South Suburb 6 Unit Multifamily Building
14506 S Indiana Ave. Riverdale IL 60827
$53,333 Per Unit
** Buyer's Premium Waived
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Today's Market Value
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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.
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