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This exceptional 30-unit apartment building presents a compelling investment opportunity in the thriving Chicago Heights market. Located at 737 Grant Ave, this three-story, 19,500 square foot building sits on a half-acre lot and boasts a strong pro-forma NOI of $126,878, representing a 7.05% cap rate. The property features a mix of studio, one-bedroom, and two-bedroom units, totaling 30 units with 30 parking spaces. Significant recent upgrades exceeding $400,000 have been completed, encompassing renovations to 21 units with new flooring, appliances, lighting, updated cabinets, and bathroom vanities. Further enhancements include a new roof (2020), hallway improvements, and a repaved parking lot. The unit mix includes six studios (500 sq ft), eighteen one-bedroom/one-bath units (650 sq ft), and six two-bedroom/one-bath units (800 sq ft). An attractive feature is the availability of an assumable $760,000 loan at a fixed 4% interest rate extending to 2034. The property benefits from separately metered utilities for electricity and gas, with tenants responsible for these costs. The building owner manages water, sewer, and common area utilities. Fifteen units receive rent subsidies, ensuring reliable income. Its strategic location near major employers like Ford Motor Company's Stamping Plant and St. James Hospital, along with proximity to Bloom High School, Prairie State College, and shopping centers, guarantees consistent tenant demand. The asking price is $1,800,000 ($60,000 per unit). This property offers a blend of immediate income and significant potential for future growth through the renovation of the remaining nine units.
Highlights
$400,000+ in recent upgrades, including 21 renovated units with $250/month rent increases. Opportunity to increase income further by renovating remaining units.
Assumable $760,000 loan at 4% interest, locked in until 2034.
Separately metered utilities (tenant pays electric & gas); owner pays water/sewer & common area utilities.
Stable cash flow with 15 rent-subsidized tenants (HCP & Kaleidoscope).
Prime location near Ford Stamping Plant, St. James Hospital, schools, Prairie State College, and shopping.
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Contacts
Dan Short
Reid Bennett, CCIM
Cody Doran
Learn more
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737 Grant Ave, Chicago Heights, Illinois, 60411
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.