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Property

South Suburb 5+1 Unit

10520 Austin Ave. Chicago Ridge, IL 60415

$575,000

Pricing/Terms Explained 

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$95,833 Per Unit

** Buyer's Premium Waived

7
Beds

6
Baths

3,543
Sq. Ft.

1964
Yr. Built

83%
Occupancy

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6
Spaces

3
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$38,494

Target CAP Rate
6.69%

Today's Market Value
$769,880

Target Purchase Price
$575,000

 



Units
6

Projected NOI
$67,402

Market CAP Rate
5%

Value w/Market Rents
$1,348,043

Cost Per Unit
$95,833

Investment Strategy
Purchase at target price with 25% down payment. Upon purchase rent out 6th unit and raise rents to appropriate levels. 2 Bed market rents are $1,500 in the area. Current seller has been VERY slow and inefficient on rental increases. Refinance and pull cash out based on higher value of the property. 

About The Property
Fantastic Value add opportunity in beautiful Chicago Ridge. This brick building features (3) 1-bedroom and (2) 2-bed units with a 6th unit office space currently being used by the owner. The space can be turned into a studio with owner offering a $10,000 credit for the conversion. The conversion would boost gross rental income by over $10,000 per year. In addition to the conversion, current rents are well below market allowing for further value-add opportunity. The current owner recently replaced the roof. The lot itself is located on a quiet cul-de-sac with 6 parking spaces in the rear.

About The Neighborhood
Chicago Ridge is a small town in southwestern Cook County. With a population of 14,000, it’s mostly known as an industrial hub, home to Landis Plastics Inc. and The Park at Chicago Ridge. It is located only 5 miles south of Midway International Airport and 14 miles from downtown Chicago making its location very accessible for businesses and residents alike. Despite it’s industrial-based economy, the town is home to several natural attractions such as Chicago Ridge Prairie Nature Reserve, Freedom Park and Stony Creek. 

Due Diligence

Documents
Citipoint conducts a thorough document review on every property. For access to more documents such as leases, inspection reports, warranties, etc please fill out our Document Request Form.

Rents, expirations, security deposits, balances and more.

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Utility expense, services, insurance, taxes, and more.

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Who pays what - Landlord Vs. Tenant

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Comparable multi family properties that have sold in the area.

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Comparable multi family units that have been rented in the area.

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Market report showing trends and insights.

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Locked.

Property
Financials

Purchase Price of Property


Property Current
This column shows the current financial state of the subject property. These inputs are factual and they are based on verified information.



Year 2 Pro Forma
This column is based on a stabilized condition of the subject property. These inputs assume proper property performance by using our investment suggestions (proper management, bringing rents up to market rate, vacancy absorption, etc).



Debt Service
This column allows the user to add custom financing scenarios.

Property
Performance

View the return metrics based on various inputs. 

"Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs. 


 

Key
Metrics

Year by Year Property Data
 

Property Value

Remaining Loan Balance

LTV Ratio

Debt Service Coverage Ratio

 

Cumulative Net Cash Flow

Total Equity (Includes Net Cash Flows)

ROI

Annualized ROI

Equity Multiple 



 

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