Riverdale Apartments | 18-Unit Value-Add

Highlights:

• Infill Multifamily 20 Miles South of Chicago: 18-unit brick asset on 0.28 AC within the 9.4M-population Chicago MSA.
• 40% Vacancy Fuels Immediate Lease-Up Upside: Seven vacant units offer direct NOI recovery with no added capital required.
• In-Place Rents Trail Market by 14%: Average $935/unit vs. $1,298 comp average — a $363/unit monthly upside across 18 units.
• NOI More Than Doubles Over 7-Year Hold: Year 1 NOI of $76,761 grows to $156,293 as rents normalize to market.
• Metra Rail Station Just 0.5 Miles Away: Direct commuter access to downtown Chicago supports steady renter demand.
• Four Units Backed by Section 8 Contracts: Government-backed rent streams secure payment certainty on 22% of units.

Description:

RealINSIGHT Marketplace, in partnership with Landmark Auction Services, is pleased to present 70–74 E 138th St, Riverdale, IL 60827, an 18-unit workforce multifamily asset situated within the Chicago-Naperville-Elgin MSA. The 17,178 SF brick building sits on 0.28 acres zoned R-3 and comprises 18 two-bedroom, one-bath units of approximately 600 SF each. The property currently operates at roughly 60% occupancy, generating $134,520 in annual in-place rent, with four units operating under Section 8 contracts. The vacancy gap — approximately 7 units — represents immediate lease-up potential at a market average of $1,298/unit, a meaningful premium to the current average in-place rent. The Year 1 proforma projects NOI of $76,761, scaling to $156,293 by Year 7 as occupancy and rents normalize. Located 20 miles south of downtown Chicago with Metra commuter rail access 0.5 miles from the site and interstate access to I-57, I-94, and I-294 within 12 miles, Riverdale benefits from a renter-majority population and housing costs well below broader Chicago-area comps.


For more information:
https://rimarketplace.com/auction/3332/multifamily/riverdale/il?utm_source=brevitas&utm_medium=listing_paid&utm_campaign=august19_2026&utm_content=multifamily_3332

Bidding Opens
Aug 18, 2026 12:00 AM
Bidding Ends
Aug 20, 2026 12:00 AM