Address: 15312 Knox Ave, Oak Forest, IL 60452, USA
Created date: September 12, 2024
Date last updated: September 12, 2024
- 6.8% Current Cap Rate & 7.96 GRM
- Strong Suburban Location - .7 Miles to Oak Forest Metra and One Fifty Seven Development
- Significant Rental Upside – Current Rents 10%-15% Below Market “As-Is”
- Recent Capital Improvements – Including New Surface Parking Lot and Balcony Renovations (2024)
- Assumable Debt Available – $4,993,872 Balance with a 4.40% Fixed Interest Rate Until August 1, 2027
Property Description
Essex Realty Group, Inc. has been exclusively engaged to market for sale the Knox & Kilpatrick Portfolio, a 96-unit apartment portfolio located in Oak Forest. The Portfolio consists of six neighboring buildings featuring 48 studios and 48 one-bedroom units. Current ownership has completed interior renovations on 25 units and exterior improvements, including a new surface parking lot and balcony renovations in 2024.
As noted in the enclosed rental survey, current rents are 10%-15% below market, providing immediate rental growth potential with minimal additional work required. This portfolio presents investors with a rare opportunity to acquire scale in a growing suburban market, supported by a strong, stabilized income stream.
The Knox & Kilpatrick Portfolio is ideally located less than one mile from the Oak Forest Rock Island District (RI) Metra station, one block from IL-50, and 2.4 miles from I-57, offering easy access to Chicago and surrounding suburbs.
ASSUMABLE DEBT AVAILABLE
Current Balance = $4,993,872
Current Interest Rate = 4.40% Fixed Until August 1, 2027
Maturity Date = August 1, 2042