Coventry Apartments

Crystal Lake is a thriving city of approximately 41,000 residents situated 45 miles northwest of Chicago in McHenry County, widely recognized as one of the most desirable communities in the northwest suburban corridor. The most populous city in McHenry County, Crystal Lake has grown steadily from a population of 21,823 in 1990 to over 40,000 today, driven by its exceptional quality of life, strong schools, and accessible suburban character. The city's median household income stands at $108,418, approximately 20% above the Chicago metro average and 30% above the Illinois statewide figure, with a poverty rate of just 6.8%, reflecting a financially stable and deeply rooted renter base. Crystal Lake serves as the primary terminus of Metra's Union Pacific Northwest Line, one of Metra's busiest routes with an average of 38,600 weekday boardings systemwide, with most trains on the line terminating here, connecting residents directly to Ogilvie Transportation Center in downtown Chicago. Interstate 90 is accessible within minutes, linking the city to O'Hare International Airport, the Schaumburg and Arlington Heights employment hubs, and the broader Chicagoland highway network. Total local employment grew 2.35% year-over-year to approximately 22,200 workers, anchored by manufacturing, health care, and retail trade sectors along the active Randall Road commercial corridor. The city's namesake lake, vibrant downtown, and three public high schools round out a community profile that continues to attract households relocating from higher-cost markets closer to Chicago, sustaining consistent multifamily demand across the submarket.Essex Realty Group, LLC has been exclusively engaged to market for sale Coventry Apartments, a 17-unit apartment building located at 460 Coventry Lane in Crystal Lake, Illinois. Gut renovated in 2020, the Subject Property was the beneficiary of an office-to-residential conversion and features fully rehabbed units with in-unit laundry, newer mechanicals and an elevator. Furthermore, current ownership has invested significantly in recent capital improvements, including a full elevator replacement and the installation of a new fire panel in 2025. 460 Coventry features an attractive unit mix of mostly large 1bd and 2bd units (94%) allowing for a healthy in-place income in over $28,000 a month. Additionally, the enclosed rental survey indicates upside of approximately 10% as-is, providing new ownership with the opportunity to increase rents with little-to-no work. Additional income potential exists through the build-out of 20 storage lockers, projected to generate $6,000 in annual revenue. Coventry Apartments is located in Crystal Lake, one of McHenry County's most dynamic suburban markets, currently experiencing over 1,000 new housing units under development, including the 260-unit Water's Edge mixed-use project and the recently completed 124-unit Redwood Crystal Lake. The Coventry Apartments is conveniently situated near the Crystal Lake Metra station on the Union Pacific Northwest Line, offering direct commuter service to downtown Chicago, with additional access to Routes 176 and 31 and the Northwest Highway commercial corridor. Crystal Lake's $1.5 billion in annual retail sales, anchored by Mercy Health Hospital, expanding dining and entertainment options, and a growing employer base, reinforce sustained rental demand across the submarket.