Property
Grade A+ West Suburb
2650 N Harlem Ave Elmwood Park IL 60707
Out of gallery
$800,000
Pricing/Terms Explained
$133,333 Per Unit
** Buyer's Premium Waived
11
Beds
6
Baths
5,547
Sq. Ft.
1961
Yr. Built
100%
Occupancy
4
Spaces
3
Stories
Boiler
Heat
Paid
Laundry
Street
View
Property Summary
Type
Multifamily
In Place NOI
$47,400
Target CAP Rate
5.9%
Today's Market Value
$949,000
Target Purchase Price
$800,000
Units
6
Projected NOI
$73,700
Market CAP Rate
5%
Value w/Market Rents
$1,470,000
Cost Per Unit
$133,333
Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are well over $1,500 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 brick building located across in the heart of Elmwood Park - a Grade A+ municipality. The building features 5 spacious two-bedroom apartments and 1 one-bedroom apartment. 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
Elmwood park is a small town bordering Chicago’s west side. With a population of 25,000, the town is known for its distinct Italian-American heritage and was famously incorporated to avoid annexation by Chicago in 1914. Elmwood Park is only 9 miles from downtown Chicago and exhibits many characteristics of Chicago’s neighborhoods.
Due Diligence
Documents
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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
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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.
Key
Metrics
Year by Year Property Data
Property Value
Remaining Loan Balance
LTV Ratio
Debt Service Coverage Ratio
Cumulative Net Cash Flow
Total Equity (Includes Net Cash Flows)
ROI
Annualized ROI
Equity Multiple
