2003-2017 Broadway St
2003 Broadway St Blue Island, IL 60406
Built/Reno: 1970 / 2018
Cap Rate: 7.1%
- Fully Occupied 27-Unit Multifamily Offering
- Updated Kitchens and Baths, Newer Windows, Roofs and Boilers
- Very Well Maintained and Operated with Good Collection History
- Upside in Rents Ranging from $50-$150 Per Unit
Marcus & Millichap is pleased to present to market a well-maintained and fully occupied 27-unit multifamily offering in Blue Island, Illinois, a southern suburb of Chicago. The property consists of five contiguous five and six-unit apartment buildings with a total of 18 one-bedroom units and nine two-bedroom units.
Each unit has updated kitchens, baths, newer appliances, durable luxury vinyl wood plank flooring, and radiant baseboard heating; some of which are separately metered and tenant-paid. Each three-story brick building offers tenant storage, on-site owned coin-operated laundry, and off-street parking.
Each building has newer energy-efficient vinyl windows and roofs ranging in age from four to ten years and many newer boilers. The parking lot was completely replaced in 2018.
The property is very well run with many longer-term timely paying tenants. Each tenant is thoroughly screened and well documented with written lease agreements. There is market-supported upside in rents ranging from $50-$150 per unit many through simple renewal increases and some with modest unit renovations.
The property is located approximately 16 miles south of Chicago’s Loop just south of the Little Calumet River in a quiet park-like setting across from the forest preserve, but only minutes from Interstate 57, Blue Island Vermont Street train station, and the Vermont and Division Street bus station.