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PropertyRADAR

Midwest 7 Unit Multifamily Portfolio

11 Nicholson St. & 12 Garfield St. Joliet IL 60435

$400,000

Pricing/Terms Explained 

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$57,150 Per Unit

Submit Bid
 

Property Summary


Type

Multifamily

In Place NOI
$21,600

Target CAP Rate
N/A

Today's Market Value
$500,000

Target Purchase Price
$400,000



 




Units
7

Projected NOI
$53,500

Market CAP Rate
7%

Value w/Market Rents
$765,000

Cost Per Unit
$57,150



 

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6
Beds

6
Baths

7,000
Sq. Ft.

1910
Yr. Built

85%
Occupancy

Investment Strategy
Purchase at target price with 25% down payment. Upon purchase finish renovation on vacant unit and raise rents to appropriate levels. 2 Bed market rents are well over $1,200 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
Two Joliet properties on the same tax PIN. Total of 7 Units and 2 vacant parcels included in the portfolio. Property has been decently maintained with only slight updates needed. Tenants on the Garfield units are currently under one utility meter that is billed directly to the landlord. Upon closing we would convert these utility costs back to the tenants. 

About The Neighborhood
Joliet’s historic Cathedral District is one of the most desirable locations in the City of Joliet. The city maintains a diverse blue-collar work force with the local economy being propped up by 2 major casinos; Harrah’s and the Hollywood Casino. Rental prices have been steadily increasing and vacancies have been reaching historic lows with the limited existing rental inventory available.

Will County’s relatively lenient tenant laws and lower property taxes have made it a hotbed for investors in the past few years with properties commanding cap rates hovering around the 7% mark.

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. 


 

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