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2119 S 51st Ave
Cicero, IL 60804
Multifamily Property For Sale
·
13 Units
Investment Highlights
- Excellent In-Place Cap-Rate: 7.74%
- More Than 9% Projected Cash Flow on In-Place Income
- Transit-Rich Location - Steps to Metra BNSF Line & CTA Pink Line. Quick Access to I-55 and I-290
- Tier 1 AHSAP Property: 25% Annual Assessment Reduction
- Renovated Interiors Featuring Stainless Steel Appliances and Modern Finishes
Executive Summary
Essex Realty Group, LLC has been exclusively engaged to market for sale 2119 S 51st Avenue, a well-taken-care-of 13-unit corner brick apartment building located in Cicero, Illinois. The offering presents an opportunity to acquire excellent in-place cash flow with a path to improve it further. In addition, the property is currently in Tier 1 of the AHSAP program offering an investor continued tax relief for a meaningful period of time.
The Subject Property features a three-story corner brick building comprised of six (6) studio apartments, three (3) 1 bed / 1 bath apartments, and four (4) 2 bed / 2 bath apartments totaling approximately 11,300 square feet of rentable area. Units throughout the property have been tastefully renovated as they turn with stainless steel appliances and various other kitchen updates. The property also generates supplemental income through an on-site coin-operated laundry facility.
2119 S 51st Avenue is ideally positioned within Cicero's transit-rich corridor, situated directly adjacent to the CTA Pink Line with convenient access to Interstate 55 and Interstate 290. The Cermak Road retail corridor is just minutes from the property and is anchored by the Hawthorne Works Shopping Center, home to national tenants including AMC Theatres, Burlington, ALDI, Chipotle, and Bank of America.
ASSUMABLE DEBT AVAILABLE AT 5.42% MATURING IN DECEMBER OF 2034 Freddie Mac SBL Loan Serviced by Lument (I/O until 2030). Contact your Essex broker for more information.
The Subject Property features a three-story corner brick building comprised of six (6) studio apartments, three (3) 1 bed / 1 bath apartments, and four (4) 2 bed / 2 bath apartments totaling approximately 11,300 square feet of rentable area. Units throughout the property have been tastefully renovated as they turn with stainless steel appliances and various other kitchen updates. The property also generates supplemental income through an on-site coin-operated laundry facility.
2119 S 51st Avenue is ideally positioned within Cicero's transit-rich corridor, situated directly adjacent to the CTA Pink Line with convenient access to Interstate 55 and Interstate 290. The Cermak Road retail corridor is just minutes from the property and is anchored by the Hawthorne Works Shopping Center, home to national tenants including AMC Theatres, Burlington, ALDI, Chipotle, and Bank of America.
ASSUMABLE DEBT AVAILABLE AT 5.42% MATURING IN DECEMBER OF 2034 Freddie Mac SBL Loan Serviced by Lument (I/O until 2030). Contact your Essex broker for more information.
Property Facts
| Price Per Unit | $110,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 7.74% | Lot Size | 0.16 AC |
| Gross Rent Multiplier | 7.4 | Building Size | 9,346 SF |
| No. Units | 13 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1923 |
| Zoning | RS3 | ||
| Price Per Unit | $110,000 |
| Sale Type | Investment |
| Cap Rate | 7.74% |
| Gross Rent Multiplier | 7.4 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 9,346 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1923 |
| Zoning | RS3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
| 1+1 | 3 | - | - |
| 2+1 | 4 | - | - |
Property Taxes
| Parcel Number | 16-21-426-009-0000 | Improvements Assessment | $22,587 |
| Land Assessment | $6,138 | Total Assessment | $28,725 |
Property Taxes
Parcel Number
16-21-426-009-0000
Land Assessment
$6,138
Improvements Assessment
$22,587
Total Assessment
$28,725
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