Northwest Suburb 8 Unit Multifamily Building
748 E 5th Ct. Des Plaines IL 60016
$106,250 Per Unit
** Buyer's Premium Waived
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Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 1 Bed market rents are well over $1,200 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
Incredible opportunity to own this Class B+ brick 8-flat in revered Des Plaines, IL. The property is located on a secluded, tree-lined street with 8 private parking spaces and ample street parking. The building consists of 7 one-beds and 1 two-bed units all in good condition. Newer mechanical units and a coin operated laundry in the basement. Current rents are strong but are still below market, allowing for the investor to increase the value of the property with simple rent increases. Exterior entrances mean minimal common area expenses. Fantastic stable investment in a rock solid neighborhood just minutes from downtown Chicago.
About The Neighborhood
Des Plaines is a highly decorated suburb of Chicago, just north of O’Hare International Airport. Founded in 1869, it experienced rapid growth after World War II and with the opening of O’Hare, one of the busiest airports in the world. Major employers include Universal Oil Products, Holy Family Hospital and River’s Casino, the closest casino to downtown Chicago. Des Plaines is home to Ray Kroc’s first ever McDonald’s store and was also the main location for the 1985 hit film The Breakfast Club. Today it is known as a busy middle-upper class suburb with incredible proximity to downtown Chicago.
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