15-17 N. Vail – Arlington Heights
This 18-unit mixed-use building at the corner of Vail Avenue and Davis Street in downtown Arlington Heights includes 16 one-bedroom, one-bath apartments and two commercial spaces. The two street-level restaurants in the three-story brick building see high foot traffic from both shoppers and commuters using the Metra Union Pacific/Northwest Line Arlington Heights station, which is located directly across the street. The property sold for $2.55 million.
“The buyer recognized the upside potential, with the property’s below market rents and its cap rate of 7.3 percent,” said Sean Connelly, senior managing director of Kiser Group, who represented the buyer in the transaction.
“The property’s location in the heart of pedestrian-friendly downtown Arlington Heights was a key selling point,” said Brian Mond, managing director of Kiser Group. He and Lee Kiser, principal of Kiser Group, represented the seller in the sale.