November 1, 2021 – Arthur Fedotov of Horvath & Tremblay has successfully completed the sale of five (5) multi-family units in North Chicago, Illinois. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $370,000.
The multi-family investment property is located at 1414 Hervey Avenue in North Chicago, Illinois. The property is a two-story, brick building and contains five (5) total townhome-style units made up of five (5) 3-Bedroom/1-Bathroom units in 5,120 square feet of living area, in 8,002 gross square feet, on a 0.18-acre parcel. Additionally, each unit is separately metered for electricity with electric heat and hot water, which the tenants pay directly, along with water and sewer (landlord pays water for one unit). 1414 Hervey Avenue was constructed in 1960, and is well-located in a quiet residential community with ample parking, just a few blocks away from parks and a forest preserve, and less than a mile’s distance from the nearest primary commercial corridor serving the area (intersection of 14th Street and Lewis Avenue). The Property offers convenient access to grocery stores, restaurants, and numerous other retail amenities. 1414 Hervey Avenue is ideally positioned for commuters with quick and convenient access to public transportation (Pace bus lines & Metra Station), State Highway 137 (Sheridan Road), and US Highway 41, both of which lead to Chicago and Milwaukee, Wisconsin. 1414 Hervey Avenue is also less than 2 miles from a public beach lining the shores of Lake Michigan. The property benefits from exceptional demographics, with more than 88,630 people living within a 3-mile radius of the Property, with an average household income of over $69,200. Additionally, there are nearly 40,000 employees within a 3-mile radius of the Property.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.