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Property

Grade A+ West Suburb

2650 N Harlem Ave Elmwood Park IL 60707

$800,000

Pricing/Terms Explained 

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$133,333 Per Unit

** Buyer's Premium Waived

11
Beds

6
Baths

5,547
Sq. Ft.

1961
Yr. Built

100%
Occupancy

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4
Spaces

3
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer Agreement
 

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
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. 


 

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 



 

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