Essex Realty Group, Inc. has been exclusively engaged to market for sale 1149 S Mason Avenue, a handsome vintage twenty-nine (29)-unit mixed-use courtyard building located in the western Chicago neighborhood of Austin. The building consists of twenty-five (25) apartments and four (4) retail spaces. Of the twenty-five (25) apartments, there are thirteen (13) studios, six (6) 1Bd/1Ba units, and (6) 2Bd/1Ba units.
The Subject Property presents the opportunity for an investor to acquire a high-performing turnkey asset. The Property is fully occupied with a stable tenant base, including national retailer Boost Mobile. Additionally, many recent capital improvements have taken place, including a new boiler, updated electric, and rebuilt rear porches.
Situated on the northeast corner of W Roosevelt Road and S Mason Avenue, the Property offers courtyard exposure to residential S Mason Ave as well as four retail spaces facing high-traffic Roosevelt Rd. In addition, the Property is conveniently located within 0.4 miles of the Austin Blue Line CTA station and the entrance to the Eisenhower Expressway (I-290). Tenants benefit from proximity to a plethora of retail options along Roosevelt Road as well as a host of restaurants and bars in nearby Oak Park and Berwyn.
Listed for sale at an 7.64% CAP rate, 1149 S Mason Ave. provides an exceptional return for a well-located and stabilized property.
The neighborhood of Austin is located nine miles directly west of downtown Chicago, and is the third largest community area in the City of Chicago by population. The neighborhood sits on the far west edge of the City and shares a border with Elmwood Park, Cicero, and Oak Park. Due to its proximity to many suburban communities, Austin shares many similar features such as grand residences, wide lots and boulevards, and plenty of green space. In recent years, Austin has become a focus area for many redevelopment initiatives such as the Austin United Alliance (a $37.5 million renovation project), and is one of ten priority communities selected for the initial stage of the Mayor's INVEST South/West.
Austin is served by abundant transportation and retail options. Within 0.4 miles of the Subject Property is the CTA Blue Line Austin
Station, which provides direct access to downtown Chicago, Oak Park, and O'Hare International Airport. Also within 0.4 miles is the entrance to Eisenhower Expressway (I-290). Major employers and retailers are located within minutes, such as West Suburban Medical Center which employs over 2,500 individuals, and numerous convenient options for shopping, services, and dining.
- 7.64% CAP Rate
- Fully Occupied and Stabilized
- Many Recent Capital Improvements
- Handsome Vintage Courtyard Building
- Convenient Location - 0.4 Miles from the Austin Blue Line CTA Station and 0.1 Miles from Oak Park and Berwyn