7401 W George St
- Very Well-Maintained Six-Unit All-Brick Apartment Building in Elmwood Park
- First Time on Market in Over 3 Decades
- 2-Car Garage Providing Additional Income
- Value-Add Opportunity: Current Rents Approximately 34% Below Market Across an Even 1BR/2BR Mix
- Recent Capital Investment: New 75-Gallon Water Heater, Newer Roof, & Vinyl Windows
- Prime Location: One Half Mile from the Elmwood Park Metra Station on the Milwaukee District West Line, 10.2 Miles to Union Station
Property Description
Essex Realty Group, LLC has been exclusively engaged to market for sale 7401 W. George Street, a six (6) unit apartment building located in Elmwood Park, Illinois. Constructed in 1958, the all-brick property contains three (3) one-bedroom apartments of approximately 700 square feet and three (3) two-bedroom apartments of approximately 900 square feet. A two-car garage and on-site laundry provide additional income beyond the residential rent roll. Interiors feature hardwood flooring, ceramic tile kitchens and baths, and individual in-unit thermostats. The building has been well maintained and managed by the same family for the past 30 years. The pitched shingle roof has been replaced approximately five to six years ago, the vinyl windows were replaced seven to eight years ago, and the hot water heater was replaced in 2026. With the major systems already addressed, a new owner can direct capital toward interior renovations rather than deferred maintenance. Current rents average $1,075 per unit and sit approximately 34% below market, providing a clear and immediate path to grow gross income by 51%. The property sits roughly a quarter mile west of Harlem Avenue and approximately one half mile from the Elmwood Park Metra station on the Milwaukee District West Line, placing residents 10.2 miles from Chicago Union Station. Harlem Irving Plaza is 1.5 miles north, Triton College is 1.4 miles west, Gottlieb Memorial Hospital is under three miles southwest, and O'Hare International Airport is approximately six miles northwest. 7401 W. George Street offers a physically sound, well-located asset with substantial embedded rental upside.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $940,000 |
| No. of Units: | 6 |
| Year Built: | 1959 |
| Lot Size: | 0.08 Acres |
| Opportunity Zone: | No |
| Price per unit: | $156,667 |
| Property Website | Click Here |
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