For Sale Multifamily
557-559 Ashland Ave | Aurora, IL 60505
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Property Details
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Built/Reno
Units
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1972/2022
12
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Description
[/ux_text]eXp Commercial is pleased to present Pine Valley Apartments, a 12-unit multifamily complex ideally located in the Western Chicago Suburb of Aurora, the second-largest City in Illinois. The property consists of all two-bedroom, one-bath units with tenant-paid heat and hot water. The property has had a number of capital improvements, including the full replacement of all balconies and many unit renovations detailed in this Offering Memo.
Each unit has separately metered, low-maintenance tenant-paid electric baseboard heating and electric hot water tanks. Amenities include off-street parking, balconies, and a laundry room on the second floor of each of the two interior corridor entrances.
Two units are recently on the market and are expected to lease shortly, and three units are currently offline pending full renovations that will be completed by closing. The property is professionally managed by a 3rd party that could be retained.
Upsides in this offering are the continued unit renovations of the remaining legacy tenant units in the $950/mo. range in a $1300/mo. rental market and the addition of a $100/mo. utility fee for water and sewer for new and renewing leases that have begun. Additionally, the Landry rooms are not currently being utilized, reintroducing this amenity and additional income.
Aurora is the second-largest city in Illinois and home to a number of major employers, including Farmers Insurance Group, Rush-Copley Medical Center, Waubonsee Community College, and Provena Medical Center. Aurora is also a major transportation hub, with easy access to Chicago and O’Hare International Airport. The city’s strong economy and ideal location make it a great place to invest in multifamily real estate.
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Highlights
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Desirable Two-Bedroom Units
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Tenant-paid Heat and Hot water
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Capital improvements & Unit Renovations
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Upside in Rents, Utility Fees and Laundry Income
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Professionally Managed
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Strong SW Suburban Chicago Rental Market
Map
[/ux_text] [map lat=”41.7372073196″ long=”-88.3070756803″ zoom=”16″ content_enable=”0″ content_width__sm=”100″ content_width__md=”40″ position_x__sm=”100″ position_y__sm=”100″ controls=”true”]924 E Willow St Kankakee, IL 60901
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Randolph Taylor
Senior Associate
eXp Commercial
C: 630.474.6441
E: rtaylor@creconsult.net
