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Property

South Suburb 6 Unit Multifamily Building

14506 S Indiana Ave. Riverdale IL 60827

$320,000

Pricing/Terms Explained 

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$53,333 Per Unit

** Buyer's Premium Waived

6
Beds

6
Baths

4,194
Sq. Ft.

1966
Yr. Built

100%
Occupancy

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12
Spaces

3
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$26,500

Target CAP Rate
8.3%

Today's Market Value
$340,000

Target Purchase Price
$320,000

 



Units
6

Projected NOI
$38,500

Market CAP Rate
7.8%

Value w/Market Rents
$494,000

Cost Per Unit
$53,333

Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 1 Bed market rents are well over $800 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
Unbeatable value in this well maintained 6-unit brick building in Riverdale, IL. The property is in a quiet area adjacent to a freestanding salon and the new Riverdale Manor Senior Apartments development due to be completed in 2023. The owner has made numerous improvements in 2022 alone, including tuck-pointing, new chimney flashing, new gutters, new mailboxes and new flooring and lighting in the entryway. A new boiler pump and brand new rear decking on all three floors has also been added. Occupancy is at 100% and rents are under market rates making this the perfect opportunity for investors to capitalize on.

About The Neighborhood
Riverdale is a small suburb bordering Chicago. Incorporated in 1892, it has a population of 10,500 and is 18 miles directly south of downtown Chicago, just west of the Illinois-Indiana border. It is known for it’s numerous parks, the Riverdale Public Library and, most notably, the Joe Louis Championship Golf Course. 

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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