265 Lake Shore Dr Bolingbrook, IL 60440
- Apartment buildings
- 74,047 SF
- 13.79 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 265 Lake Shore Dr
- Year built
- 2010
- Lot size
- 13.79 lot acres
- Property size
- 74,047 SF
- Property type
- Apartment buildings
Description
McKenzie Falls, a 105-unit senior (62+) apartment building, presents a compelling investment opportunity. Located at 265 Lakeshore Drive in Bolingbrook, Illinois (zip code 60440, Will County), this property boasts 74,047 square feet across 15 single-story buildings situated on 13.79 acres. Built in 2010, the property features a spacious clubhouse with a large kitchen and dining area, laundry facilities, and an exercise room. The clubhouse also includes management offices, storage for maintenance supplies, and a two-bedroom unit for management or maintenance personnel. The property's high occupancy rate is a testament to its professional management. Financing options include assuming the existing debt or securing new financing. The property's funding sources included 4% Low Income Housing Tax Credits, Tax-Exempt Bonds, HOME Funds, and private debt and equity. Unit restrictions include 32 units at 50% AMI and 73 units at 60% AMI. Furthermore, 22 units are covered by a HAP agreement recently renewed for ten years (July 1st, 2024), with the LURA extending to 2042. Its location within a Qualified Census Tract (QCT) offers investors the potential for resyndication. The property's APN is 12-02-14-110-037 and is zoned B-2.
Value Estimation
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Bolingbrook
- County
- Will
- State
- Illinois
- Longitude
- -88.0633
- Latitude
- 41.6957
