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Property

HOT West Suburb 6 Unit

 805 N 22nd Ave. Melrose Park, IL 60160

$585,000

Pricing/Terms Explained 

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$97,500 Per Unit

** Inclusive of Buyer's Premium

11
Beds

6
Baths

5,655
Sq. Ft.

1960
Yr. Built

100%
Occupancy

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4
Spaces

3
Stories

Boiler
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$35,900

Target CAP Rate
6.15%

Today's Market Value
$654,277

Target Purchase Price
$585,000

 



Units
6

Projected NOI
$66,300

Market CAP Rate
5.5%

Value w/Market Rents
$1,205,854

Cost Per Unit
$97,500

Investment Strategy
Purchase at target price with 25% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are $1,300 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
Beautiful 6-unit brick apartment building in Melrose Park. This property features (5) 2-beds and (1) 1-bed units, grossing nearly $70,000 per year. Interiors feature a combination of hardwood and linoleum floors throughout with newer mechanical units. The building sits on a high visibility corner block with 4-dedicated parking spaces. This property has a large value-add component with rents approximately 20% below market rate and an opportunity to monetize the parking.

About The Neighborhood
Melrose Park is a city of 25,000, just west of the City of Chicago. Founded in 1892, it has a distinct Italian-American heritage and it’s proximity to O’Hare International Airport makes it an important industrial hub. Major employer, Lake Town Manufacturing, was recently purchased by Italy’s largest print company Grafica Veneta. Downtown Melrose Park is known for its Italian restaurants and various tourist attractions and is only 11 miles from 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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