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Property

RARE North Suburb 20 Unit Rowhouses

2803 Galilee Ave. Zion IL 60099

$2,300,000

Pricing/Terms Explained 

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$115,000 Per Unit

** Buyer's Premium Waived

60
Beds

40
Baths

25,360
Sq. Ft.

1963
Yr. Built

100%
Occupancy

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30
Spaces

2
Stories

Electric
Heat

Tenant
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$149,200

Target CAP Rate
6.5%

Today's Market Value
$2,488,000

Target Purchase Price
$2,300,000

 



Units
20

Projected NOI
$282,100

Market CAP Rate
6%

Value w/Market Rents
$4,700,000

Cost Per Unit
$115,000

Investment Strategy
Purchase at target price with 25% down payment. Upon purchase raise rents to appropriate levels. 3 Bed market rents are $1,400 in the area. Current seller has been VERY slow and inefficient on rental increases. Refinance and pull cash out based on higher value of the property. 

About The Property
5 exceptional brown brick buildings located across the street from Herman Park. The buildings features spacious three-bedroom apartments with 1.5 baths in each unit. Every unit is a row house (townhouse) style unit with a full basement. All tenants are separately metered for gas and electric. Buildings have no common areas which allows for low landlord expenses.

About The Neighborhood
Zion is a B+ Neighborhood in Northern Illinois that borders Lake Michigan and Wisconsin. Demand for rental units is high in this area due to low inventory, access to well known Lake Michigan beaches (Beach State Park), and various natural parks. 

Located in Lake County, Zion owners enjoy the benefit of strong rental rates without the high real estate tax burdens of Cook County.

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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