This Multifamily Property is Off-Market.

1 Dryden Avenue
Arlington Heights, IL 60004 ·

24 Units · Multifamily For Sale

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1 - 5 Dryden Apartments

Price N/A Property Use Type Investment
No. Units 24 Cap Rate 6.60%
Building Size 16,800 SF Gross Rent Multiplier 9
Property Type Multifamily No. Stories 3
Property Sub-type Mid/High-Rise Year Built 1959
Listing ID: 14624840 Date Created: 05/17/2006 Last Updated: 02/15/2007

Description

The subject property is a 24 unit apartment building located in Arlington Heights, IL. The building is about one-half mile from the CBD and the commuter Metra train station.

The building was built in 1959 and is brick 3 story walk up with a flat roof. The unit mix consists of 12 one-bedrooms that are approximately 650 sq. ft. and 12 two-bedrooms that are approximately 750 sq. ft.. In addition, there is a 2 car garage that is rented for $150 per month. Each unit has a sleeve A/C, gas range paid by tenant, and hot water baseboard heat provided by the landlord. The building has a full basement with tenant storage and laundry facilities.

Recent improvements to the building include a new boiler installed in March 2006, 70% new windows, new fire alarm, and new hallway carpeting and painting completed in 2005.

This is an opportunity to purchase a well managed apartment building in one of the most affluent communities in the northwest suburbs. In addition, there is a proposed mixed use development near its final approval stage across the street from this building. Preliminaryily, this project will include 112 condominiums, 54 single family homes, and 43,000 sq. ft. retail.

The Village of Arlington Heights is a vibrant community located just 25 miles northwest of downtown Chicago and over the years has grown into the largest Cook County suburb and the fifth largest suburb in the metropolitan area. The tremendous growth over the years is due in part to a healthy economy, excellent schools,and strong presence of local and national businesses. The Downtown Business District offers residents and visitors alike an exciting mix of retail, service and restaurant businesses.

The subject property is close to both the Metra train station, and the Downtown Business District.
Across the street from the subject a proposal will consist of new construction single-family homes and condominiums, along with retail buildings.

Highlights

  • Excellent Arlington Heights Location
  • Close to Metra Train Station & CBD
  • Upscale N.W. suburb of Chicago
  • Adjacent to Newly Proposed Mixed Use Development
  • Well Managed Property

Research

1 Dryden Avenue, Arlington Heights, IL 60004 (Cook County)

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