PropertyRADAR
Midwest 6 Unit Multifamily Building
2111 W 135th Pl. Blue Island IL 60406
Out of gallery
$525,000
Pricing/Terms Explained
$87,500 Per Unit
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Property Summary
Type
Multifamily
In Place NOI
$38,400
Target CAP Rate
7.3%
Today's Market Value
$565,000
Target Purchase Price
$525,000
Units
6
Projected NOI
$54,300
Market CAP Rate
6.8%
Value w/Market Rents
$798,000
Cost Per Unit
$87,500
11
Beds
6
Baths
4,963
Sq. Ft.
1966
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
An exceptional condition brown brick building. The building features spacious two-bedroom apartments. The building is 3 stories with laundry on each floor. All tenants are separately metered for gas and electric. Owner is responsible for common areas.
About The Neighborhood
Blue Island is a B- 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.
Blue Island borders two major highways (294 and 55) making it an ideal location for commerce and business. This provides for stable employment opportunities for residents and new tenants.
Due Diligence
Documents
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Comparable multi family properties that have sold in the area.
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.
