Property
South Suburb 6 Unit Multifamily Building
14506 S Indiana Ave. Riverdale IL 60827
Out of gallery
$320,000
Pricing/Terms Explained
$53,333 Per Unit
** Buyer's Premium Waived
6
Beds
6
Baths
4,194
Sq. Ft.
1966
Yr. Built
100%
Occupancy
12
Spaces
3
Stories
Boiler
Heat
Paid
Laundry
Street
View
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
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Locked.
Property
Financials
Purchase Price of Property
Property Current
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Year 2 Pro Forma
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Debt Service
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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
