Knox & Kilpatrick Apartments
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Knox & Kilpatrick Apartments
3 Multifamily Properties Offered at $8,850,000 in Oak Forest, IL
Investment Highlights
- Strong Suburban Location - .7 Miles to Oak Forest Metra and One Fifty Seven Development
- Recent Capital Improvements – Including New Surface Parking Lot and Balcony Renovations (2024)
- Significant Rental Upside – Current Rents 10%-15% Below Market “As-Is”
- Assumable Debt Available – $4,993,872 Balance with a 4.40% Fixed Interest Rate Until August 1, 2027
Executive Summary
Essex Realty Group, Inc. has been exclusively engaged to market for sale the Knox & Kilpatrick Portfolio, a 96-unit apartment portfolio located in Oak Forest. The Portfolio consists of six neighboring buildings featuring 48 studios and 48 one-bedroom units. Current ownership has completed interior renovations on 25 units and exterior improvements, including a new surface parking lot and balcony renovations in 2024.
As noted in the enclosed rental survey, current rents are 10%-15% below market as-is, providing immediate rent growth potential with minimal additional work required. The portfolio presents investors with a rare opportunity to acquire scale in a growing suburban market, supported by a strong, stabilized income stream.
The Knox & Kilpatrick Portfolio is ideally located less than one mile from the Oak Forest Rock Island District (RI) Metra station, one block from IL-50, and 2.4 miles from I-57, offering easy access to Chicago and surrounding suburbs.
As noted in the enclosed rental survey, current rents are 10%-15% below market as-is, providing immediate rent growth potential with minimal additional work required. The portfolio presents investors with a rare opportunity to acquire scale in a growing suburban market, supported by a strong, stabilized income stream.
The Knox & Kilpatrick Portfolio is ideally located less than one mile from the Oak Forest Rock Island District (RI) Metra station, one block from IL-50, and 2.4 miles from I-57, offering easy access to Chicago and surrounding suburbs.
Property Facts
| Price | $8,850,000 | Number of Properties | 3 |
| Price / SF | $121.26 / SF | Individually For Sale | 0 |
| Sale Type | Investment | Total Building Size | 72,982 SF |
| Status | Active | Total Land Area | 1.58 AC |
| Price | $8,850,000 |
| Price / SF | $121.26 / SF |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 72,982 SF |
| Total Land Area | 1.58 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Knox Apartments
15301-15311 S Knox Ave, Oak Forest, IL 60452 |
Multifamily | 54,800 SF | 1960 | - |
|
Knox & Kilpatrick Apartments
15312 Knox Ave, Oak Forest, IL 60452 |
Multifamily | 8,982 SF | 1967 | - |
| 15311 Kilpatrick Ave, Oak Forest, IL 60452 | Multifamily | 9,200 SF | 1967 | - |
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Jimmy Donahue -
Brian Karmowski -
Essex Realty Group
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Knox & Kilpatrick Apartments
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