Property
West Suburb, Well Maintained 18 Unit
1500 n 22nd Ave. Melrose Park IL 60160
Out of gallery
$2,000,000
Pricing/Terms Explained
$111,111 Per Unit
** Buyer's Premium Waived
24
Beds
18
Baths
-
Sq. Ft.
1959
Yr. Built
100%
Occupancy
30
Spaces
3
Stories
Boiler
Heat
Paid
Laundry
Street
View
Property Summary
Type
Multifamily
In Place NOI
$136,700
Target CAP Rate
6.84%
Today's Market Value
$2,486,000
Target Purchase Price
$2,000,000
Units
18
Projected NOI
$187,100
Market CAP Rate
5.5%
Value w/Market Rents
$3,402,000
Cost Per Unit
$111,111
Investment Strategy
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.
Due Diligence
Documents
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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
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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
