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Pricing/Terms Explained

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$600,000

($60,000 per unit)

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100% Occupancy

Yr. 1954

Midwest 10 Unit Multifamily

1021 w Columbus Ave East Chicago IN 46312

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22 Beds

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11 Baths

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12,000 Sq. Ft.

Summary

Type 

Multifamily

In-Place NOI

$49,694

Target CAP Rate

8.28%

Today's Market Value

$730,794

Target Purchase Price 

$600,000

Units

10

Projected NOI

$57,154

Market CAP Rate

6.8%

Value w/Market Rents

$840,500

Cost Per Unit

$60,000

Investment Strategy 

Purchase at target price with 25% down payment. Upon lease expirations convert large studio apartments to 1 bedroom units and raise rents to market rate. Refinance and pull cash out based on higher value of the property. 

About the Property

A well maintained 10-unit apartment building in East Chicago, IN - fully rented out. Right across the road from East Chicago Central High School. All tenants are currently up to date on rent through the pandemic. Rents are currently below market. Take advantage of Indiana's low property taxes and landlord favorable eviction laws. 

About the Neighborhood

East Chicago sits over the Illinois-Indiana border. The City is investing huge amounts of money into improving the downtown area - which is propped up by the AmeriStar Casino. The Hard Rock Casino is under construction a few hundred feet away from the property. This casino will bring jobs and revenue to the area.

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Financial Analysis

Use our calculator below to view profitability and return on investment.

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.

Need Down Payment Assistance?

Need more info on this property? No problem, submit an inquiry and we'll get to work getting you additional information and answering any questions you may have. 

We look forward to hearing from you. 

Questions?

Citipoint can provide down payment assistance on projects. Assistance can be taken in two forms; debt and/or equity split. Use the calculator below to see how it shakes out. Terms and conditions apply. Apply HERE.

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Full Service Leasing Service through our brokerage Chase Real Estate.

Affordable and professional property management services. Mainstreet PM manages hundreds of units for Citipoint clients. 

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