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PropertyRADAR

Northwest Indiana 4 Unit Building

 3910 Evergreen St. East Chicago IN 46312

$225,000

Pricing/Terms Explained 

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$56,250 Per Unit

Submit Bid
 

Property Summary


Type

Multifamily

In Place NOI
$16,500

Target CAP Rate
7.3%

Today's Market Value
$243,000

Target Purchase Price
$225,000



 




Units
4

Projected NOI
$32,700

Market CAP Rate
6.8%

Value w/Market Rents
$481,000

Cost Per Unit
$56,250



 

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7
Beds

4
Baths

3,144
Sq. Ft.

1926
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 beautifully maintained 4-unit apartment building in East Chicago, IN. Currently at full occupancy with (2) 1-bedrooms, (1) 2-bedroom, and (1) 3-bedroom. 3 of the 4 units are well below market rent. Same owner for over 30 years. Rents were rarely increased and one unit is occupied by owner's son. At proper rental rates this property would boast an 14.5% entry CAP rate.

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. The Hard Rock Casino is under construction a few hundred feet away from the property. This casino will bring jobs and revenue to the area.

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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