22 Unit West Suburb HOT Property
1721 Mannheim Rd. Stone Park, IL 60165
$104,545 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. 1 Bed market rents are $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
A rarely available 22-unit mixed-use apartment building in Stone Park. The complex consists of (4) studios, (15) one-bedrooms and (3) retail storefronts. The owner has recently completed renovations which includes upgrading the boiler systems and installing laminate flooring throughout every unit as well as taking care of a host of minor deferred maintenance items. This has allowed the apartments to surge to 100% occupancy in recent months after experiencing mass vacancies in previous years. Additionally, the 3rd retail storefront has a pending lease with an insurance company which would join Tamales Norma restaurant and GadgetWise, a popular electronics accessories store, as the retail tenants. The building is solely electric, with tenants covering electric, keeping expenses far lower than comparable buildings. Rents are slightly below market rate, allowing for an investor to take advantage of some value-add opportunity.
About The Neighborhood
Stone Park is a small neighborhood community just 12.5 miles west of downtown Chicago. Wedged between the larger higher profiled neighborhoods of Northlake and Melrose Park, it has a rich Italian and Cuban heritage, still present today. Named after insurance tycoon, Clement Stone, the town is home to the Italian Americans Veterans Museum, Italian Cultural Center as well as a host of popular nightclubs and restaurants. Together with Northlake, it has one of the lowest crime rates in the state.
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Purchase Price of Property
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