Mixed-Use

1620 Division Street

1620 Division St, Melrose Park, IL 60160

Listing Price: $1,200,000

Cap Rate
16.62%
Number of Units
9
Price/Unit
$133,333
Price/Gross SF
$125.00
Gross SF
9,600

Investment Overview

Marcus & Millichap is pleased to present 1618-1620 Division Street, a value-add mixed-use property located in Melrose Park, Illinois. The village of Melrose Park is located approximately 15 miles west of the downtown Chicago Loop, approximately eight miles south of O'Hare International Airport and provides convenient access to Interstate 290 and Interstate 294. The subject property is located approximately one mile to the Melrose Park Metra station and blocks to numerous Pace bus stops including: Broadway Avenue / Division Street and Broadway Avenue / Thomas Street. Additionally, the property is located approximately one mile to the Winston Plaza shopping center and Gottlieb Memorial Hospital.

The subject property is situated on three contiguous lots, located at the corner of Division Street and 17th Avenue continuing south along 17th Avenue. 1620 Division Street is comprised of six one-bedroom / one-bathroom units, one office space and two ground floor retail spaces. Division Speed Wash, is a seller-owned laundromat, currently occupying 3,300 square feet of the ground floor retail. The laundromat business and its 31 commercial washers and 27 commercial dryers, are included in the sale of the property. Division Cleaners, an independently owned dry-cleaning business, occupies the second retail space. The 1620 Division Street building features a newer roof (approximately 2016), two newer water heaters, two newer boilers (approximately 2018), 20 surface parking spaces and a fenced 4,000-square foot yard.

This is a unique opportunity for a new investor to acquire a corner lot mixed-use asset, located on three adjoining lots. The offering presents a value-add opportunity by either renovating the apartment units for additional rental income or repositioning the assets for additional rental units or parking.

Investment Highlights

  • 20 Parking Spaces | Fenced Yard
  • Corner Lot | Three Contiguous Lots
  • Laundromat Business and FFE Included
  • Value-Add | Owner-User Opportunity
  • Zoned 2-12 and 2-90 | Six Apartments, One Office and Two Retail Spaces
  • Recent Capital Improvements

Exclusively Listed By

Listing Price: $1,200,000

Cap Rate
16.62%
Number of Units
9
Price/Unit
$133,333
Price/Gross SF
$125.00
Gross SF
9,600

Investment Highlights

  • 20 Parking Spaces | Fenced Yard
  • Corner Lot | Three Contiguous Lots
  • Laundromat Business and FFE Included
  • Value-Add | Owner-User Opportunity
  • Zoned 2-12 and 2-90 | Six Apartments, One Office and Two Retail Spaces
  • Recent Capital Improvements

Investment Overview

Marcus & Millichap is pleased to present 1618-1620 Division Street, a value-add mixed-use property located in Melrose Park, Illinois. The village of Melrose Park is located approximately 15 miles west of the downtown Chicago Loop, approximately eight miles south of O'Hare International Airport and provides convenient access to Interstate 290 and Interstate 294. The subject property is located approximately one mile to the Melrose Park Metra station and blocks to numerous Pace bus stops including: Broadway Avenue / Division Street and Broadway Avenue / Thomas Street. Additionally, the property is located approximately one mile to the Winston Plaza shopping center and Gottlieb Memorial Hospital.

The subject property is situated on three contiguous lots, located at the corner of Division Street and 17th Avenue continuing south along 17th Avenue. 1620 Division Street is comprised of six one-bedroom / one-bathroom units, one office space and two ground floor retail spaces. Division Speed Wash, is a seller-owned laundromat, currently occupying 3,300 square feet of the ground floor retail. The laundromat business and its 31 commercial washers and 27 commercial dryers, are included in the sale of the property. Division Cleaners, an independently owned dry-cleaning business, occupies the second retail space. The 1620 Division Street building features a newer roof (approximately 2016), two newer water heaters, two newer boilers (approximately 2018), 20 surface parking spaces and a fenced 4,000-square foot yard.

This is a unique opportunity for a new investor to acquire a corner lot mixed-use asset, located on three adjoining lots. The offering presents a value-add opportunity by either renovating the apartment units for additional rental income or repositioning the assets for additional rental units or parking.

Exclusively Listed By

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