Investment Overview

Marcus & Millichap is pleased to present Boutique Flats, a new construction 23-unit apartment building located at 500-508 Lyman Avenue in Oak Park, Illinois. Oak Park is nine miles west of the Chicago Loop and is accessible via the Eisenhower Expressway (Interstate 290), the Metra Train, the CTA train and bus lines. The subject property is located less than one mile to the CTA Blue Line Austin station and CTA Green Line Austin station This property is located approximately fourteen miles to O’Hare International Airport accessible via River Road. The subject property consists of three two-bedroom / one-bathroom units (approximately 975 square feet) and 20 two-bedroom / two-bathroom units (approximately 1,000 square feet). Units feature Frigidaire stainless-steel appliances, a Bosch dishwasher, a large kitchen island, tall cabinets with nine-foot ceilings, closet built-ins, in-unit washer and dryer machines, Nest thermostats, Latch door entry systems, individual heating and cooling, and private balconies/patios. This three-story elevator building also features a fitness center, a pet spa, 23 gated off-street parking spots including eight designated electric car spaces, and a private rooftop deck with Restoration Hardware furniture and community grills. On-site services include Amazon key access, a secured package receiving room and bike room, and Tide Wash and Fold Laundry drop-off and pick-up. Tenants will also enjoy digital access to the building and to the parking lot using the video intercom “Latch” system which makes their smart phone their key. The structure is engineered with sound deadening measures such as blown-in cellulose in the floors and walls between units to lessen sound, plus Gyp-crete on the floors and RC channels between the joists and drywall, all to deaden sound. Using the “Latch” system and the numerous cloud-based security cameras located inside and outside the building, the management of the building is easier than most. Here, an investor has the opportunity to acquire a newly-constructed luxury apartment property with unique features and tenant services in a strong Oak Park rental market.