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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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Rent Control reduces the supply of rental units, increases prices for properties not covered and prevents those most in need from benefiting.

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Marcus and Millichap closes more real estate investment sales than any other brokerage firm—over 60% of which involve a 1031 Exchange. Our leading market position, coupled with extensive investor relationships, gives us access to the largest pool of qualified buyers, including exchange buyers.

We don’t just market properties; we make a market for each property we represent. Our innovative communications network (MNet) allows us to present your property to more qualified investors than any other Broker. The process is orchestrated to maximize a competitive bidding environment to proactively solicit higher sales prices for your property.

 

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2019 Multifamily Investment ForecastSHARE
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2019 Multifamily Investment Forecast

Apartment Sector Sustains Positive Outlook;
Emerging Trends for 50 Metros Across U.S. and Canada

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Multifamily For Sale

408 Western Ave
Joliet, IL 60435


TYPE Multifamily
PRICE $485000
UNITS 5
BUILDINGS/Stories 1 / 2.5
BUILT/RENO 1914 / 2014
OCCUPANCY 100%
CAP RATE 8.69%
CASH-ON-CASH 19.11%

Continue reading “Fully Occupied 5 Unit Apartment Building For Sale 408 Western Ave Joliet IL 60435”

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Multifamily For Sale

1900 Broadway St
Blue Island, IL 60406


TYPE Multifamily
PRICE $5.7M
UNITS 84
BUILDINGS 7
BUILT/RENO 1973/2016
OCCUPANCY 97.3%
CAP RATE CURRENT/YR 1 8.34% / 9.81%
CASH-ON-CASH CURRENT/YR 1 15.67% / 23.02%

 Highlights


  • 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

Description


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.

Map Overview


 

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Want to sell my Multifamily Property what do I invest in - Surging Economy Boos Retail SectorSHARE
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Multifamily For Sale

13046 S Wood St
Blue Island, IL 60406


TYPE Multifamily
PRICE $1.2m
UNITS 18
BUILDINGS 3
BUILT/RENO 1968/2014
OCCUPANCY 100%
CAP RATE CURRENT/YR 1 7.43%/8.44%
CASH-ON-CASH CURRENT/YR1 11.40%/16.44%
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Marcus & Millichap 3Q 2018 Multifamily Research Market ReportSHARE
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Multifamily For Sale

109 S Whispering Hills Dr
Naperville, IL 60540


TYPE Multifamily
SF 3700
Units 4
BUILT1980
ACRES 0.18
Parking 8 Off-street
OCCUPANCY100%
GROSS INCOME $51600
NOI $36062
CAP RATE 6.74%
PRICE $535000
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