Essex Realty Group, Inc. is pleased to announce the sale of 6718 174th Place, a 12-unit apartment property located in the Cook County suburbs of Tinley Park. The building consists of (11) 2Bd/1Ba and (1) 1Bd/1Ba units.
The property underwent a complete renovation in 2019, including all new fire sprinkler system, copper plumbing, building insulation, tear-off roof, new windows and sliding glass doors, and the addition of exterior balconies. All units were completely gut rehabbed with new maple hardwood floors, stainless steel appliances, quartz counter tops, and new bathrooms. In total, over $600,000 of capital improvements have been spent on the property in the last 12-months in addition to new leases across all 12-units.
After multiple tours and offers, Essex secured a buyer within two weeks of listing. The property closed 60 days after going under contract. The transaction was one of the highest recorded sales on a per unit basis for a rehabbed multifamily property in Tinley Park.
Located approximately 26 miles southwest of Chicago, Tinley Park encompasses over 16 square miles and is bordered by Frankfort to the south, Orland Hills to the west, Country Club Hills to the east, and Orland Park to the north. The subject property sits across the street from the Tinley Park Metra station and one block to the east of Oak Park Avenue and downtown Tinley Park. In addition, the property is less than one mile from Tinley Park High School.
Essex Realty Group, Inc. has been exclusively engaged to market for sale 6718 174th Place, a 12-unit apartment property located in the Cook County suburbs of Tinley Park. The building consists of (11) 2Bd/1Ba and (1) 1Bd/1Ba units.
The property underwent a complete renovation in 2019, including all new fire sprinkler system, copper plumbing, building insulation, tear-off roof, new windows and sliding glass doors, and the addition of exterior balconies. All units were completely gut rehabbed with new maple hardwood floors, stainless steel appliances, quartz counter tops, and new bathrooms. In total, over $600,000 of capital improvements have been spent on the property in the last 12-months in addition to new leases across all 12-units.
Investors have the opportunity to acquire a rarely available new construction property in a highly desirable suburban location that is 100% occupied with strong cash flow. In addition, all capital improvements and unit updates have been completed providing investors a stabilized opportunity with minimal maintenance and management required.
- Completely rehabbed property with over $600,000 spent on capital improvements
- Located across the street from the Tinley Park Metra station and one block east of Oak Park Avenue
- Rare opportunity to acquire a fully stabilized property in a highly desirable suburban market
- Luxury apartment units with high-end finishes and all new and state of the art mechanical systems