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910 Westmoreland Drive Vernon Hills, IL 60061
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Key Details
Sold Price $800,000
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 11649711
Sold Date 01/24/23
Year Built 1974
Annual Tax Amount $19,932
Tax Year 2021
Lot Dimensions 75X100
Property Description
910 Westmoreland Drive is an 8-unit apartment property located in the northern suburb of Vernon Hills. The eight (8) units in this property consist of four (4) 1Bed/1Bath and four (4) 2Bed/1.5Bath apartments. Furthermore, the property includes a large parking lot adjacent to the building. Each unit is allowed two parking spaces which are selected on a first-come, first-served basis. The Property is part of a Homeowner's Association (HOA) which covers all utilities (except tenants' electricity), insurance, landscaping, snow removal, plumbing, roof, building mechanicals, and exterior maintenance. The HOA provides a very low maintenance "armchair" investment opportunity due to the limited maintenance requirements outside the purview of the HOA. With rents approximately 10% below market, acquiring this property provides investors with great upside with limited to no additional work. The location of this property is in a comfortable pocket of Vernon Hills that provides convenient access to interstates I-294 and I-94. The Vernon Hills Metra station is under two miles from the property, allowing accessibility to Chicago's Union Station. Additionally, the village's largest mall, Hawthorne Mall, is undergoing a redevelopment that will provide townspeople with improved shopping and dining options, green spaces, and high-quality residences. The combination of dining, retail, education, and safety tie into creating this aspired neighborhood.
Location
State IL
County Lake
Interior
Fireplace N
Exterior
View Y/N true
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Bought with Renchi Varghese • Achieve Real Estate Group Inc