1722 N Mannheim Rd - Apartments FOR SALE


Stone Park, IL 60165
$2,950,000 USD
630-320-9963
1722 N Mannheim Rd, Stone Park, IL for Sale
$2,950,000 USD
Apartments - FOR SALE
1/6
null | Request Cap Rate

1722 N Mannheim Rd
Stone Park, IL 60165


HIGHLIGHTS

  • Diverse Unit Mix: (7) Studios, (23) 1Bd/1Ba, (3) 2Bd/2Ba, (1) Office with Potential for Two Additional Dwelling Units
  • 24 of the 33 Units Have Recently Been Renovated
  • In-Place Rents Approximately 18% Below Market, Providing Immediate Upside
  • Recent Improvements: Parking Lot Replaced in 2022; Fully Equipped with Fire Sprinklers
  • Strong Value-Add Potential Through Additional Unit Conversion and Rent Growth

OVERVIEW

Essex Realty Group, LLC has been exclusively engaged to market for sale 1722 Mannheim Road, a well-positioned 34-unit apartment building in Stone Park, IL. The unit mix consists of seven (7) studios, twenty-three (23) one-bedroom/one-bathroom units, three (3) two-bedroom/two-bathroom units, and one (1) office space with potential for conversion into two additional dwelling units. The property has undergone extensive renovations, with approximately 70% of the units updated. Currently, in-place rents are approximately 18% below market, providing a clear opportunity for immediate revenue growth. The property also features an assumable loan with a 4.46% fixed interest rate, maturing in 2032, offering a favorable financing option for investors. 1722 Mannheim Road presents a compelling investment opportunity with a mix of updated and value-add units, strong operational fundamentals, and additional income potential through unit expansion. According to FEMA, the property is located in a 1% Annual Chance Flood Hazard zone. There have been no reported floods under current ownership.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$139 USD /SF

# OF UNITS

33

PRICE/UNIT

$89,394

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

51

LAND DETAILS

LAND ACRES

0.8 AC

LAND SF

34,687 SF

ZONING

C

APN/PARCEL ID

15-05-225-035-0000

ASK ABOUT THIS PROPERTY

Will CrossenEssex Realty Group, LLCMore Info
630-320-9963

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Will CrossenEssex Realty Group, LLCMore Info
630-320-9963

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.