460 Coventry Lane
- 6.5% Current Cap Rate with Rental Upside
- Large Unit Mix - 94% 1bd and 2bd Units
- Low-Maintenance Operations, Individual HVAC and In-Unit Laundry
- Over $100,000 in Recent Capex Including New Elevator and Fire Panel
Property Description
Essex Realty Group, LLC has been exclusively engaged to market for sale Coventry Apartments, a 17-unit apartment building located at 460 Coventry Lane in Crystal Lake, Illinois. Gut renovated in 2020, the Subject Property was the beneficiary of an office-to-residential conversion and features fully rehabbed units with in-unit laundry, newer mechanicals and an elevator. Furthermore, current ownership has invested significantly in recent capital improvements, including a full elevator replacement and the installation of a new fire panel in 2025. 460 Coventry features an attractive unit mix of mostly large 1bd and 2bd units (94%) allowing for a healthy in-place income in over $28,000 a month. Additionally, the enclosed rental survey indicates upside of approximately 9% as-is, providing new ownership with the opportunity to increase rents with little-to-no work. Additional income potential exists through the build-out of 20 storage lockers, projected to generate $6,000 in annual revenue. Coventry Apartments is located in Crystal Lake, one of McHenry County's most dynamic suburban markets, currently experiencing over 1,000 new housing units under development, including the 260-unit Water's Edge mixed-use project and the recently completed 124-unit Redwood Crystal Lake. The Coventry Apartments is conveniently situated near the Crystal Lake Metra station on the Union Pacific Northwest Line, offering direct commuter service to downtown Chicago, with additional access to Routes 176 and 31 and the Northwest Highway commercial corridor. Crystal Lake's $1.5 billion in annual retail sales, anchored by Mercy Health Hospital, expanding dining and entertainment options, and a growing employer base, reinforce sustained rental demand across the submarket.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,375,000 |
| No. of Units: | 17 |
| Opportunity Zone: | No |
| Price per unit: | $198,529 |
| Property Website | Click Here |
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