West Suburb, Well Maintained 18 Unit
1500 n 22nd Ave. Melrose Park IL 60160
$111,111 Per Unit
** Buyer's Premium Waived
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Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are well over $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
An exceptional brick building located in the heart of Melrose Park. The property has been meticulously well maintained. The building features 6 spacious two-bedroom apartments and 12 spacious one-bedroom apartments. All tenants are separately metered for gas and electric. Owner is responsible for common areas.
About The Neighborhood
Melrose Park is a B Grade neighborhood that borders Chicago. Demand for multi family real estate is high is in this area due to a relatively affordable price per unit acquisition opportunity. The rental market is strong with high demand and low inventory.
Melrose Park is close to O'Hare Airport and close to large commercial parks. It boomed post World War 1 and has been a dense commerce center hence. Demand for housing and rentals is strong in the area.
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Who pays what - Landlord Vs. Tenant
Comparable multi family properties that have sold in the area.
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Purchase Price of Property
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Year 2 Pro Forma
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