Essex Realty Group, LLC closed the sale of 314 E. Park Avenue, a nine-unit multifamily property in Libertyville, Illinois. Director Anthony Citriglia represented the seller in the transaction.
The property features nine one-bedroom apartments, seven off-street surface parking spaces, and a two-car garage. Ownership maintained the major systems on a rolling basis, including two gas forced-air furnaces and two water heaters installed approximately five years ago, updated electrical service, and vinyl windows. The property offered an opportunity for rental growth, with in-place rents averaging $969 per month compared to estimated market rents of $1,344 per month.
Located approximately four-tenths of a mile from downtown Libertyville, the property offers convenient access to more than 70 shops and restaurants along Milwaukee Avenue. The Libertyville Metra station and Advocate Condell Medical Center are both approximately six-tenths of a mile away. Additional nearby destinations include Hollister Incorporated’s global headquarters, approximately 2.4 miles away, and the I-94 Tri-State Tollway, less than two miles east.
