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Property

Midwest 6 Unit Multifamily Building

4552 Heartland Dr. Richton Park, IL 60471

$425,000

Pricing/Terms Explained 

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$70,833 Per Unit

** Buyer's Premium Waived

11
Beds

6
Baths

6,231
Sq. Ft.

1978
Yr. Built

100%
Occupancy

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6
Spaces

3
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$18,176

Target CAP Rate
4.28%

Today's Market Value
$425,000

Target Purchase Price
$425,000

 



Units
6

Projected NOI
$50,539

Market CAP Rate
6.5%

Value w/Market Rents
$777,532

Cost Per Unit
$70,833

Investment Strategy
Purchase at target price with 25% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are well over $1,000 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
Massive value-add opportunity with this attractive brown brick 6-unit building in Richton Park, IL made up of (5) 2-bedroom units and (1) 1-bedroom. The property’s current owner has not raised rents in several years and is severely below market in a very high demand neighborhood. Additional revenue can be generated through the unmonetized laundry units. The building is in good condition with a recent roof inspection revealing minimal wear. The property itself is located in a fantastic, secluded community with a large park across the road. Each unit has its own private balcony and a generous 14 space parking lot rounds out this exceptionally solid investment.

About The Neighborhood
Richton Park is a small, vibrant suburb 25 miles south of downtown Chicago. With a population of roughly 14,000, it is a thriving town filled with restaurants and retailers with Walmart being its largest employer. A brand-new Starbucks development recently opened in April of 2022 and the $18M senior housing development, Town Center Pointe, epitomize the growth and investment currently being undertaken in the community. It is located only 35 minutes from downtown and is 1-mile south of the PGA Tour championship course, Olympia Fields Country Club.

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. 


 

Key
Metrics

Year by Year Property Data
 

Property Value

Remaining Loan Balance

LTV Ratio

Debt Service Coverage Ratio

 

Cumulative Net Cash Flow

Total Equity (Includes Net Cash Flows)

ROI

Annualized ROI

Equity Multiple 



 

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