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737-747 Grant Ave Chicago Heights, IL 60411

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For Sale
$1,800,000

30-unit apartment building with recent renovations and assumable loan.

Property size:
19,500 SF

Property Features for 737-747 Grant Ave

General Information

Size
19,500 SF

Building Details

Year built
1963
Source: Svnchicago

Listing Agent: Reid Bennett, Ccim

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Chicago Heights Apartment Building Investment

The Grant Avenue Apartments, situated 30 miles south of downtown Chicago in Chicago Heights, Illinois, presents an income-producing investment opportunity. Constructed in 1968 on a 0.5-acre lot, this three-story building comprises 30 residential units, offering a mix of 6 studio apartments (500 sq. ft.), 18 one-bedroom/one-bath units (650 sq. ft.), and 6 two-bedroom/one-bath units (800 sq. ft.). The property includes 30 parking spaces. Over $400,000 has been invested in recent upgrades, including renovations to 21 of the 30 units with new flooring, appliances, lighting, and updated cabinets and bathroom vanities. A new roof was installed in 2020, along with hallway improvements and a re-paved parking lot. The property has seen a significant rent increase of $250 per month for the updated units. There is an opportunity to further increase rental income by renovating the remaining 9 units. A $760,000 loan at a 4% interest rate, locked in through 2034, is assumable. Each apartment is separately metered, with tenants responsible for their electricity and gas usage. Units feature in-unit furnaces and wall air conditioners. The building owner is responsible for water & sewer utilities, and common area electricity & gas. 15 tenants receive rent subsidies from organizations, ensuring stable, predictable cash flow. The property is located near major employers such as Ford Motor Company’s Stamping Plant and St. James Hospital, as well as local schools, Prairie State College, and shopping options like Walmart Supercenter and Lincoln Mall.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Chicago Heights
County
Cook
State
Illinois
Longitude
-87.6365136
Latitude
41.5172171

FAQs

What type of property is this?
Apartment building - 30-unit apartment building with recent renovations and assumable loan.
Where is this apartment building located?
The property is located at 737-747 Grant Ave Chicago Heights, IL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: - Assumable $760,000 loan at a low 4% fixed interest rate through 2034.; - Recent $400,000+ in renovations to 21 of 30 units, resulting in a $250/month rent increase per renovated unit.; - Located near major employers (Ford, St. James Hospital) and schools, ensuring strong tenant demand.
More about this property
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