Essex Realty Group, Inc. is pleased to announce the sale of 1620 W. Dempster Street, a 16-unit apartment property in the highly desirable Chicago suburb of Park Ridge. The unit mix consists of four (4) studios and twelve (12) 1Bd/1Ba units. The Property features twenty-two (22) exterior parking spaces, as well as fourteen (14) covered garage spaces.
Partially renovated in 2010, the subject property has received several upgrades to its mechanicals and units. Updated units feature new flooring, white cabinets, LED light fixtures, and stainless-steel appliances. A value-add opportunity exists for a new owner to complete additional renovations to the apartment interior to increase rental income.
Essex procured a buyer after conducting an extensive marketing campaign resulting in more than 20 property tours and multiple offers. This is the fourth suburban multifamily property closed by Essex Realty Group, Inc in the last three months.
The city of Park Ridge is a busy suburb located 15 miles north of downtown Chicago. Multiple major highways provide ease of access to and from downtown. Park Ridge is conveniently located about 1 mile away from highly popular O’Hare International Airport which helps promote this city’s businesses & local investment. The Suburb is bordered by Chicago to the South, Skokie to the East, and Glenview to the North. The property is located just west of the Dempster Milwaukee intersection and is in close proximity to the I-294, making it convenient for residents to commute to Chicago and neighboring suburbs.
The subject property is conveniently located near many retailers and shopping centers, such as Dempster Plaza, Golf Mill, and Millbrook shopping center. All are within walking distance of the property and consist of a variety of retailers, restaurants, and entertainment facilities. Apart from residents being able to grocery shop nearby, they can enjoy dining at a variety of restaurants such as; Tita Mia’s Filipino Restaurant and Cafe, Arvin Restaurant, DMZ Restaurant and Bar, and Taco Maya. Additionally, these shopping centers provide residents with everything from Walmart, Kohl’s, JCPenney’s, Export fitness, and AMC Movie theater.
Essex Realty Group, Inc. has been exclusively engaged to market for sale 1620 W. Dempster Street, a 16-unit apartment property in the highly desirable Chicago suburb of Park Ridge. The unit mix consists of four (4) studios and twelve (12) 1Bd/1Ba units. The Property features twenty-two (22) exterior parking spaces, as well as fourteen (14) covered garage spaces.
Partially renovated in 2010, the subject property has received several upgrades to its mechanicals and units. Updated units feature new flooring, white cabinets, LED light fixtures, and stainless-steel appliances. A future investor may increase rental income by completing additional renovations to the remainder of the units.
The Property is directly across the street from Lutheran General Hospital, less than a mile from Maine East High School, and is located off Dempster St., which features numerous shops and restaurants. The Dee Road Metra Station is located 1.5 miles from the Subject Property providing tenants easy access to downtown Chicago and the surrounding suburbs.
- 16 Unit Apartment Property in Highly Desirable Suburb of Park Ridge
- Across the Street From Lutheran General Hospital
- Four (4) Studios & Twelve (12) 1Bd/1Ba Units
- Value-Add Opportunity
- 1.5 Miles From Dee Road Metra Station