South Suburbs 6 Unit Multifamily Building
6001 103rd St. Chicago Ridge, IL 60415
$108,333 Per Unit
** Buyer's Premium Waived
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Purchase at target price with 25% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are $1,500 in the area. Current seller has been VERY slow and inefficient on rental increases. Refinance and pull cash out based on higher value of the property.
About The Property
A well-maintained, character-rich apartment building in Chicago Ridge. This 6-unit contains (5) 2-beds and (1) 1-bedroom units, all with private balconies. The property directly overlooks Stony Creek Golf Club and is located on a highly-desirable corner lot. FEMA has designated the property as being in a flood zone due to its proximity to Stony Creek however no known flooding events have occurred at the property over it’s life. Rents are currently a little below $80,000 per year, with an opportunity to raise rents to market rate at approximately $100,000+ per year.
About The Neighborhood
Chicago Ridge is a small town in southwestern Cook County. With a population of 14,000, it’s mostly known as an industrial hub, home to Landis Plastics Inc. and The Park at Chicago Ridge. It is located only 5 miles south of Midway International Airport and 14 miles from downtown Chicago making its location very accessible for businesses and residents alike. Despite it’s industrial-based economy, the town is home to several natural attractions such as Chicago Ridge Prairie Nature Reserve, Freedom Park and Stony Creek.
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