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Property

10 Unit Multifamily Property

119-125 E Mississippi Ave. Elwood, IL 60421

$675,00

Pricing/Terms Explained 

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$67,5000 Per Unit

** Buyer's Premium Waived

14
Beds

10
Baths

-
Sq. Ft.

1920
Yr. Built

100%
Occupancy

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14
Spaces

2
Stories

Forced Air
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$56,705

Target CAP Rate
8.4%

Today's Market Value
$810,000

Target Purchase Price
$675,000

 



Units
10

Projected NOI
$92,828

Market CAP Rate
7%

Value w/Market Rents
$1,326,119

Cost Per Unit
$67,500

Investment Strategy
Purchase at target price with 25% down payment. Upon purchase raise rents to appropriate levels. 1 bed market rents are $900, 2 Bed market rents are $1,000, and 3 bed market rents are $1,100 in the area. Current seller has been slow and inefficient on rental increases. Refinance and pull cash out based on higher value of the property.

About The Property
Excellent opportunity to own a turnkey, cash-flowing machine! This 10-unit in Elwood, IL features (1) 3-bed, (4) 2-bed, (3) 1-bed and (2) studio units. The unit interiors are in above-average condition and the building is flanked by free public parking which are used by the tenants but paid for by the city. Based in landlord friendly Will County, this property has low expenses and has a further value-add opportunity to increase rents with minimal rental inventory available in the area.

About The NeighborhoodElwood is a small, quaint community on the outskirts of the Chicago metropolitan area, approximately 38 miles southwest of downtown Chicago. It is located in Will County, one of the fastest growing counties in the country and is 5 miles south of Joliet, Illinois’s 3rd largest city. Incorporated in 1869, Elwood is home to the Centerpoint Intermodal Center, the largest inland port in North America. 

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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