Potential to Increase Annual Gross Income by 25%

Opportunity to increase annual gross rents by 23%, without any capital improvements! The average in place rent per square foot is currently $1.47. The market rent is currently $1.80 - see included rental comparisons. (The closest comparison would be the units on Liberty Cir, which is listed in the rental comp section). By putting a RUBS program in place and charging a fee for garages, this would add an additional $40,500 to the gross annual income.

All 27 units are approximately 1480 SF and feature two bedrooms and two full bathrooms. There are 27 detached garages and 31 outdoor surface spaces. All third floor units have vaulted ceilings in the kitchen and living room and tray ceilings in both bedrooms. Each unit has an oversized balcony or patio, in unit laundry, central HVAC & a separate storage unit across the hall from each apartment. 50% of the units have pond views. Flexicore construction makes this a very quiet building! The roof was replaced in 2018 & most units have new vinyl plank flooring throughout.
Large master bedroom with huge walk in closet. Master bath boasts stand up walk in shower and whirlpool hot tub.
Kitchens are equipped with granite countertops, stainless steel appliances, dishwashers, built in microwaves, tons of counter space and a large eating area with bay windows.

The subject is a 27-unit, apartment property that was originally constructed as a condominium building in 2007 but due to poor economic conditions, was never completed and remained in shell condition until early 2010. Construction of the property was completed in the summer of 2010 and the property was marketed as a rental property with the first tenant moving in during the month of August 2010. The property was leased to a stabilized occupancy in phases from August 2010 through May 2012 as the interior of units were completed. The building currently has one property index number (P.I.N.).

Orland Park is a village in Cook County, Illinois, United States, with a small portion in Will County. The village is a suburb of Chicago. Per the 2020 census, Orland Park had a population of 58,703. Located 25 miles southwest of Chicago, Orland Park is close to several interstate highways, with the I-80 east-west coast connector as its southern border. The Metra commuter rail system links it to the Chicago Loop and from there to O'Hare and Midway airports. Communities bordering Orland Park include Homer Glen (in Will County) to the west, Orland Hills and Mokena (also in Will County but Orland Hills is in Cook County) to the south, Tinley Park to the southeast, Oak Forest to the east, and Palos Park and Palos Heights to the north

Orland Park is well known for it's tremendous amount of restaurants, shopping and entertainment. It is the main hub for all surrounding suburbs to visit their multiple establishments. Just about every national tenant occupies Orland Park, as well as several specialty shops. It is still growing at a quick pace with many new retail and restaurant sites under construction. Grocery: Jewel, Aldi, Trader Joe's, Whole Foods, Mariano's - to name a few.

Orland Park has three stops on Metra's Southwest Service, which provides weekday and weekend rail service between Manhattan, Illinois, and Chicago Union Station): 143rd Street, 153rd Street, and 179th Street. Major highway transportation corridors are: I-355 - north/south tollway, exit at Route 6 I-80– southern border of Orland Park US 45/La Grange Road - major north–south thoroughfare Illinois Route 43/Harlem Avenue – near the eastern border of Orland Park US Route 6 near the southern border of Orland Park

Orland Park has a large Recreation and Parks Department. The village has over 60 parks, with many options for recreation, from sports complexes to nature trails. The Centennial Park Aquatic Center is a very popular 192-acre park with multiple pools, several water slides, a children's play area & sand volleyball courts. The Winter Wonderland Ice Rink is also in Centennial Park. Open from November to March, this outdoor ice rink is free of charge.
Just south of the Centennial Park Aquatic Center is the 95-acre Lake Segdewick, which features hiking paths, nature trails, boardwalks, boat ramps, pedal boats and kayaks for rent. Fishing is allowed.
The Sportsplex, on 159th Street, is Orland Park's largest indoor recreational facility. It has three full-sized basketball courts, an indoor soccer field, and a full weight room with free weights, plenty of cardio options, and a ¼-mile indoor track. Personal trainers are available, along with fitness classes, including Pilates, yoga, cycling, and Zumba. The Sportsplex also has a 35-foot rock wall with six different routes for all skill levels.

Silver Cross Hospital plans to build a $25.5 million medical office building.
Loyola Medicine is investing more than $69 million dollars to construct a two-story, 70,000 SF facility at 179th and LaGrange Rd.
University of Chicago Medicine has already opened their 108,000 SF facility located at 143rd and LaGrange Rd, within the past couple of years.