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3826 BUTTERNUT ST. EAST CHICAGO IN 46312

Type

Multifamily

In-Place NOI

$25,742

Target CAP Rate

8%

Today's Market Value

$378,000

Target Purchase Price 

$320,000

Units

6

Projected NOI

$36,751

Market CAP Rate

6.8%

Value w/Market Rents

$540,000

Cost Per Unit

$53,333

1/2

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. 

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. 

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.

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