15119 Catalina Dr - Apartments FOR SALE


Orland Park, IL 60462
$14,450,000 USD
773-293-5000
15119 Catalina Dr, Orland Park, IL for Sale
$14,450,000 USD
Apartments - FOR SALE
1/7
null | 5.28% Cap Rate

15119 Catalina Dr
Orland Park, IL 60462


HIGHLIGHTS

  • Original Owner - Very Low Sale Market
  • Rents 25% Below Comps, Renovation Adds More
  • No Deferred Maintenance
  • Individually Furnaced - Central AC

OVERVIEW

Kiser Group is pleased to exclusively offer for purchase the sale of the Heritage Manor Apartments, a seven (7) building portfolio comprised of eighty-four (84) units in Orland Park, Illinois. The subject properties sit within a quiet, tucked away location in one of the most highly sought-after locations to own real estate in Chicago’s Southwest Suburbs. Additionally, the buildings are a quick drive away from popular retail locations on La Grange Road to the west and 159th Street to the south. The Heritage Manor Apartments have an incredibly desirable unit mix consisting of twenty-eight (28) 1Bd/1Ba and fifty-six (56) 2Bd/1Ba units. Both the 1Bd and 2Bd units are incredibly spacious, providing tenants with comfortable living and dining spaces. Finishes are the same throughout, with wood cabinet kitchens, carpeted flooring, and ceramic tile bathrooms. The interior units, common areas, and exteriors of each property have been meticulously maintained throughout the course of ownership, and the buildings are fully occupied (excluding one unit currently being used as an office). Recent capital improvements include but are not limited to all roofs being replaced in the past seven (7) years and repaved parking lots within the past five (5) years. The Heritage Manor Apartments present an investor with the unique opportunity to acquire a bundle of assets in which have never traded hands and have strong return potential. With fully updated mechanicals and well-kept exteriors, a potential buyer would simply need to fully renovate the interior units to achieve stabilized, post-renovated rents already being achieved in the market. At these levels, a new owner would assume an IRR of almost 18% after year five (5) of ownership.

FOR SALE DETAILS

PRICE

$14,450,000 USD

PRICE/SF

$151 USD /SF

# OF UNITS

84

PRICE/UNIT

$172,024

CAP RATE

5.28%

% LEASED

99%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Heritage Manor Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1976

PARKING SPACES

136

LAND DETAILS

LAND ACRES

0.81 AC

LAND SF

35,205 SF

ZONING

-

APN/PARCEL ID

27-13-204-001-0000,27-13-204-002-0000,27-13-204-003-0000,27-13-204-004-0000,27-13-204-005-0000,27-13-204-006-0000

ASK ABOUT THIS PROPERTY

Lee KiserKiser GroupMore Info
773-293-5000

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Lee KiserKiser GroupMore Info
773-293-5000

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.