UNDER CONTRACT – MULTI-FAMILY
12827-12843 Irving Avenue Blue Island, IL 60406
PRICE
Call for details
NUMBER OF UNITS
24
PROPERTY LISTED

Essex Realty Group, Inc has been exclusively engaged to market for sale 12827-12843 Irving Avenue, a 24-unit garden apartment complex in Blue Island. The unit mix consists of twenty-three (23) 1Bd/1Ba and one (1) 2Bd/1Ba unit. Approximately half of the units have received various upgrades such as new vinyl flooring and appliances in the units as well as a new water heater.

Currently, the Property has a contract in place with the Illinois Housing Development Authority (IHDA) which requires rent and income limits while offering assumable financing at a 1% interest rate. In addition, the Property also has a loan from the Cook County HOME program. Twelve (12) of the units must be at 50% of the adjusted median income (AMI), ten (10) at 60% AMI, and two (2) at 80% AMI. Both loans expire in 2043. Units are currently renting under market and could be raised on average 15% while still meeting the income restriction requirements. This creates a rare opportunity for a potential investor to acquire a
value-add property with an assumable, low-interest-rate IDHA loan.

LOCATION DETAILS

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HIGHLIGHTS
  • 24 Unit Garden Complex in Blue Island
  • Property Part of IHDA Program
  • Value Add Opportunity
  • Buyer Has Option to Assume 1% Fixed Rate Mortgage
  • Two Blocks from Prairie Street Metra Station
LISTING BROKER
Brian Kochendorfer
Managing Director
773.305.4870