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$1,999,770
Est. payment /mo
162,816 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 162,816 sqft
Price per Sqft $12
MLS Listing ID 12305302
Year Built 1974
Tax Year 2023
Lot Dimensions 339768
Property Sub-Type Mixed Use
Property Description
Discover an exceptional investment opportunity in South Holland, IL-a thriving suburban market just 20 miles South of downtown Chicago. This well-maintained, six-story property spans 162,816 square feet on nearly 8 acres of landscaped grounds and was originally designed as an independent and assisted living facility. With 253 units, a thoughtfully designed layout, and modern amenities, the property fosters a vibrant and engaging living environment. Prime Redevelopment Potential - Ideal for senior living or a condo conversion. Abundant Amenities - Includes a grand dining hall, recreation rooms, commercial kitchen, cafe, library, multiple lounges, activity rooms, chapel, salon, and common balconies on each floor. Scenic Outdoor Features - Lush courtyards, walking paths, and a gazebo provide a tranquil setting. Recent Capital Improvements - since 2019, including: New roof, 50 studio-to-one-bedroom conversions including kitchenettes and Common area renovations. Strategic Location & Strong Market Demand in this Densely populated area - Over 460,000 residents within a 7-mile radius. Zoning Restrictions Favor Senior Housing - South Holland does not permit multi-family housing for residents under 55, making this an exclusive senior housing opportunity. Financial Advantage - The property's current non-profit ownership has enjoyed property tax exemption, further enhancing its financial appeal. This rare opportunity allows investors to acquire a significant asset at a substantial discount to replacement cost. Whether revitalizing it as a premier senior living community or capitalizing on the growing demand for 55+ housing, this property presents tremendous upside potential.
Location
State IL
County Cook
Zoning OTHER
Interior
Cooling Wall Sleeve, Zoned
Flooring Carpet, Vinyl
Fireplace Y
Exterior
Utilities Available Electric to Site, Gas to Site, Sanitary Sewer, Water-Community, Water to Site
View Y/N true
Roof Type Membrane,Rubber
Building
Foundation Concrete Perimeter
Structure Type Concrete,Pre-cast
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Listed by Andrew Glatz • Crown Heights Realty