PropertyRADAR
Midwest 30 Unit Multifamily Building
3302 Kenilworth Ave. Berwyn IL 60402
Out of gallery
$3,050,000
Pricing/Terms Explained
$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
$274,100
Market CAP Rate
6%
Value w/Market Rents
$4,569,000
Cost Per Unit
$101,666
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.
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.
