16300 Louis AVE Pending Save Request In-Person Tour Request Virtual Tour
South Holland,IL 60473
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Pending
Purchase Type For Sale
Square Footage 162,816 sqft
Price per Sqft $12
MLS Listing ID 12305302
Year Built 1974
Tax Year 2023
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
Area South Holland
Zoning OTHER
Interior
Cooling Wall Sleeve,Zoned
Flooring Carpet,Vinyl
Exterior
Utilities Available Natural Gas Available,Sewer Connected,Water Available
Roof Type Membrane,Rubber
Building
Dwelling Type Mixed Use
Water Community Water
Structure Type Concrete,Pre-cast,Fiber Cement