Investment Overview

Marcus & Millichap is pleased to present a 27-unit, three-story walk-up apartment property located at 254 South Maple Avenue in Oak Park, Illinois. Oak Park is one of Chicago’s most sought-after suburbs for homeowners and renters. Located approximately nine miles west of the Loop, Oak Park is accessible within 20 minutes via the Eisenhower Expressway (Interstate 290), by Metra and CTA trains, and Pace bus lines. Its unique mix of diversity, community, world-famous architecture, upscale neighborhoods and commerce make it an ideal location to own rental property. Noted for its quality housing stock and schools, Oak Park is a model community which provides a wide range of community services to residents within close proximity to the city of Chicago. The subject property consists of 17 one-bedroom / one-bathroom units (approximately 900 to 1,050 square feet) and 10 two-bedroom / one-bathroom units (approximately 1,150 square feet). Select units have been renovated featuring refinished flooring, brand new stainless-steel appliances, new countertops and cabinets, and updated bathrooms with new tile and vanity. The property features various floor plan layouts that off unique features including expansive, open layouts, enclosed porches, large living room windows facing east allowing an abundance of natural light to enter the unit, and in-unit washer and dryer. The current owner has also made recent capital improvements to the property including a new porch in 2021, all original windows replaced with select replacement windows in 2021, new gas fired boiler in 2020, and new water heater in 2017. On-site amenities include four seller owned coin-operated washers and four coin-operated dryers as well as six off-street parking spaces in an adjacent lot. This investment is an opportunity for a new investor to acquire a unique multifamily property in a strong Oak Park rental market. A new owner has the potential to increase rents through continued unit renovations.