Northwest 6 Unit Multifamily Building
218 Sonny Ln. Bensenville IL 60106
$750,000
Pricing/Terms Explained
$125,000 Per Unit
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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
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
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Rents, expirations, security deposits, balances and more.
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Who pays what - Landlord Vs. Tenant
Comparable multi family properties that have sold in the area.
Comparable multi family units that have been rented in the area.
Market report showing trends and insights.
Property
Financials
Purchase Price of Property
Property Current
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Year 2 Pro Forma
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Debt Service
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Property
Performance
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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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