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Property

Northwest Suburb 8 Unit Multifamily Building

748 E 5th Ct. Des Plaines IL 60016

$850,000

Pricing/Terms Explained 

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$106,250 Per Unit

** Buyer's Premium Waived

9
Beds

8
Baths

-
Sq. Ft.

1959
Yr. Built

100%
Occupancy

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8
Spaces

2
Stories

Electric
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$48,700

Target CAP Rate
5.7%

Today's Market Value
$974,000

Target Purchase Price
$850,000

 



Units
8

Projected NOI
$86,300

Market CAP Rate
5%

Value w/Market Rents
$1,727,000

Cost Per Unit
$106,250

Investment Strategy
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. 

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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