PropertyRADAR
Midwest 7-Unit Multifamily Building
18350 Torrence Ave. Lansing IL 60438
Out of gallery
$550,000
Pricing/Terms Explained
$78,571 Per Unit
Submit Bid
Property Summary
Type
Multifamily
In Place NOI
$38,200
Target CAP Rate
7%
Today's Market Value
$590,000
Target Purchase Price
$550,000
Units
7
Projected NOI
$57,300
Market CAP Rate
6.5%
Value w/Market Rents
$881,000
Cost Per Unit
$78,571
9
Beds
7
Baths
5,600
Sq. Ft.
1963
Yr. Built
100%
Occupancy
Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are well over $1,000 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 7 unit brick building. Property is in good condition and has been well maintained. Rents are vastly under market rate and can be substantially increased. Interior property condition is good with many of the units remaining in leasable condition during current occupancy.
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
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.
