737-747 Grant Ave Chicago Heights, IL 60411

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.