37 Harrison StOak Park, IL 60304

Property Details for 37 Harrison St

Year built

1930

Lot size

0.14 AC

Property type

Apartment buildings

Description

This four-story, 36-unit apartment building in Oak Park, Illinois, presents a compelling investment opportunity. Located at 37 Harrison Street, this property boasts a prime location within the desirable Oak Park Arts District, offering easy access to the Austin Blvd Blue Line and just 8.5 miles west of Chicago's Loop. The building, constructed in 1930, sits on a 0.14-acre lot and features a mix of 25 studio, 10 one-bedroom/one-bathroom, and one two-bedroom/one-bathroom apartments. Recent renovations to five studio units have yielded a 20% rental increase, while two one-bedroom units have seen a ~17% increase. The building benefits from a ratio utility billing system (RUBS) for efficient utility management. Significant capital improvements include a two-year-old steam boiler, renovated lobby and hallways, a new intercom system, upgraded electrical panels and service, updated plumbing in remodeled units, and a replaced main sewer line. Three off-street parking spaces are also available. The property's strong financial performance is evidenced by a Net Operating Income (NOI) of $322,072. This well-maintained building offers a blend of classic charm and modern upgrades, making it an attractive investment in a thriving location. The Cook County APN is 16-17-306-002-0000.

Location Insight

City

Oak Park

County

Cook

State

Illinois

Latitude

41.8725

Longitude

-87.7762

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