Property
HOT Northwest Suburb 5 Unit
516 S Michigan Ct. Addison, IL 60101
$600,000
Pricing/Terms Explained
$120,000 Per Unit
** Inclusive of Buyer's Premium
8
Beds
5
Baths
3,445
Sq. Ft.
1962
Yr. Built
100%
Occupancy
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.
Utility expense, services, insurance, taxes, and more.
Who pays what - Landlord Vs. Tenant
Comparable multi family properties that have sold in the area.
Comparable multi family units that have been rented in the area.
Market report showing trends and insights.
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
Learn how Citipoint can scale your real estate business.
Deal Flow - Learn how we source properties.
Management - Competitive rates and unparalleled service.
Value Add - Assistance with Lease Up, Construction, and Accelerated Appreciation.
Financing - Direct access to preferred lenders for Acquisition and Refinance options.
