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Property

HOT South Suburb 6 Unit

14612 Keystone Ave. Midlothian, IL 60445

$575,000

Pricing/Terms Explained 

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$95,833 Per Unit

** Buyer's Premium Waived

11
Beds

6
Baths

5,403
Sq. Ft.

1962
Yr. Built

100%
Occupancy

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6
Spaces

3
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$45,331

Target CAP Rate
7.9%

Today's Market Value
$755,516

Target Purchase Price
$575,000

 



Units
6

Projected NOI
$60,382

Market CAP Rate
6%

Value w/Market Rents
$1,006,369

Cost Per Unit
$95,833

Investment Strategy
Purchase at target price with 25% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are $1,250 in the area. Current seller has been VERY slow and inefficient on rental increases. Refinance and pull cash out based on higher value of the property.

About The Property
Fantastic opportunity to own this solid brick 6-unit in investor-friendly Midlothian, IL.  The building includes (5) 2-bedroom and (1) 1-bedroom units pulling in a strong $80,400 in gross rents per year. The roof is less than 5 years old and the boiler was replaced less than 24 months ago. The units are all floored with rental-friendly ceramic tile and hardwood flooring. There are 6 private parking spaces at the rear of the property which is located on a beautiful, quiet tree-lined street.

About The Neighborhood
Midlothian is town of roughly 14,000 residents located 17 miles southwest of downtown Chicago. Incorporated in 1927, it is predominantly a residential town with a rich history in the formation of the Illinois Railroads. Despite its relatively small land area, it is home to 6 parks, the Sundrop Prairie Nature Reserve and Midlothian Country Club. Midlothian is renowned for its annual St. Christopher Fiesta, a week’s-long event held in the middle of July. 

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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