Essex Realty Group, Inc. recently facilitated the sale of 117-121 167th Street, a value-add opportunity located in Calumet City.
The parcel was listed for sale by Essex Director Brian Mond who led the marketing efforts of the property. After nearly 12 tours, and several competitive offers, the property sold for $1,875,000 to a local investor. The sale price reflects a cap rate of 7.43% and GRM of 6.55. Essex Director Derek Kaptanoglu represented the buyer.
The two brick buildings are conjoined by a maintained courtyard and consist of thirty units in total. The parcel also includes 30 surface parking spaces, a major convenience for tenants. Additionally, the location of the property makes for convenient access to several major expressways.
Calumet City is a city in Cook County about 19 miles from Downtown Chicago. The city has a population of roughly 36,000 and has a total area of 7.32 square miles. It is robustly diverse with a quality network of public schools, civic clubs, and organizations. Calumet City is also home to Blues Brothers characters Elwood & Joliet Jake.