06.08.20
Forest Park apartment building seeks $9.8M buyer
Chicago-based multifamily brokerage firm, Kiser Group, has exclusively listed 520 Rentals in Forest Park, Illinois for sale. Located at 520 Des Plaines Avenue, the 50-unit, mid-rise building is seeking $9.85 million.
The property was built in 1960 and has been extensively renovated by the current owner. The units are a mix of two-bedroom/two-bathroom, one-bedroom/one-bathroom and studio apartments. Amenities include 54 parking spaces, a fitness center and laundry room. 520 Rentals is represented by Kiser Group director, Matt Halper, and broker, Danny Mantis.
“520 Rentals offers a high-quality product in the area that wasn’t previously available,” said Halper. “This turn-key investment opportunity attracts high caliber tenants, and the building amenities rival those of Class A assets in the submarket.”
Rents range from $1,625 to $1,725 per month for two-bedroom units, $1,196 to $1,429 per month for one-bedroom units and studios are priced at $1,139 per month.
“The property is ideally situated in the near west suburban Chicago submarket and offers easy access to transportation, retail and popular restaurant options,” said Mantis. “Both the CTA Blue Line station and I-290 are located three blocks to the south, while Madison Avenue, the shopping and entertainment hub, is three blocks to the North.”
Kiser Group anticipates investor interest from out-of-state in addition to the Chicago investment community.
