Property
South Suburb 6 Unit Multifamily Building
17909 Torrence Ave. Lansing IL 60438
Out of gallery
$460,000
Pricing/Terms Explained
$76,666 Per Unit
** Buyer's Premium Waived
11
Beds
6
Baths
5,089
Sq. Ft.
1961
Yr. Built
100%
Occupancy
6
Spaces
3
Stories
Boiler
Heat
Paid
Laundry
Street
View
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.
Locked.
Property
Financials
Purchase Price of Property
Property Current
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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
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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
