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Property

West Suburb 12 Unit Multifamily Building

549-551 Ashland Ave. Aurora IL 60505

$1,300,000

Pricing/Terms Explained 

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$108,333 Per Unit

** Buyer's Premium Waived

12
Beds

12
Baths

10,000+
Sq. Ft.

1975
Yr. Built

100%
Occupancy

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20
Spaces

3
Stories

Electric
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$91,700

Target CAP Rate
7.1%

Today's Market Value
$1,411,000

Target Purchase Price
$1,300,000

 



Units
12

Projected NOI
$123,100

Market CAP Rate
6.5%

Value w/Market Rents
$1,893,000

Cost Per Unit
$108,333

Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 1 Bed market rents are 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
Beautifully constructed 12-unit apartment complex located in a quiet neighborhood surrounded by single family homes. The three-story walk up features all one-bedrooms, each with its own private balcony. Interiors are in good condition with a few of the units recently renovated and the entire building runs solely on electric, keeping expenses low. A generous 20 parking spaces on a recently resurfaced lot rounds out this fantastic investment property.

About The Neighborhood
Behind Chicago, Aurora is the 2nd largest city in Illinois and the 144th largest city in the US by population. Founded in 1845, it has a rich history of technology and architecture and is nicknamed the “City of Lights” due to it being one of the first cities in the nation to adopt all-electric street lighting systems. It is also home to buildings by famed architects Ludwig Mies Van Der Rohe and Frank Lloyd Wright. Today it is known for it’s vibrant downtown next to the Fox River and its economy is propped up by the Hollywood Casino, Aurora University and Amita Health and Rush Copley Medical Centers. 

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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