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PropertyRADAR

West Suburb 10 Unit Multifamily Building

1630 N 1st Ave. Melrose Park IL 60160

$850,000

Pricing/Terms Explained 

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$85,000 Per Unit

Submit Bid
 

Property Summary


Type

Multifamily

In Place NOI
$55,000

Target CAP Rate
6.5%

Today's Market Value
$1,000,000

Target Purchase Price
$850,000



 




Units
10

Projected NOI
$78,100

Market CAP Rate
5.5%

Value w/Market Rents
$1,419,000

Cost Per Unit
$85,000



 

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10
Beds

10
Baths

5,757
Sq. Ft.

1959
Yr. Built

100%
Occupancy

Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 1 Bed market rents are well over $950 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 California style brick building located across the street from Thatcher Woods. The building features spacious one-bedroom apartments. The building is a 2 story property. These California style properties are great investments due to low common area costs. 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
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. 


 

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