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Property

South Suburb 11-Unit Multifamily Property

12248 Gregory St. Blue Island, IL 60406

$975,000

Pricing/Terms Explained 

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$88,636 Per Unit

** Buyer's Premium Waived

11
Beds

11
Baths

-
Sq. Ft.

1951
Yr. Built

100%
Occupancy

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11
Spaces

3
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$76,966

Target CAP Rate
7.89%

Today's Market Value
$1,131,852

Target Purchase Price
$975,000

 



Units
11

Projected NOI
$103,431

Market CAP Rate
6.80%

Value w/Market Rents
$1,521,044

Cost Per Unit
$88,636

Investment Strategy
Purchase at target price with 25% down payment. Upon purchase raise rents to appropriate levels. 1 Bed market rents are $1,000 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
Strong cash-flowing 11-unit brick apartment building in Blue Island, IL. The building contains (11) 1-bedroom units and is situated across from the Blue Island baseball arena. The boiler is in newer condition and the units have been updated with the strong rents reflecting the solid condition of the building. 11-space dedicated building parking, situated on an ideal, highly visible corner lot makes this a fantastic investment.

About The Neighborhood
Blue Island is a town of 22,500 in southern Cook County, Illinois. It has traditionally been an industrial hub serving Chicago since the late 1800’s but presently has a more diverse economy. It is situated 15 miles south of the Chicago Loop and 8 miles south of Midway International Airport. Moraine Valley Community College has a campus in Blue Island and Dwight D Eisenhower High School serves as the main secondary education institution for the town. Blue Island is home to the well-known Meadows Golf Club. 

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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