June 27, 2023 –Anthony Spangler of Horvath & Tremblay has successfully completed the sale of ten (10) multi-family units in Blue Island, Illinois. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $545,000.
The multi-family investment property is located at 2449 W 119th Street in Blue Island, Illinois. The property is a two-story multi-family building consisting of ten (10) 1-Bedroom/1-Bathroom units in 4,946 square feet of living area on 0.14 acres of land with ten tenant parking spaces. The Property offers upside potential as the in-place leases are significantly below market rates providing the opportunity to upgrade the unrenovated unit interiors to drive rental rates in supply-constrained residential market. The property is located in a densely populated residential neighborhood comprised mainly of similar, well-kept multi-family buildings and single-family homes. The Property is positioned at the intersection of Greenwood Avenue and W 119th Street and is seconds from Western Avenue, the area’s primary commercial corridor, offering numerous restaurants, shopping, and entertainment venues. The property is located in suburban Blue Island, 15 miles south of the Chicago Loop and 10 miles south of Midway Airport, with convenient access to I-294 (Tri-State Tollway) and I-57. The Property is also walkable to local bus service and is 0.6-miles from the 119th Street Metra Station, which provides service on the RI Line.
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.