Chicago-based investment real estate brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 4854-4856 Elm St., a stately apartment building located in the North Cook County suburb of Skokie.
4854-4856 Elm Street is comprised of 13 one-bedroom apartment units and 13 parking spaces. This boiler building has received multiple capital improvements in recent years. The fully occupied property provided a “turn-key” investment opportunity with the ability to increase rents by 10% or more in “as-is” condition. It also presented the opportunity to significantly increase rents by making modest cosmetic updates to unit interiors.
Essex Director Anthony Citriglia exclusively marketed the property for sale and led an extensive marketing campaign that resulted in a slew of tours and offers to purchase the property. The property ultimately sold to a local investor for $1,850,000, which equates to $142,308 per unit. The sale price reflects a cap rate of 5.96% and a GRM of 10.01. Essex President Doug Imber represented the buyer.
4854-4856 Elm St. is extremely well-located just 0.5 miles from Dempster-Skokie CTA Station and 1.5 miles from the I-94. The area offers residents a vibrant and rapidly developing community with new trendy restaurants and retailers within walking distance. Multiple bus routes along Main Street and Skokie Boulevard are also steps away.