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Property

South Suburb 6 Unit Multifamily Building

17909 Torrence Ave. Lansing IL 60438

$460,000

Pricing/Terms Explained 

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$76,666 Per Unit

** Buyer's Premium Waived

11
Beds

6
Baths

5,089
Sq. Ft.

1961
Yr. Built

100%
Occupancy

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6
Spaces

3
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$29,100

Target CAP Rate
6.3%

Today's Market Value
$472,000

Target Purchase Price
$460,000

 



Units
6

Projected NOI
$62,100

Market CAP Rate
6.0%

Value w/Market Rents
$1,030,000

Cost Per Unit
$76,666

Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are well over $1,200 in the area. Current seller has been VERY slow and VERY inefficient on rental increases. Refinance and pull cash out based on higher value of the property. Extreme equity gain investment opportunity!

About The Property
One of the largest value add opportunities we’ve ever seen! Rents are currently $350-$400 below market on this well maintained 6-unit brick building in Lansing, IL. The 6-flat come in the form of five 2-bed and one 1-bed units along with 6 total parking spaces in the rear. Newer boiler and furnace systems in the basement. Coin operated laundry allows for additional revenue. This is a rare large value add opportunity for an investor to build some serious equity.

About The Neighborhood
Lansing is a South Suburb of Chicago land that borders Indiana. 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. Currently there are no availably listed multifamily properties in the area.

Lansing borders two major highways (294 and 94) making it an ideal location for commerce and business. This provides for stable employment opportunities for residents and new tenants.

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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