PropertyRADAR
Midwest 8 Unit Multifamily Building
4119 S Harlem Ave. Stickney IL 60402
Out of gallery
$800,000
Pricing/Terms Explained
$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
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
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Locked.
Property
Financials
Purchase Price of Property
Property Current
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Year 2 Pro Forma
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Debt Service
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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.
