102-108 Memorial Drive
- 22-unit multifamily property consisting entirely of one-bedroom, one-bathroom apartments
- Most apartment interiors renovated with LVP flooring, updated kitchens and bathrooms, modern light fixtures, fresh paint, and updated appliances
- Historically low vacancy supported by consistent demand for affordable workforce housing
- Value-add opportunity through continued rent growth as units turn over
- Tenants pay electricity, helping limit owner utility expenses
- High-efficiency Weil-McLain boiler installed in 2025, representing a significant recent capital improvement
- Convenient access to Interstate 90 & 94, the Indiana state line, downtown Hammond, IN, and major employment centers throughout the South Suburban Chicago and Northwest Indiana markets
- Professionally maintained asset with limited near-term capital expenditure requirements
Property Description
102–108 Memorial Drive is a well-maintained 22-unit multifamily property located in Calumet City, Illinois. The property consists of twenty-two (22) one-bedroom, one-bathroom apartments, offering an affordable workforce housing asset that benefits from consistent rental demand and historically low vacancy. Most apartment interiors have been updated with durable luxury vinyl plank (LVP) flooring, fresh paint, renovated kitchens and bathrooms, modern light fixtures, and updated appliances. These improvements have positioned the property to attract and retain quality tenants while minimizing near-term capital expenditure requirements. Investors also have the opportunity to increase revenue through future rent growth as units continue to turn over. Tenants are responsible for electricity costs, while ownership provides heat through a high-efficiency Weil-McLain boiler installed in 2025. The recent boiler replacement represents a significant capital improvement that should improve operating efficiency and reduce future maintenance costs. Situated minutes from the Indiana state line, the property provides convenient access to the employment centers of Northwest Indiana and the south suburban Chicago market via Interstate 94 and other major transportation corridors. 102–108 Memorial Drive presents investors with the opportunity to acquire a well-maintained workforce housing asset featuring a desirable one-bedroom unit mix, recent capital improvements, stable occupancy, and the potential for continued revenue growth through future rent increases.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,800,000 |
| No. of Units: | 22 |
| Year Built: | 1926 |
| Lot Size: | 0.15 Acres |
| Opportunity Zone: | No |
| Price per unit: | $81,818 |
| Property Website | Click Here |
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