15119 Catalina Dr Orland Park, IL 60462

Property Details for 15119 Catalina Dr

Year built

1977

Property type

Residential income homes

Property subtype

Residential income properties

Description

This exceptional investment opportunity presents the acquisition of Heritage Manor Apartments, a seven-building portfolio encompassing 84 units situated in Orland Park, Illinois. This highly desirable location within Chicago's southwest suburbs offers convenient access to major retail corridors on La Grange Road and 159th Street. The portfolio boasts a well-balanced unit mix of 28 one-bedroom/one-bathroom and 56 two-bedroom/one-bathroom apartments, all featuring spacious layouts. Consistent finishes throughout include wood cabinetry in kitchens, carpeted floors, and ceramic tile bathrooms. The properties have been meticulously maintained by the original owner, with significant capital improvements completed in recent years. These improvements include roof replacements within the past seven years and parking lot repaving within the past five years. Currently, the buildings are nearly fully occupied, with only one unit utilized as an office. This presents a unique opportunity for an investor to acquire a portfolio with strong return potential. While the current rents are significantly below market comparables, a strategic interior renovation plan would yield substantial increases in rental income, leading to a projected internal rate of return (IRR) nearing 18% after five years. The property sits on approximately 1.83 acres. The portfolio's strong fundamentals and upside potential make it an attractive investment for discerning buyers. The buildings are individually furnished with central air conditioning.