Silver Creek Apartments
64 Unit Apartment Building | $6,950,000 ($108,594/Unit) | 7.50% Cap Rate | Melrose Park, IL 60164
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $6,950,000
- Property Type
-
Multifamily
- Square Feet
- 53,740 SF
Listing Contacts
John George
Verified Profile
Joe Bianchi
Verified Profile
- Property Info
Property Overview
Kiser Group is pleased to exclusively offer for purchase Silver Creek Apartments (2902-12 Vinan Drive and 2901-07 Willens Drive), a collection of eight (8) properties consisting of 64 total units in the Northwest Chicago Suburb of Melrose Park. The collection includes all walk-up style buildings, featuring forty-eight (48) two-bedroom and sixteen (16) one-bedroom apartments. Additionally, the buildings are ideally situated in a residential pocket that sits between O’Hare International Airport to the north and popular retail attractions off of Grand Avenue just directly south.
Over the past few years, all units in the package have undergone significant renovations. Recent updates include LVP flooring, granite countertops, and updated appliances, along with updated bathrooms and fixtures. Recent capital improvements to the building consist of, but not limited to: newer roofs (Gutters and Downspouts), newer central boilers, copper plumbing, electric, resurfaced parking lot (80+ Spots), along with an abundance of masonry and tuckpointing. Additionally, all of the buildings are equipped with individual laundry facilities with touchless payment systems. This not only provides tenants with a desirable amenity, but further increases the owners gross scheduled income. Additional income streams include parking, move-in, and pet fees, as well.
The Silver Creek Apartments present an investor with a rare opportunity to acquire a group of properties with attainable market rents and an extremely desirable unit mix. From day one, an investor will realize a cap rate of 7.50% and a cash return of 7.23%. Through improved leasing and raising rents to levels already being achieved, a new owner could reach a cap rate of 8.67% and a cash return almost 12%.
Over the past few years, all units in the package have undergone significant renovations. Recent updates include LVP flooring, granite countertops, and updated appliances, along with updated bathrooms and fixtures. Recent capital improvements to the building consist of, but not limited to: newer roofs (Gutters and Downspouts), newer central boilers, copper plumbing, electric, resurfaced parking lot (80+ Spots), along with an abundance of masonry and tuckpointing. Additionally, all of the buildings are equipped with individual laundry facilities with touchless payment systems. This not only provides tenants with a desirable amenity, but further increases the owners gross scheduled income. Additional income streams include parking, move-in, and pet fees, as well.
The Silver Creek Apartments present an investor with a rare opportunity to acquire a group of properties with attainable market rents and an extremely desirable unit mix. From day one, an investor will realize a cap rate of 7.50% and a cash return of 7.23%. Through improved leasing and raising rents to levels already being achieved, a new owner could reach a cap rate of 8.67% and a cash return almost 12%.
Property Details
- Class
- C
- Year Built
- 1964
- Stories
- 2
- Lot Size (sq. ft)
- 85,378 SF
- Units
- 64
Highlights
- Forty-Eight (48) 2Bd/1Ba, Sixteen (16) 1Bd/1Ba Units
- Recent Interior Renovations - LVP Flooring, Updated Appliances
- Significant Capital Improvements - Roofs, Mechanicals, Tuckpointing
- New RND Weil-McLain Central Boiler Systems | Touchless Payment Laundry Systems
- Nestled Between O'Hare Airport and Popular Grand Ave Retail Attractions
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