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Property

HOT Northwest Suburb 5 Unit

516 S Michigan Ct. Addison, IL 60101

$600,000

Pricing/Terms Explained 

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$120,000 Per Unit

** Inclusive of Buyer's Premium

8
Beds

5
Baths

3,445
Sq. Ft.

1962
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
$37,000

Target CAP Rate
6%

Today's Market Value
$741,000

Target Purchase Price
$600,000

 



Units
5

Projected NOI
$70,600

Market CAP Rate
5%

Value w/Market Rents
$1,400,000

Cost Per Unit
$120,000

Investment Strategy
Purchase at target price with 25% down payment. Upon lease expirations, raise rents to market rate. Refinance and pull cash out based on higher value of the property. 

About The Property
A beautifully maintained, all brick, 5 unit multi family building in A+ municipality of Addison. Units are spacious and have been well upkept. Many units contain original hardwood floors. Property has paid laundry machines allowing the investor to capitalize on additional revenue.

About The Neighborhood
Located just 18 miles west of the Chicago Loop, the Village of Addison is perfectly situated as a stable, long-term area for multifamily properties. A stone’s throw away from O’Hare International Airport, the area serves as an important hub for the workforce of various air/logistics related industries. Addison itself is home to large employment bases including UPS, Pampered Chef and Elmhurst Memorial Hospital. Incorporated in 1884 and with a population of 37,000 and rising, Addison is considered a very stable and established community within the Chicago metropolitan area. Residing just outside of Cook County; investors are able to take advantage of DuPage county’s lower property taxes but still remain only a 20-minute drive to downtown Chicago.

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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