Multifamily

North Edge

6605 W North Ave, Oak Park, IL 60302

Listing Price: $3,600,000

Cap Rate
4.65%
Number of Units
7
GRM
13.64
Occupancy
98.0%
Price/Unit
$514,286
Price/Gross SF
$305.91
Gross SF
11,768

Investment Overview

Marcus & Millichap is pleased to present a new construction seven-unit building located at 6605 West North Avenue in Oak Park, Illinois. Oak Park is nine miles west of the Chicago Loop and is accessible via Interstate 290, Metra train, and the CTA train and bus lines. The subject property is located approximately one mile from the Galewood Metra station (MD-W) and approximately two miles from the CTA Green Line Oak Park station. This property is located approximately nine miles from OHare International Airport accessible via North Avenue and River Road. The subject property is well-positioned in the North Avenue commercial corridor, which is currently experiencing a surge of development including six multifamily projects.

The subject property consists of one studio-loft unit (approximately 600 square feet), one one-bedroom / one-bathroom loft unit (approximately 788 square feet), one two-bedroom / two-and-one-half-bathroom loft unit (approximately 1,800 square feet), and four three-bedroom / two-and-one-half-bathroom townhome units with den (approximately 2,120 to 2,220 square feet). This new construction property features a modern design with black high-quality windows and fixtures, a master suite with en-suite bathroom and two large closets, bathrooms with white marble tile floors, matte black fixtures and glass shower doors. The spacious chefs kitchen features a large island, quartz countertops, black stainless-steel appliances, white soft close cabinets, open upper shelving and subway tile back-splash. Living areas feature a built-in entertainment center and desk built with reclaimed wood. The ground level features polished concrete flooring. All units feature in-unit washers and dryers. A private rooftop deck is currently allocated to one of the townhome units. Townhome and two-bedroom units have access to garage parking while the one-bedroom and studio units have access to surface parking. Tenant paid utilities. This property is located in the North Avenue Zoning District in Oak Park, allowing for on-site commercial use of office and retail.

Here, an investor has the opportunity to acquire a new construction apartment property.

Investment Highlights

  • Fully-Leased New Construction Apartment Property
  • Strong Oak Park Location in Horace Mann School District
  • Located in Live/Work Zoning District
  • Strong Unit Mix
  • Attached Garage Parking
  • Near Multiple Train Stops

Exclusively Listed By

  • Eric P. Bell

    Senior Managing Director Investments

    (630) 570-2157

    Email Eric

    License(s): IL: 475.144220

    Chicago Oak Brook

Listing Price: $3,600,000

Cap Rate
4.65%
Number of Units
7
GRM
13.64
Occupancy
98.0%
Price/Unit
$514,286
Price/Gross SF
$305.91
Gross SF
11,768

Investment Highlights

  • Fully-Leased New Construction Apartment Property
  • Strong Oak Park Location in Horace Mann School District
  • Located in Live/Work Zoning District
  • Strong Unit Mix
  • Attached Garage Parking
  • Near Multiple Train Stops

Investment Overview

Marcus & Millichap is pleased to present a new construction seven-unit building located at 6605 West North Avenue in Oak Park, Illinois. Oak Park is nine miles west of the Chicago Loop and is accessible via Interstate 290, Metra train, and the CTA train and bus lines. The subject property is located approximately one mile from the Galewood Metra station (MD-W) and approximately two miles from the CTA Green Line Oak Park station. This property is located approximately nine miles from OHare International Airport accessible via North Avenue and River Road. The subject property is well-positioned in the North Avenue commercial corridor, which is currently experiencing a surge of development including six multifamily projects.

The subject property consists of one studio-loft unit (approximately 600 square feet), one one-bedroom / one-bathroom loft unit (approximately 788 square feet), one two-bedroom / two-and-one-half-bathroom loft unit (approximately 1,800 square feet), and four three-bedroom / two-and-one-half-bathroom townhome units with den (approximately 2,120 to 2,220 square feet). This new construction property features a modern design with black high-quality windows and fixtures, a master suite with en-suite bathroom and two large closets, bathrooms with white marble tile floors, matte black fixtures and glass shower doors. The spacious chefs kitchen features a large island, quartz countertops, black stainless-steel appliances, white soft close cabinets, open upper shelving and subway tile back-splash. Living areas feature a built-in entertainment center and desk built with reclaimed wood. The ground level features polished concrete flooring. All units feature in-unit washers and dryers. A private rooftop deck is currently allocated to one of the townhome units. Townhome and two-bedroom units have access to garage parking while the one-bedroom and studio units have access to surface parking. Tenant paid utilities. This property is located in the North Avenue Zoning District in Oak Park, allowing for on-site commercial use of office and retail.

Here, an investor has the opportunity to acquire a new construction apartment property.

Exclusively Listed By

  • Eric P. Bell

    Senior Managing Director Investments

    (630) 570-2157

    Email Eric

    License(s): IL: 475.144220

    Chicago Oak Brook

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