of the new owner. This is a very high end market - one of the most desirable suburbs of Chicago with a high demand for rental units since its mostly high end SFH. The building can be upgraded (owner currently pays for most utilities, i.e. boiler building), made into condos, or torn down (20,000+ sq. ft. lot) to build brand new multi-family. The photos below are of the one vacant 2 bedroom unit and an example of one of the 1 bedroom units. All 2 bedroom units are similar condition and the same layout.

PHOTOS AND VIDEO WALKTHROUGH: https://www.dropbox.com/sh/fte3zmkpy44y0yw/AABMKyuOoR4wGYCmlMSR97NPa?dl=0

Private showings will be conducted upon request. The deal goes to the first person to sign the purchase agreement and remit $5,000 earnest money. If you are a wholesaler and are interested in marketing this deal, you must obtain our permission first. If you have any questions or interest in moving forward, please do not hesitate to reach out as this one will not last long!