PropertyRADAR
Northwest Indiana 6 Unit Building
3826 Butternut St. East Chicago IN 46312
Out of gallery
$320,000
Pricing/Terms Explained
$53,333 Per Unit
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Property Summary
Type
Multifamily
In Place NOI
$29,500
Target CAP Rate
9.2%
Today's Market Value
$472,000
Target Purchase Price
$320,000
Units
6
Projected NOI
$50,500
Market CAP Rate
6.8%
Value w/Market Rents
$743,000
Cost Per Unit
$53,333
14
Beds
6
Baths
5,544
Sq. Ft.
1918
Yr. Built
100%
Occupancy
Investment Strategy
Purchase at target price with 25% down payment. Upon lease expirations, raise rents to market rate. Refinance and pull cash out based on higher value of the property.
About The Property
A fully occupied 6-unit apartment building in East Chicago. Owner has maintained the property meticulously over the past 30-years. It is currently rented severely below market. This property provides an exceptional opportunity to raise rents and cash-out refinance in a short time. Take advantage of Indiana's low property taxes and favorable eviction laws.
About The Neighborhood
East Chicago sits over the Illinois-Indiana border. The City is investing huge amounts of money into improving the downtown area - which is propped up by the AmeriStar Casino. Next door, the brand new Hard Rock Casino is bringing jobs and revenue to the area.
Due Diligence
Documents
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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.
