Midwest 6 Unit Multifamily Building
4561 Heartland Dr. Richton Park IL 60471
$85,833 Per Unit
** Buyer's Premium Waived
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 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
Very attractive brown brick 6-unit building in Richton Park, IL made up of (5) 2-bedroom units and (1) 1-bedroom. The property has been well maintained and rents at a strong rate compared to the market. The building is in good condition with a recent roof inspection revealing minimal wear. The property itself is located on a fantastic corner lot in a secluded community with a large park behind the backyard. 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.
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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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