950 Washington Blvd 28 Unit Apartment Building $6,199,000 ($221,393/Unit) 6.75% Cap Rate Oak Park, IL 60302

We are pleased to offer a rare opportunity to acquire a well-maintained, midcentury condominium building through a condo deconversion sale. 950 Washington Condominiums is a 28-unit courtyard building in Oak Park, a leafy municipality with a quiet suburban feel, yet still directly adjacent to Chicago. The building was completed in 1965.
950 Washington consists of seven 1BD/1BA units, fourteen 2BD/1BA units, four 3BD/1.5BA units, and three 3BD/2BA.There are 38 parking spots (28 garage spots and 10 surface spots).The property is in Oak Park, a leafy, walkable suburb home to a thriving artistic community as well as a variety of galleries, boutiques and restaurants.
With no major construction projects underway, supply-side pressure is not an issue in this submarket. The lack of available units should keep rent growth at or above its current level in the coming quarter.
Access to the property is superb with close proximity to the Oak Park Ave CTA Blue Line stop, the Oak Park Metra Station, and near the Eisenhower Expressway (I-290).