Chicago Heights Apartment Building
737-747 Grant Avenue, Chicago Heights, IL 60411
30-unit apartment building with recent renovations and assumable loan.
Type:Multifamily
Property size:
19,500 SFPrice / SF:
$92/SF- Added:
- Nov 21, 2025
- Days on Market:
- 181
- Last Refresh:
- Jan 27 at 8:33 pm
Property Features for 737-747 Grant Avenue
General Information
- Standard status
- Active
- Size
- 19,500 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1963
Listing agent Dale Merrill License #63822
Listing office RE/MAX Executive (828) 232-2333
Listing date Nov 21, 2025
Source Svnchicago
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Executive
HighLights
- 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.
- Reliable income stream due to 15 tenants receiving rent subsidies.
- Opportunity to increase rental income by renovating the remaining 9 units.
- Tenants pay for their own electricity and gas due to separately metered utilities.
Overview
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
Location Insight
- Map
- Local Demand
- City
- Chicago Heights
- County
- Cook
- State
- Illinois
- Longitude
- -87.6365
- Latitude
- 41.5172
Nearby Similar for Sale
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 Avenue 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.
