460 Coventry Ln - Apartments FOR SALE


Crystal Lake, IL 60014- East Suburban McHenry
$3,600,000 USD
847-834-9868
460 Coventry Ln, Crystal Lake, IL for Sale
$3,600,000 USD
Apartments - FOR SALE
1/42
null | 6.27% Cap Rate

460 Coventry Ln
Crystal Lake, IL 60014
East Suburban McHenry


HIGHLIGHTS

  • 2020 Gut Rehab - Condo-Quality Finishes and Newer Mechanicals
  • Large Unit Mix - 94% 1bd and 2bd Units
  • Strong In-Place Income with 9% Rental Upside As-Is
  • Low-Maintenance Operations, Individual HVAC
  • Over $100,000 in Recent Capex Including New Elevator and Fire Panel

OVERVIEW

Essex Realty Group, LLC has been exclusively engaged to market for sale Coventry Apartments, a 17-unit apartment building located at 460 Coventry Lane in Crystal Lake, Illinois. Gut renovated in 2020, the Subject Property was the beneficiary of an office-to-residential conversion and features fully rehabbed units with in-unit laundry, newer mechanicals and an elevator. Furthermore, current ownership has invested significantly in recent capital improvements, including a full elevator replacement and the installation of a new fire panel in 2025. 460 Coventry features an attractive unit mix of mostly large 1bd and 2bd units (94%) allowing for a healthy in-place income in over $28,000 a month. Additionally, the enclosed rental survey indicates upside of approximately 10% as-is, providing new ownership with the opportunity to increase rents with little-to-no work. Additional income potential exists through the build-out of 20 storage lockers, projected to generate $6,000 in annual revenue. Coventry Apartments is located in Crystal Lake, one of McHenry County's most dynamic suburban markets, currently experiencing over 1,000 new housing units under development, including the 260-unit Water's Edge mixed-use project and the recently completed 124-unit Redwood Crystal Lake. The Coventry Apartments is conveniently situated near the Crystal Lake Metra station on the Union Pacific Northwest Line, offering direct commuter service to downtown Chicago, with additional access to Routes 176 and 31 and the Northwest Highway commercial corridor. Crystal Lake's $1.5 billion in annual retail sales, anchored by Mercy Health Hospital, expanding dining and entertainment options, and a growing employer base, reinforce sustained rental demand across the submarket.

FOR SALE DETAILS

PRICE

$3,600,000 USD

PRICE/SF

$201 USD /SF

# OF UNITS

17

PRICE/UNIT

$211,765

CAP RATE

6.27%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Coventry Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1970

PARKING SPACES

67

LAND DETAILS

LAND ACRES

1.09 AC

LAND SF

47,524 SF

ZONING

-

APN/PARCEL ID

19-05-352-013

ASK ABOUT THIS PROPERTY

Brian KarmowskiEssex Realty Group, LLCMore Info
847-834-9868

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Brian KarmowskiEssex Realty Group, LLCMore Info
847-834-9868

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