15312 Knox Avenue

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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

Key Property Information

Listing Status: Unavailable
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $8,850,000
No. of Units: 96
Opportunity Zone: No
Price per unit: $92,188
Property Website Click Here
Address: 15312 Knox Avenue, Oak Forest, IL 60452, USA
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