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PropertyRADAR

Midwest 30 Unit Multifamily Building

3302 Kenilworth Ave. Berwyn IL 60402

$3,050,000

Pricing/Terms Explained 

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$101,666 Per Unit

Submit Bid
 

Property Summary


Type

Multifamily

In Place NOI
$194,800

Target CAP Rate
6.4%

Today's Market Value
$3,247,000

Target Purchase Price
$3,05,000



 




Units
30

Projected NOI
$367,650

Market CAP Rate
6%

Value w/Market Rents
$6,127,000

Cost Per Unit
$101,666



 

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2 + 28
Beds

30
Baths

20,000
Sq. Ft.

1927
Yr. Built

100%
Occupancy

Investment Strategy
Purchase at target price with 20% down payment. Upon lease expirations convert large studio apartments to 1 bedroom units and raise rents to market rate. Refinance and pull cash out based on higher value of the property.

About The Property
Beautiful 30-unit architectural brick apartment building in the Chicago suburb of Berwyn. The building consists of 28 Studios and 2 One-Bedroom units. The studios are large and could easily be converted to all one-bedroom units as a relatively simple value-add play. It is located only 1.5 blocks from the Berwyn Metra station and is adjacent to a lively retail district. The property has had a new roof installed and the brick has been tuckpointed within the past 5 years.

About The Neighborhood
With a population of over 56,000, the City of Berwyn lies only 10 miles southwest of the Chicago Loop. A historic town in its own right, Berwyn was reported to have the highest concentration of financial institutions in the world in the 1990's. Today it's economy is primarily propped up by retail via Cermak Plaza, popular music venues and the Loyola MacNeal Hospital campus.

Its proximity to downtown Chicago makes Berwyn an attractive option for those seeking a suburban lifestyle while still remaining close to the city.

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. 


 

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