2123-2125 S 51st Court

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Address: 2123-2125 S 51st Court, Cicero, Illinois, US
Created date: March 19, 2024
Date last updated: March 19, 2024
  • Rarely Available 34-Unit Cicero Apartment Building
  • 10-18% Upside in Rents As-Is
  • Significant Recent Capital Improvement Including New Plumbing and Electric
  • Steps to 54th/Cermak Pink Line Station
  • Successful 34% Reduction of 2023 Assessed Value

Property Description

Essex Realty Group, Inc. has been exclusively engaged to market for sale 2123 S 51st Ct, a 34-unit apartment property in west suburban Cicero. Situated approximately nine miles west of Downtown Chicago, the Subject Property offers residents easy access to public transportation, retail shops and neighboring west suburban cities. Current ownership has meticulously maintained the property and recently performed several updates including partial roof replacement, tuckpointing, modernized hallways and common areas and fully rehabbed four units. Furthermore, all electrical and plumbing has been updated in the last 10 years. At list price, a new owner can realize an attractive 6.68% capitalization rate on current income with significant upside. As the enclosed rental survey details, new ownership can raise rents approximately 10-18% as-is. By doing so, a new owner may realize a stabilized capitalization rate of 8.8% and cash-on-cash returns over 11%, providing new ownership with a path to higher returns and overall value. Lastly, current ownership has successfully decreased the 2023 assessed value 34%, which should reduce the 2023 tax bill approximately $21,000.

Key Property Information

Listing Status: Unavailable
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $2,950,000
No. of Units: 34
Opportunity Zone: No
Price per unit: $86,765
Property Website Click Here
Address: 2123 S 51st Ct, Cicero, IL 60804, USA
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