West Suburb 12 Unit Multifamily Building
2037 N 18th Ave Melrose Park IL 60160
$120,833 Per Unit
In Place NOI
Target CAP Rate
Today's Market Value
Target Purchase Price
Market CAP Rate
Value w/Market Rents
Cost Per Unit
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.
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Comparable multi family properties that have sold in the area.
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Who pays what - Landlord Vs. Tenant
Market report showing trends and insights.
Purchase Price of Property
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Year 2 Pro Forma
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"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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