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PropertyRADAR

Midwest 8 Unit Multifamily Building

4119 S Harlem Ave. Stickney IL 60402

$800,000

Pricing/Terms Explained 

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$100,000 Per Unit

Submit Bid
 

Property Summary


Type

Multifamily

In Place NOI
$52,300

Target CAP Rate
6.5%

Today's Market Value
$870,000

Target Purchase Price
$800,000



 




Units
8

Projected NOI
$84,800

Market CAP Rate
6.0%

Value w/Market Rents
$1,400,000

Cost Per Unit
$100,000



 

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16
Beds

8
Baths

7,000+
Sq. Ft.

1969
Yr. Built

100%
Occupancy

Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents go up to $1,400/Month in the area. Current seller has been slow and inefficient on rental increases. Refinance and pull cash out based on higher value of the property. 

About The Property
Solid 8-unit brick building consisting entirely of 2 bedroom units. Exterior entrances mean minimal common area upkeep. In addition, there is very little landscaping and snow removal required, keeping operating costs low. Rents are on average $350 below market rates, allowing the investor to maximize the value of the building. The interiors are in good condition with no major cap ex projects required in the short term.

About The Neighborhood
Stickney, IL is a small industrial town sitting adjacent to the City of Chicago on the southwest side. Notorious for its Al Capone establishments during prohibition, it is now known for being home to the largest wastewater treatment plant in the world. Stickney is located just 2 miles from Chicago’s Midway Airport and 8 miles from downtown Chicago with it’s accessibility via I-55 making it a highly desirable location for commuters

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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