800 Graceland Ave Des Plaines, IL 60016

Property Details for 800 Graceland Ave

Year built

1970

Lot size

0.28 lot acres

Property size

14,200 SF

Property type

Commercial real estate

Description

This exceptional Class A, 16-unit apartment building presents a compelling investment opportunity in Des Plaines, Illinois. Located at 800 Graceland Ave, this three-story building boasts 14,200 square feet of net rentable space situated on a 0.28-acre lot. Completely renovated in 2018, the property features 100% occupancy and a strong NOI of $224,331 (pro-forma NOI: $223,377), resulting in a 6.41% cap rate (pro-forma 6.38%). The extensive 2018 renovations included new kitchens with stainless steel appliances, engineered hardwood flooring, updated bathrooms, new doors, and fresh finishes throughout. Significant upgrades also encompassed the building's infrastructure, with 100% new HVAC, plumbing, electrical systems, and water heaters. The roof and windows were also replaced in 2018. Each unit includes in-unit washer/dryer and dishwasher. Individual gas, electric, and water meters are installed. The property benefits from a prime location near highways, public transportation, dining, and entertainment options. An assumable loan is available with a $2,694,422 UPB at a favorable 4.44% interest rate, maturing on July 1, 2031. The building is not located in a flood zone. This meticulously maintained property offers a blend of modern amenities and a desirable location, making it an ideal investment for discerning buyers. The asking price is $3,500,000, with a price per unit of $218,750 and a price per square foot of $246.48. The property is zoned MF (Multifamily). On-site parking is available.