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Property

22 Unit West Suburb HOT Property

1721 Mannheim Rd. Stone Park, IL 60165

$2,300,000

Pricing/Terms Explained 

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$104,545 Per Unit

** Buyer's Premium Waived

15
Beds

19
Baths

-
Sq. Ft.

1958
Yr. Built

100%
Occupancy

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25
Spaces

2
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Mixed Use

In Place NOI
$153,600

Target CAP Rate
6.7%

Today's Market Value
$2,649,000

Target Purchase Price
$2,300,000

 



Units
22

Projected NOI
$212,200

Market CAP Rate
5.8%

Value w/Market Rents
$3,659,000

Cost Per Unit
$104,545

Investment Strategy
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. 

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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