18 Apartment Building For Sale Blue Island
Listing was updated at: 11/05/2018
Property Overview
Price/Rent PSF $ 1,200,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 15,500
Date Available 11/01/2018
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Marcus & Millichap is pleased to present to market a very well-maintained three-story courtyard all brick flexicore construction 18-unit apartment building in Blue Island, Illinois. Physically and economically stabilized, this offering provides a quick management turn-around opportunity producing a very obtainable 8.5 percent year one projected cap rate. The unit mix consists of 12 two-bedroom / one-bathroom units and six one-bedroom / one-bathroom units. All units are above grade with patios or balconies, updated with durable wood grain laminate flooring, newer cabinetry and fixtures, radiant baseboard heating, wall-sleeve air conditioning units and ceiling fans in most rooms. There are three separate buildings, each with a secure front courtyard and rear parking lot entrance providing access to a secure lower level with storage for each apartment and three sets of owned coin-operated commercial washers and dryers. Blue Island is a southern Cook County city approximately 17 miles south of the downtown Chicago Loop. The property is conveniently located on a quite cul-de-sac, seconds from the Interstate 57 north-south freeway across the street from Centennial Park.