551 Wentworth Ave
Multifamily | 36 Units | $0/unit
Marketing description
Horvath & Tremblay is pleased to present the opportunity to purchase the multi-family investment property located at 551-559 & 561 Wentworth Avenue in Calumet City, Illinois (the “Property”). The Property includes three (3), 3-story, multi-family buildings, containing thirty-six (36) rental units. The unit matrix includes thirty-three (33), 1-Bedroom/1-Bathroom units and three (3), Studio units with 30,000 square feet of living area in 36,000 square feet of gross area. The well-maintained brick apartment buildings were constructed in 1968 on 0.52-acres of land with twenty (20) on-site parking spaces.
The property is located in Calumet City, Illinois which is a South Suburb of Chicago located along the border of Illinois and Indiana. The property has excellent access to Interstates 90, 94, 294, 80 and 57 as well as US Routes 20, 41 and 6. The quick highway access provides easy accessibility to both Chicago Metropolitan and Northwest Indiana and the surrounding areas.
Investment highlights
STRONG RENTAL MARKET
Calumet City features a strong rental market, with a good school system and proximity to Chicago creating high demand and low vacancy.
TRANSIT ORIENTED LOCATION
The property is 100 feet from the Pace Bus Line and has excellent access to area highways including Interstates 90, 94, 294, 80 and 57 as well as US Routes 20, 41 and 6. The quick highway access provides easy accessibility to both Chicago Metropolitan and Northwest Indiana and the surrounding areas. Additionally, the property is 1.4 miles from both the Hammond Train Station (SSL line) and is convenient to the Hammond-Whiting Amtrak Station.
CONVENIENT SUBURBAN LOCATION
The Property is within walking distance of a multitude of retailer and businesses in the area. The Property is 0.5-miles from a Strack & Van Til Grocery Store, Family Dollar, Popeye’s & Wendy’s, and 3-miles from the River Oaks Center (an enclosed Mall and Open-air Center). The Property is less than 2-miles from Burnham Woods and 3-miles from the Forest Preserves of Cook County, a nature preserve with walking and biking trails, picnic areas, and year-round outdoor activities.
STRONG SCHOOL DISTRICT
The Property benefits from a highly sought-after school district and is within 1-mile of the Thornton Fractional North High School, the Wentworth Intermediate School and Wentworth Junior High School, and is seconds from the Woodrow Wilson Elementary School.
VALUE-ADD OPPORTUNITY
Rents in the property are below market. The opportunity exists to increase rents to market rates in a high demand, supply constrained market.
AMENITIES
The Property features ample off-street parking with twenty (20) spaces, and an on-site laundry facility. Additionally, the ground floor units have private patios and the units on the upper floors have private balconies.
ATTRACTIVE, LOW MAINTENANCE BRICK BUILDINGS
The three-story buildings feature a brick construction, considered a low-cost, low maintenance exterior due to its durability, color retention, fire containment, and storm protection. All three of the buildings had the roofs replaced in 2021, and two of the three hot water heaters have recently been replaced.
STRONG RENTAL DEMOGRAPHICS
Over 107,500 people live within 3-miles of the property with an average household income of $73,068. An impressive 244,200+ people live within 5-miles of the Property with an average household income of $82,078.
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