1025-1049 West Vermont Street
- Long-Term Ownership: Same family ownership and management since 1988
- Desirable Unit Mix: (39) 1Bd/1Ba and (21) 2Bd/1Ba apartments averaging 702 SF
- Prime South Suburban Location: Minutes from I-57, I-294, and Metra, with strong workforce housing demand
Property Description
Essex Realty Group, Inc. has been exclusively engaged to market for sale the Davis Apartments, a 60-unit multifamily portfolio located at 1025–1049 W Vermont Avenue in Calumet Park, Illinois. Built in 1966, the 60-unit portfolio comprises three adjacent 20-unit brick apartment buildings that have been owned and operated by the same family since 1988, reflecting decades of consistent care and hands-on management. The buildings feature a desirable unit mix of Thirty-Nine (39) one-bedroom/one-bathroom and Twenty-One (21) two-bedroom/one-bathroom apartments, averaging 650–800 square feet, each with a private balcony and access to 60 surface parking spaces. The Property has been well maintained throughout ownership, including a full tear-off pitched shingle roof replacement in 2012. Interiors feature clean, functional finishes with standard kitchens, durable flooring, and tiled bathrooms, while exteriors present classic mid-century brick façades and neatly landscaped courtyards. The Davis Apartments is ideally situated in Calumet Park; a stable south suburban community located approximately 15 miles south of downtown Chicago. The Property enjoys convenient access to major thoroughfares including I-57, I-294, and 127th Street, as well as the Metra Electric Line, which provides direct service to downtown Chicago. The area offers a well-established residential base supported by nearby retail corridors along South Halsted Street and 127th Street, featuring grocery stores, restaurants, and essential services. At current in-place rents, the Davis Apartments operates at a 7.82% cap rate, generating steady income with 100% occupancy. With market rents of $1,200 for one-bedroom and $1,400 for two-bedroom units, investors can achieve a 8.84% stabilized cap rate and 14.34%% cash-on-cash return, supported by an efficient 40% expense ratio. The Property’s proven operating history, below-market rents, and stable suburban location create an appealing opportunity for investors seeking durable cash flow with measurable upside.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $5,880,000 |
| No. of Units: | 60 |
| Opportunity Zone: | No |
| Price per unit: | $98,000 |
| Property Website | Click Here |
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