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Property

20 Unit Southwest Suburb Multifamily Property

808-816 2nd Ave. Joliet, IL 60433

$1,750,000

Pricing/Terms Explained 

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$87,500 Per Unit

** Buyer's Premium Waived

20
Beds

20
Baths

-
Sq. Ft.

1916
Yr. Built

100%
Occupancy

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25
Spaces

3
Stories

Electric
Heat

Paid
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$147,000

Target CAP Rate
8%

Today's Market Value
$2,103,000

Target Purchase Price
$1,750,000

 



Units
20

Projected NOI
$198,000

Market CAP Rate
7%

Value w/Market Rents
$2,835,000

Cost Per Unit
$87,500

Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 1 Bed market rents are $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
Huge value-add opportunity for a rarely available 20-unit courtyard style building in Joliet, IL. The property consists of (20) one-bedroom units in a quiet, tree-lined neighborhood. The property has some deferred maintenance with the mechanical room, windows and fascia needing some attention. The units are in good and rentable condition with 13 of the units being recently renovated. 13 Garage spaces exist that can be rented out for additional revenue. The property is available at an unprecedented low price with the opportunity to increase the current gross rental income from $198k to $250,000+ with some aesthetic improvements and increasing rents to market rate.

About The Neighborhood
Joliet is the county seat of Will County and the 3rd largest city in Illinois. The city maintains a diverse blue-collar work force with the local economy being propped up by 2 major casinos: Harrah’s and the Hollywood Casino. Rental prices have been steadily increasing and vacancies have been reaching historic lows with the limited existing rental inventory available. Will County’s relatively lenient tenant laws and lower property taxes have made it a hotbed for investors in the past few years with properties commanding cap rates hovering around the 7% mark. 

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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