$2,999,770
16300 Louis Avenue South Holland, IL 60473
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$2,999,770
Est. payment /mo
162,816 SqFt
Active
16300 Louis Avenue South Holland, IL 60473
UPDATED:
09/11/2024 05:06 AM
Key Details
Property Type Commercial
Sub Type Instut/To Develop
Listing Status Active
Purchase Type For Sale
Square Footage 162,816 sqft
Price per Sqft $18
MLS Listing ID 12156836
Year Built 1974
Tax Year 2023
Lot Size 7.800 Acres
Lot Dimensions 339768
Property Description
The former Celebrate Senior Living of South Holland, an exceptional investment opportunity in the heart of South Holland, IL. This well-maintained property, encompassing 253 units, is thoughtfully designed to foster a vibrant, social environment for its residents. The expansive 162,816 square foot, six-story building sits on nearly 8 acres of beautifully landscaped grounds, featuring lush courtyards, walking paths, and an outdoor gazebo-perfect for enjoying a serene summer day. Previously operating as a senior housing community, the property offers a wide range of modern amenities including a spacious grand dining room, private recreation room, large commercial kitchen, cafe, library, multiple lounge areas, activity rooms, chapel, salon, and common balconies on each floor. These features, along with its strategic location in a densely populated suburb less than 20 miles south of Chicago, make it an ideal candidate for redevelopment as either a continued senior living facility or a high-demand apartment complex. South Holland's strong local demand fundamentals are supported by a surrounding population exceeding 460,000 within a 7-mile radius. This offering provides investors with the unique opportunity to acquire a significant asset in a dense urban submarket of the Chicago MSA with attractive value-add potential. Since 2019, the property has seen over $1.5 million in capital improvements, including roof replacement, unit conversions (from studios to one-bedrooms), and common area renovations, positioning it well for future growth and enhanced resident satisfaction. The seller, a non-profit entity, has enjoyed the benefit of property tax exemption, further enhancing the financial appeal of this opportunity. Whether you are looking to redevelop the site into a modern senior living community or capitalize on the high demand for apartment living in the area, this property offers a compelling investment opportunity with significant upside potential. Don't miss the chance to secure a landmark asset in a prime location.
Location
State IL
County Cook
Zoning MULTI
Interior
Cooling Wall Sleeve
Fireplace N
Exterior
Utilities Available Electric to Site, Gas to Site, Sanitary Sewer, Water-Community, Water to Site
Waterfront false
View Y/N true
Building
Foundation Concrete Perimeter
Structure Type Concrete
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Andrew Glatz • Crown Heights Realty
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Patrick Clarke
Broker | License ID: 471.007683