City Traffic
Citipoint Icon.png

PropertyRADAR

Citi%20Black_edited.png

3910 EVERGREEN ST. EAST CHICAGO IN 46312

Type

Multifamily

In-Place NOI

$17,144

Target CAP Rate

7.6%

Today's Market Value

$252,000

Target Purchase Price 

$225,000

Units

4

Projected NOI

$25,805

Market CAP Rate

6.8%

Value w/Market Rents

$379,000

Cost Per Unit

$56,250

1/3

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 11% 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.

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.

Lock.png

FINANCIALS & CALCULATORS