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Marcus & Millichap ARRANGES SALE OF a 24-UNIT APARTMENT property in Aurora, IL


AURORA, IL Apr. 24, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a 24-unit apartment property located in Aurora, Ill., according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold for $1,650,000.

Randolph Taylor, an Associate, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the local seller and also represented the 1031 exchange buyer.

Located at 1601-1603 Reckinger Road, the property consists of two adjacent 12-unit buildings. The unit mix is comprised of eight two-bedroom/one-bathroom units, 12 two-bedroom/one-bathroom with dining room units, and four one-bedroom/one-bathroom units. The property features tenant paid heat, central air conditioning, and electric hot water along with select units featuring in-unit laundry.

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About Marcus & Millichap (NYSE: MMI)

With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. 


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Multifamily For Sale

1900 Broadway St
Blue Island, IL 60406

TYPE Multifamily
BUILT/RENO 1973/2016
CAP RATE CURRENT/YR 1 8.34% / 9.81%
CASH-ON-CASH CURRENT/YR 1 15.67% / 23.02%


  • Condo Quality Construction
  • All 2-Bed / 1-Bath Units with Dining Room
  • 90 Percent Updated Units
  • Tenant Paid Electric Baseboard Heating & HW
  • Very Well-Maintained / Long-Term Ownership


Marcus & Millichap is pleased to present for sale Islander Apartments, an 84-unit apartment community in Blue Island, Illinois, a southern suburb of Chicago. The property consists of seven contiguous 12-unit apartment buildings each containing above grade condo quality two-bedroom / one-bathroom units with dining rooms and tenant paid electric baseboard heating. Ninety percent of the units have been updated and there are newer windows, roofs and a resurfaced parking lot.

The property has been under the same ownership and professionally managed for the past 16 years. It has been well-maintained and enjoyed high occupancy currently, at 97.3 percent. Twenty-four of the 84 units are rented under the Housing Choice Voucher program, but there are no requirements to participate in the program going forward and the property may be operated as a full-market rate apartment community. There is current on-site management that can assist with a smooth transition to new ownership but there are no management contractual obligations or association.

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.

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