The subject property consists of approximately 9,900 square feet, currently comprised of eight apartments (seven, one-bedroom units, one, two-bedroom unit), and five retail spaces (approximately 4,150 square feet). This property maintains a high historical occupancy with zero current vacancy. The retail space is occupied by a long-standing salon (Don Stella, The Salon, tenant since 1977), a jeweler, a nanny service, a home improvement contractor, a spa, and a PC/mobile phone repair shop. The apartments are fully occupied, however rented for below market prices. Here, an investor has the unique opportunity to acquire a rarely-available, high-exposure mixed-use property in a strong location with upside in rents. A new owner could potentially renovate the apartments as they turn over to increase rental income, as well as take advantage of attractive financing available to generate above average returns
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For more information about 217 S Arlington Heights, Arlington Heights, IL 60005 contact Corcoran Urban Real Estate.
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