South Suburb 6 Unit Multifamily Building
17909 Torrence Ave. Lansing IL 60438
$76,666 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. 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.
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Who pays what - Landlord Vs. Tenant
Comparable multi family properties that have sold in the area.
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Purchase Price of Property
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Year 2 Pro Forma
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