Essex Realty Group, LLC, has been exclusively engaged to market for sale 8813 Dee Road, a 6-unit apartment building located in the near north suburb of Des Plaines. The property consists of three (3) 1Bd/1Ba units and three (3) 2Bd/1Ba units, along with twelve (12) surface parking spaces.
The building has been well maintained by current ownership, and recently received a new tear-off roof (2024) and new hot water heater (2021). Additionally, select unit interiors have received upgraded hardwood floors, granite countertops, stainless-steel appliances, and bathrooms.
Situated on a large 11,000 SF lot, new ownership will have the opportunity to make further improvements to the green space or increase cash flow through additional parking income.
Current rents at the property are significantly below market, providing investors an opportunity to increase rental income by 20-37% ($150-$500/unit/mo.) in 'as-is' condition. For example, the 1-bedroom units are currently rented for an average of $987/mo. whereas market rent for similar units in the area is $1,350/mo. Also, non-remodeled 2-bedroom units in the area are currently rented for $1,750/mo. All 2-bedroom units at 8813 Dee Rd are remodeled and currently rented for an average of $1,370/mo.
Located near major transportation routes, retail centers, and suburban amenities, 8813 Dee Road offers tenants convenience and accessibility. Advocate Lutheran General Hospital and Maine East High School are located within a short walking distance, and Golf Mill Shopping Center is within a 5 minute drive.