Midwest 30 Unit Multifamily Building
3302 Kenilworth Ave. Berwyn IL 60402
$101,666 Per Unit
In Place NOI
Target CAP Rate
Today's Market Value
Target Purchase Price
Market CAP Rate
Value w/Market Rents
Cost Per Unit
2 + 28
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.
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Who pays what - Landlord Vs. Tenant
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Purchase Price of Property
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Year 2 Pro Forma
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