West Suburb 12 Unit Multifamily Building
549-551 Ashland Ave. Aurora IL 60505
$108,333 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 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.
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Purchase Price of Property
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Year 2 Pro Forma
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