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PropertyRADAR

West Suburb 12 Unit Multifamily Building

 2033 N 18th Ave Melrose Park IL 60160

$1,550,000

Pricing/Terms Explained 

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$129,166 Per Unit

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Property Summary


Type

Multifamily

In Place NOI
$103,300

Target CAP Rate
6.7%

Today's Market Value
$1,877,000

Target Purchase Price
$1,550,000



 




Units
12

Projected NOI
$137,400

Market CAP Rate
5.5%

Value w/Market Rents
$2,500,000

Cost Per Unit
$129,166



 

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22
Beds

12
Baths

8,000+
Sq. Ft.

1961
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 $1,300 in the area. Refinance and pull cash out based on higher value of the property. Over $1M in equity if rents are raised to market rate!

About The Property
Very well maintained. The building features 10 spacious two-bedroom apartments and two 1 bedroom apartments. The owner renovated some of the units over the last years. Units have hardwood flooring, newer cabinets, granite countertops. All tenants are separately metered for gas and electric. Owner is responsible for common areas.

About The Neighborhood
Melrose Park is a B Grade neighborhood that borders Chicago. 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. 

Melrose Park is close to O'Hare Airport and close to large commercial parks. It boomed post World War 1 and has been a dense commerce center hence. Demand for housing and rentals is strong in the area.

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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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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Who pays what - Landlord Vs. Tenant

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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. 


 

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