18064 Martin Ave, Homewood, IL, 60430

Highlights

• **Vibrant downtown Homewood location**
• **Versatile Mixed-Use Property**
• **Significant capital improvement to all major components**
• **Meticulously Maintained and Upgraded**
• **Turnkey Investment Opportunity**

Description

Embrace the opportunity to own a meticulously maintained 5-unit mixed-use property with a rich history and promising growth potential. This iconic property, located in the vibrant South Chicago Suburbs area, has been a cherished asset in the seller's family for over 50 years and is now available for the first time on the market. With a legacy of distinction and recent upgrades, including a new roof in 2020, new windows in 2021, and new central HVAC in all units in 2019, this turnkey investment opportunity offers the potential to enhance apartment rents to market rates, unlocking significant value and long-term prosperity. Notably, Bergstein's Deli signed a 5-year lease in 2023 with an option and invested almost $400k into the buildout of the ground floor space, adding significant value to this already compelling investment opportunity.

**Meticulously Maintained and Upgraded**

The property has been meticulously maintained, and recent upgrades have enhanced its appeal and value. The new roof installed in 2020, new windows added in 2021, and new central HVAC installed in all units in 2019 demonstrate a commitment to quality and longevity. These upgrades contribute to the property's overall desirability and signify a proactive approach to property management, positioning it as a prime investment opportunity with reduced maintenance concerns and enhanced tenant satisfaction.

**Potential for Value Appreciation**

The opportunity to enhance apartment rents to market rates presents a clear path to value appreciation and increased cash flow. With the recent area developments and the property's prime location, there is significant upside potential for capitalizing on the strong demand for quality residential spaces in the South Chicago Suburbs area. The combination of historical significance, recent upgrades, and the potential for increased rental income positions this property as an attractive investment option with compelling prospects for growth and long-term success.

The area surrounding the property has recently undergone significant developments, enhancing its appeal to investors. A 36-unit multifamily development, completed in 2023, stands right next door, serving as a testament to the area's growth and desirability. Moreover, the convenience of a Starbucks located directly behind the property adds to the area's allure. Notably, the recently redesigned Homewood Metra station, situated less than half a block away, provides seamless transportation access and underscores the community's commitment to modernization and accessibility. These developments reflect the area's vibrancy and present an exciting opportunity for investors seeking a dynamic investment in a thriving and evolving locale.