RARE North Suburb 20 Unit Rowhouses
2803 Galilee Ave. Zion IL 60099
$115,000 Per Unit
** Buyer's Premium Waived
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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.
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Who pays what - Landlord Vs. Tenant
Comparable multi family properties that have sold in the area.
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Purchase Price of Property
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Year 2 Pro Forma
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