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.