1128 Des Plaines AveForest Park, IL 60130

Property Details for 1128 Des Plaines Ave

Year built

1978

Property type

Apartment buildings

Description

This exceptional 34-unit apartment building in Forest Park, Illinois, presents a compelling investment opportunity. Located at 1128 Des Plaines Ave, this four-story elevator building boasts 22,650 square feet of net rentable space and offers a mix of studio and one-bedroom units. The property features 28 heated garage parking spaces and an additional 14 surface parking spots. Built in 1978, the building is constructed of brick and flexicore, providing a quiet living environment for residents. Conveniently situated just 11 miles west of Chicago's Loop, the property enjoys easy access to Interstate 290 and Route 43, as well as public transportation, including the CTA Blue Line and Pace bus routes. Nearby amenities include shops and restaurants. The building is all-electric, with tenant-paid electric baseboard heat and window sleeve air conditioning units. Currently generating a NOI of $196,902, with a cap rate of 4.92%, the property offers significant upside potential, reflected in the pro-forma NOI of $329,942 and a pro-forma cap rate of 8.25%. The asking price is $4,000,000, representing a price per unit of $117,647. This property presents a strong value proposition for investors seeking a well-located, multifamily asset with significant rental upside. The Cook County APN is 15-13-313-022-0000.

Location Insight

City

Forest Park

County

Cook

State

Illinois

Latitude

41.8653

Longitude

-87.8186

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