1619 Thacker St Des Plaines, IL 60016

Property Details for 1619 Thacker St

Year built

1970

Lot size

0.26 lot acres

Property size

16,080 SF

Property type

Apartment buildings

Description

This exceptional Class A, 14-unit apartment building presents a compelling investment opportunity in Des Plaines, IL. Boasting 16,080 square feet of net rentable space, the property features a desirable mix of unit sizes: eleven two-bedroom/one-bathroom units, two one-bedroom/one-bathroom units, and one three-bedroom/two-bathroom unit. Completely renovated in 2018, the building showcases modern kitchens with stainless steel appliances, updated bathrooms, engineered hardwood flooring, and new doors and finishes throughout. Significant upgrades also include a complete overhaul of the HVAC, plumbing, electrical systems, and water heaters. The property benefits from 100% occupancy, generating a current NOI of $202,104 and a pro-forma NOI of $219,684, representing a 6.32% cap rate and a pro-forma cap rate of 6.87%, respectively. Situated on a 0.26-acre lot, the building offers ample parking with 16 spaces (six surface and ten covered). The asking price is $3,200,000, translating to $199 per square foot and $228,571.43 per unit. An attractive assumable loan with a 4.37% interest rate and a maturity date of September 1, 2031, is available. The property's prime location in Des Plaines offers convenient access to major highways, public transportation, dining, and entertainment options. The roof and windows were also replaced during the 2018 renovation. Individual gas, electric, and water meters are installed in each unit. In-unit washer/dryer and dishwashers are included. The building is not located in a flood zone. This is a turnkey investment with strong cash flow and significant upside potential.