Midwest 8 Unit Multifamily Building
4121 S Harlem Ave. Stickney IL 60402
$93,750 Per Unit
In Place NOI
Target CAP Rate
Today's Market Value
Target Purchase Price
Market CAP Rate
Value w/Market Rents
Cost Per Unit
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
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Who pays what - Landlord Vs. Tenant
Comparable multi family properties that have sold in the area.
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Purchase Price of Property
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Year 2 Pro Forma
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