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PropertyRADAR

Northwest 6 Unit Multifamily Building

 218 Sonny Ln. Bensenville IL 60106

$750,000

Pricing/Terms Explained 

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$125,000 Per Unit

Submit Bid
 

Property Summary


Type

Multifamily

In Place NOI
$52,600

Target CAP Rate
7.0%

Today's Market Value
$956,000

Target Purchase Price
$750,000



 




Units
6

Projected NOI
$62,200

Market CAP Rate
5.5%

Value w/Market Rents
$1,130,000

Cost Per Unit
$125,000



 

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9
Beds

6
Baths

5,544
Sq. Ft.

1979
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. 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 6 Unit located in Bensenville within the Elmhurst school district. The property has newer windows and newer appliances. Units have been decently updated within the last few years. The property is an all electric building with tenants responsible and separately metered for electric costs. HOA covers garbage, snow, and lawn care.

About The Neighborhood
Bensenville is a grade A neighborhood. Located just west of O'Hare International Airport the area offers a steady business district and a wide range of stable employment opportunities. Located within DuPage county offers investors friendly landlord laws. Bensenville is just 17 miles northwest of Chicago, which is easily accessible from downtown by Bensenville's Metra commuter train station, and is conveniently close to major highways.

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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Who pays what - Landlord Vs. Tenant

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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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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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